Telecom Italia: Oddo BHF still a buyer

(CercleFinance.com) - Oddo BHF maintains its "outperform" rating on Telecom Italia shares, along with its target price of E0.
4, in the wake of a decree issued by the Italian government enabling it to take up to a 20% stake in its Netco network, in partnership with KKR's offer.

The analyst sees this as good news, as it validates an enterprise value of around E21bn, which increases the likelihood of a merger with Open Fiber, and puts pressure on Vivendi to support the transaction.

The broker therefore maintains its positive opinion, which is supported by a network divestiture that should be value-creating relative to the current price, improving fundamentals and the possibility of market consolidation in the medium term.



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