Telecom Italia SpA

TIT: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€7.88	Mwjxd	Gjxrm

Reducing Telecom Italia's FVE to EUR 0.25 on Weaker Outlook and Fading KKR Offer

Javier Correonero

Apr 11, 2022

Business Strategy and Outlook

Telecom Italia, or TIM, has over 30% market share in the mobile market and 45% share in broadband in Italy. Since the entrance of Iliad in the mobile market in 2018, TIM and Vodafone have seen their top lines decline substantially, pressured by customer losses and lower pricing. Iliad has gained more than 8.5 million customers in three years by offering more-for-less plans, forcing other operators to adjust their pricing. This pressure comes on top of an already competitive Italian mobile market, with low average revenue per user due to its prepaid nature.

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