Telecom Italia SpA

TIT: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Poste Italiane’s Tender Offer for Telecom Italia Now Looks Substantially Derisked

Javier Correonero , Andrea Burigana

Jul 30, 2026

Business Strategy and Outlook

Telecom Italia is the incumbent telecom operator in the Italian market. Since the entrance of Iliad in the mobile market in 2018, the Italian mobile market has become irrational, with extreme discounts that do not allow operators to earn their cost of capital. Iliad and mobile virtual network operators own almost 30% of the mobile market, bringing constant pressure to larger operators like TIM and Vodafone. The Italian mobile market offers one of the lowest average revenue per user in Europe, with monthly prices of around EUR 10 and some MVNOs offering monthly plans for EUR 5 or less.

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Telecom Italia SpA

Poste Italiane’s Tender Offer for Telecom Italia Now Looks Substantially Derisked

Business Strategy and Outlook

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