Telecom Italia SpA

TIT: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€4.94	Hldm	Wxys

Telecom Italia's Brazil Business Performs Well, but Not Enough to Hide Poor Performance in Italy

Javier Correonero

Nov 10, 2022

Although Telecom Italia's results were just in line with consensus expectations, shares are up 5% at the time of the writing. Management has failed to meet its guidance several times in the past two years, so the in-line performance has probably surprised investors. We are maintaining our EUR 0.25 fair value estimate and highlight our Very High Morningstar Uncertainty Rating for the stock.

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