New difficult day in Piazza Affari for Telecom Italia. The stock of the largest Italian telecommunications company scores over -2%, slipping below the 0.34 euro level, on the lowest level since November 2020. Since the beginning of the year, Telecom’s balance has been over -10%, the second worst stock in the entire Ftse Mib (the worst is Enel with -19%).
Already yesterday, sales had hit the TIM share conspicuous thanks to the fear of strong competition for the construction and management of the National Strategic Pole (PSN), or the cloud of the public administration. Telecom Italia leads the consortium made up of CDP, Leonardo and Sogei which presented a proposal for a public-private partnership for the construction of the public cloud. Luigi Gubitosi, CEO of TIM, today remarked that it is a “very qualified” consortium, underlining how the government will examine the proposal in the coming days and believes that they will be satisfied with what they will find. Gubitosi believes that, as the PNRR plan starts on January 1, 2022, the cloud project should start relatively quickly. “We are ready to leave tomorrow morning,” he added.