(News Bulletin 247) – Oddo BHF maintains its ‘outperformance’ opinion and its price target of 0.4 euro on Telecom Italia, the day after a decree issued by the Italian government allowing it to take up to 20% of the capital of its Netco network, in partnership with the KKR offer.
The analyst sees this as good news because it validates a valuation of around 21 billion euros in enterprise value, increases the likelihood of a merger with Open Fiber and adds pressure on Vivendi to support the transaction.
The research department therefore maintains its positive opinion, ‘supported by a sale of the network which should create value compared to the current price, the improvement in fundamentals and the possibility of market consolidation in the medium term’.
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