Telecom Italia SpA

TIT: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	LOCK\|mF	LOCK\|XV	LOCK\|p&!?zs

TIM Earnings: Sells Sparkle, Plans to Resume Dividend in 2027; Potential Consolidation Ahead

Javier Correonero

Feb 13, 2025

No-moat Telecom Italia met its 2024 guidance targets, with revenue up 3.1% compared with guidance of 3%-4% and EBITDAaL up 10.1% compared with guidance of 8%-9%. In 2025 and until 2027, management expects growth of 2%-3% for revenue and 7% for EBITDAaL. We view these targets as ambitious, since any turbulence in the highly competitive Italian consumer market could jeopardize them. We are maintaining our EUR 0.25/$2.80 fair value estimate and Very High Uncertainty Rating.

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Telecom Italia SpA

TIM Earnings: Sells Sparkle, Plans to Resume Dividend in 2027; Potential Consolidation Ahead

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