Another surge in Piazza Affari for Tim. After the +7,76% recorded in Tuesday's session, by mid-morning on Wednesday the Telecom Italia stock on the Stock Exchange gained another 2,7%, to 0,3835 euro, achieving one of the best increases in the Ftse Mib ( which in the same minutes travels just above parity, down compared to the 1% recorded at the beginning).
Triggering the wave of purchases on Tim was the hypothesis of aacceleration in the project to create a single Italian networkwhich would arise from the union of the Tim network with that of Open Fiber, a company controlled by Enel and by Cassa Depositi e Prestiti.
To make the prospect more concrete, the news arrived on Tuesday that the Macquarie fund has formalized an offer for 50% of Open Fiber in the hands of Enel. If it goes through, the operation "could subsequently facilitate negotiations for the establishment of a single network with Tim”, write the analysts of Equita. Furthermore, according to the Sim, the project would allow Tim to remove a significant competitive risk in the medium term, supporting the performance of the share, for which Equita estimates a target price of 0,47 euro.
The evaluation of Mediobanca is much higher, which for Tim shares indicate a price of 0,68 euro as a target. Also according to the analysts of Piazzetta Cuccia, the possible replacement of Enel with Macquarie in the capital of Open Fiber could favor the single network operation.
Furthermore, on Tuesday Il Sole 24 Ore wrote that between Tim and Open Fiber negotiations are already underway to build a single infrastructure, "with the incumbent that would keep the majority of the capital and CDP that would have a guarantee role in the governance for the benefit of all the operators that use the competing network".
According to the financial newspaper, however, it is "a Columbus' egg that has never materialized so far, due to the divergent interests of the various parties involved". Enel's possible farewell to Open Fiber could prove to be the decisive move to unblock the stalemate.
