There are many dossiers open on Tim and first and foremost the one on the single network, the ambitious project that aims to create a single national telecommunications network operator avoiding duplication of investments. We remind you that the agreement in question is the result of a memoranda d’intesa (signed last May) between Tim, Cdp, Open Fiber and the two investment funds Kkr and Macquarie, and according to the original MoU, the deadline for the offer on Tim should have been 24 September. However, the scenario has changed and now our country is, after the resignation of Mario Draghi from the office of Premier, at the eve of the political elections. Here, after the postponement of the past few weeks, from Monday it will be known who will lead the country and from that day the awaited offer of CDP and Open Fiber on NetCo, Tim’s fixed network, could arrive.
We need an operational government
According to some indiscretions of the newspapers, despite the ever closer delineation of the new Italian political structure, the times for the binding offer on Tim’s single network could now postpone further with respect to the new deadline set by the MoU (31 October) and this is because it will be necessary not just have a government but have a fully operational government. For this reason, even according to Equita analysts who comment on the facts, “The slippage of the offer seems obvious given the long times compared to what was initially estimated and due to the technical due diligence times after the offer was presented “.
The knot on the price
There are still many issues to be solved, especially in terms of enhancing the network and in this sense Equita, which maintains a Hold rating on Tim with a Target Price at 0.39 euros, reminds us that there is still a strong misalignment between what is the price you are aiming for Vivendi, or over 30 billion eurosand what is estimated by many analysts and by the CDP itself who see the evaluation of Tim’s network in a fork including between 15 and 18 billion euros.
Meanwhile, on the stock market, the Tim stock moves up by almost 2% to find itself at € 0.192, thus rebounding from the recent record low of € 0.1763.
Supports: 0,176 €; 0,18 €
Resistors: 0,20 €; 0,22 €