Even today bad performance in Piazza Affari for Tim, the worst title of the Ftse Mib with a 3.19% drop at € 0.4097. The market did not appreciate the former indications on the new Plan. TIM marks -6% at the beginning of the year. Compared to the post-announcement peaks of the KKR offer, the stock deflated by more than 18% (on 24/11 the TIM stock went up to € 0.50, i.e. the price of the non-binding offer announced on 21/11 by the fund Use).
One was held yesterday informal meeting of Tim’s board of directors, during which the general manager, Pietro Labriola, explained to the directors the guidelines of the strategic plan which will be officially presented to the market on 2 March. There was no official statement on the meeting, but according to some rumors the Plan would have been welcomed by the whole board.
To weigh on the performance of the stock on the stock exchange there could be some rumors that suggest one spin-off of the company into various listed entities (controlled by CDP and Vivendi, main shareholders). One way for Tim’s reorganization could in fact be the spin-off of the company into several separate entities, including NetCo, Sparkle, Noovle, ServiceCo and others. Other sources suggest a simpler structure with two independently listed companies, separating the service company from the supporting corporate infrastructure. According to Il Sole 24 Ore, the Infrastructure unit will include the fixed network together with Sparkle and Telsy, while the SeriviceCo will include all fixed and mobile retail activities, TIM Vision and Noovle.
To feed the concerns of financial markets there are several factors: from the risk that the non-binding offer of KKR is not finalized (even if for example La Verità argues that the fund would be ready to “become hostile” with a higher offer), the fact that the project “single network“Is far from insured even in this” Plan B “and finally the risk that this division la vertical disintegration it entails a potential re-rating (higher multiples for infracos) but also the loss of coordination synergies. “In this context, the next launch of the highly anticipated Iliad offer fixed assets (presentation scheduled for 25 January) adds to the concerns of the market ”, argue the experts of Banca Akros. “The daily bulletin of changing events, rumors and scenarios, and the combination of uncertainty about the orientation of the board together with political interference makes the nervousness of investors understandable”, asserts Akros who has a buy rating on TIM with tp at 0.51 euros .
Friday 21 January the Board of Directors it will meet again to proceed with the appointment of the new CEO, who in all likelihood sees the choice falling on Labriola.