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Telecom Italia

Revenue drivers: Domestic fixed-line (54% of LTM revenues), domestic mobile (27%) and TIM Brazil (23%). TI sold its stake in Telecom Argentina (22.7% economic interest) for €0.7 bn in 1Q16, having deconsolidated the business in its accounts in 2013. 2017-19 strategy - In Italy, target is to grow revenue and increase investment in ultra-broadband (UBB), which includes fibre (FttC and FttH) and LTE. TI is targeting domestic fibre coverage reaching 95% of homes in 2019 (2Q17: 65%) and LTE coverage reaching >99% of the population in 2019 (2Q17: 97%). Focus for TIM Brazil is to grow its postpaid market share and capture mobile broadband opportunity. TI is less geographically diversified than peers and focused primarily on Italy, where it has 29.6 mn mobile and 7.2 mn broadband subs as of YE16. Better than average profitability and strong cash flow, with cost-cutting resulting in improved EBITDA margins. Currently doesn't have aggressive M&A ambitions, although it is worth noting recent management changes, given Vivendi's increasing influence. (29 Aug 2017)

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Euro IG TMT Weekly: Risk Off for December

Sector Analysis: 10 Dec 2018, 7:08 AM ET - December kicked off with a soft week, with Euro IG TMT delivering excess returns of -0.41%. While all subsectors of TMT underperformed the Euro IG index, TMT only marginally underperformed Ex-Financials.

Euro IG TMT Weekly: A Long November

Sector Analysis: 03 Dec 2018, 6:10 AM ET - The last week of November saw TMT deliver -0.09% of excess return. This brings the total decline for the month to -0.67%, although we note this is better than the IG index, which delivered -0.91% on the month.

Euro IG TMT Weekly: Giving Thanks for End of Nov

Sector Analysis: 26 Nov 2018, 6:55 AM ET - Negative excess returns continued, somewhat impacted by lower government yields, with TMT delivering -0.27% excess return on the week. Hybrids were supportive, outperforming the overall TMT index.

Euro IG TMT Weekly: Weak Markets, Weak Results

Sector Analysis: 19 Nov 2018, 5:17 AM ET - With Brexit-driven risk-off sentiment infitrating markets, the TMT sector saw the Telecoms sector deliver -0.68% in excess return. Meanwhile, crossover investor focus has switched back to Telecom Italia, where a new CEO has taken the reins.

VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.
Focused

Telecom Italia: Elliott Flexes Its Muscles

Worth Watching: 13 Nov 2018, 7:58 AM ET - Telecom Italia 's board has voted to remove CEO Amos Genish from his post, with Chairman Fulvio Conti taking over on an interim basis, ahead of a meeting to announce a new CEO scheduled for next weekend. The latest departure, that will see Tele ..

Euro IG TMT Weekly: Reverse Yankees Drive Telecoms

Sector Analysis: 12 Nov 2018, 6:18 AM ET - Telecoms was the best performing sector in the IG Index last week, driven by long dated reverse yankees.
Focused

Telecom Italia 3Q18: Iliad Takes its Toll

Earnings Note: 12 Nov 2018, 5:51 AM ET - TI's 3Q18 results illustrate the competitive pressure that Iliad has brought to the Italian market. Combined with FX pressure from Brazil and one-off items, TI reappraises its YE net leverage target.

Euro IG TMT Weekly: IBM Drives Weak Tech Returns

Sector Analysis: 05 Nov 2018, 7:19 AM ET - A mixed week for IG TMT, with the hybrids benefiting broadly as market sentiment turned at the start of November. Nonetheless, all sub-sectors underperformed the index, with a mixture of earnings newsflow and macro drivers.

Tele Columbus Initiation: Shoulda’ Stayed Home

HY Note: 04 Nov 2018, 10:23 PM ET - We initiative coverage on German cableco, Tele Columbus, with an Underperform recommendation. The market's faith in TC has been shaken, and we see potential for further negative surprises in 2H18.

Euro IG TMT Weekly: Catching Knives

Sector Analysis: 29 Oct 2018, 6:56 AM ET - Market jitters continue to impact performance with Telecoms and hybrids taking the brunt of risk reduction, with no-one willing to catch the falling knife.

Transcript: European TMT - Separation Anxiety

Transcript: 24 Oct 2018, 10:30 AM ET - CreditSights' European TMT team recently presented  in Amsterdam, Paris and London on the theme of network separation in European telecoms.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

Euro IG TMT Weekly: Risk Off Impacts the Core

Sector Analysis: 22 Oct 2018, 5:46 AM ET - The TMT sector delivered excess returns of -0.09%, outperforming the ICE/BAML Euro IG index which delivered -0.18% excess return. Investors' risk off positioning appears to be driving core names weakness.

Euro IG TMT Weekly: Weaker Into Earnings

Sector Analysis: 16 Oct 2018, 10:48 PM ET - With the risk-off sentiment spreading from the US into Euro markets, the week ending 12 October yielded weaker performance with Euro IG TMT delivering -0.09% excess returns.

Euro IG TMT Weekly: October Starts Strong

Sector Analysis: 08 Oct 2018, 4:52 AM ET - The EUR IG TMT sector posted 0.08% in excess returns in the week to 05 October. Results were bolstered by a return to positive performance by TMT IG hybrids as well as outperformance by Tech as a whole. 

Euro IG TMT Weekly: Hybrids Lag on New Issuance

Sector Analysis: 01 Oct 2018, 6:02 AM ET - Euro IG TMT delivered -0.03% of excess return on the week in-line with weaker sentiment and as new issuance picks-up. Specifically we view Vodafone's hefty hybrid issuance as having weighed on IG hybrid performance.
Focused

WINTRE: Bidding Big in the Italian Spectrum Auction

HY Note: 27 Sep 2018, 7:52 AM ET - The price of the Italian spectrum auction continues to climb higher and Wind Tre is clearly in the running for the expensive 3700 MHz spectrum band allocations.

Euro IG TMT Weekly: Investor Days and Issuance

Sector Analysis: 24 Sep 2018, 5:43 AM ET - The week ending 21 September proved to be a strong one for the EUR IG TMT sector. The recent spout of Telco issuance was continued by BT while there were Investor Days for both BT (Global Services) and ITV.

Euro IG TMT Weekly: A Strong Week for Hybrids

Sector Analysis: 17 Sep 2018, 7:18 AM ET - IG TMT delivered a solid performance driven by Telco hybrids and long duration bonds. This drove excess returns of 0.21%, albeit lower than the 0.26% for the index in the week to 14 September. 

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