MILANO – Tim’s session in sharp decline in Piazza Affari, after the board of directors that approved the 2021 accounts and the plan presented by the new CEO, Pietro Labriola. The shares of the former Tlc monopolist, on a day in which the indices are trying to consolidate the recoveries of the eve, started down in double-digit percentage and also passed from some suspensions due to excess volatility.
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On Wednesday evening, after an eight-hour board river, a massive budget cleanup was unanimously approved which led Tim to a loss of 8.7 billion in 2021. In fact, one has arrived devaluation of 4.1 billion which led to the accounts in the red: it arises from the three consecutive profit warnings and from the tightening of exchange rates that led to a change in the WACC (weighted average cost of capital). Furthermore, Labriola collected the mandate to negotiate the sale of the Inwit towers and the green light for the objectives of the 2022-2024 industrial plan, including the process of separating Telecom Italia between the service company ServiceCo, from that of the network, called Netco, which then should merge with rival Open Fiber.
As for the torri, Ardian and the consortium it leads has put in around 1.6 billion euros to buy Tim’s majority stake in Daphne 3, which in turn controls 30.2% of Inwit. “It offers € 10.75 per share and all cash” explains the CEO Labriola who was sent to negotiate and who plans to close the operation “in June”.
The piano instead it foresees two successive steps. Firstly, it focuses on the four businesses that the group manages: infrastructure, Brazil, Consumer and companies. The division into two companies, Netco e Servco it is the next step that will be analyzed and planned in the coming months and for which a partner will be needed that could be industrial but also financial as was done in Brazil. “By June, before the half-year, we will return to check whether it is better to work on this project by losing vertical integration, trying to recover the regulatory dividend both on the network segment and on the remaining part of the company”, the CEO told the press. . From the point of view of the Network it means losing control of the company and “if we cannot control the company we must look for partners, on the one hand we have a potential industrial partner who could be Cdp with Open Fiber, on the other we could also have partners. of a more financial nature who have an interest in this activity “.
On the plan hangs the proposal of Takeover bid by the Kkr fund. On this point, speaking with journalists, Labriola said that the recovery plan aims to obtain for the group and for all shareholders a value greater than the 0.505 euro per share put on the plate by the Americans. The fund’s offer, even if the objectives have not been explicitly stated, “seems to want to enhance the assets of the group in a way that is quite similar to the one we are proposing, that is to separate the network, vertical disintegration and enhance the other assets: if they do it it means that in this way they see the possibility of creating a value that should be greater than 0.5, nobody does anything for charity “, he explained. “It is therefore probable that this creation of value could exist even if we do it internally and probably the ‘delta’ value generated can be distributed to all shareholders”, he concluded.