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Telecom Italia SpA ADR TIIAY

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Morningstar’s Analysis

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Telecom Italia's Third-Quarter EBITDA in Line With Consensus Expectations; FVE Unchanged

Andreea Matysiak Equity Analyst

Analyst Note

| Andreea Matysiak |

Telecom Italia reported third-quarter revenue of EUR 3.89 billion, above consensus expectations compiled by the firm. Adjusted EBITDA of EUR 1.76 billion was in line with consensus expectations. We maintain our EUR 0.62 local share fair value estimate and narrow moat rating.

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Company Profile

Business Description

Telecom Italia is the incumbent telephone operator in Italy with 9 million retail and 8 million wholesale fixed-line subscribers, 31 million wireless customers, and close to 8 million retail broadband subscribers. Telecom Italia, the largest fix network owner in Italy, has been rolling out fiber to the home in order to better compete in the broadband market. It also has 55 million wireless subscribers in Brazil (24% market share) and has started building a broadband network in the country.

Corso D'Italia, 41
Rome, 00198, Italy
T +39 636881
Sector Communication Services
Industry Telecom Services
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 52,480