Brazil gives oxygen to the accounts of Tim under the guidance of CEO Pietro labriola but the great unknown of the feasibility or otherwise of theState tender offer in that MY BAG brought the stock into a rally except for some profit-taking in the last two sessions.
From the financial information for the first 9 months of 2002, approved yesterday afternoon by the Board of Directors of Tim chaired by Salvatore Rossi and accompanied by the start of the process of spin-off of Tim Enterprise, three elements emerge which, beyond the important tax adjustments, characterize both the last quarter and all the first nine months of the year.
TIM BRASIL GIVES OXYGEN TO THE WHOLE GROUP'S ACCOUNTS
In the first place, there is the growth in revenues from services of the entire group, which rise to 10,8 billion euros in the first nine months with an increase of 0,5% and growth to 3,7 billion in the third quarter with a leap of 3%.
Secondly, the group's organic EBITDA improved, reaching 4,5 billion euros in the first nine months of 2022 and confirming the improving trend also in the third quarter.
Thirdly, satisfactions continue to arrive from Brazil, where Tim increases revenues from services and EBITDA by 18,4% and 16,2% in the first nine months and even more in the third quarter with a sprint of 24,7, 24,5% and XNUMX%.
However, the group's balance sheet is in the red by 2,7 billion euros due to tax adjustments.
In fact, the balance sheet data confirm the thesis that Labriola has still supported in recent days and that is that Tim is today a substantially healthy group that is weighed down by the debt that comes from the past, starting with the unfortunate Opa a debt of 1999 conducted victoriously by Gnutti e Colaninno with the decisive support of the Government D'Alema and financial support from Mediobanca by Enrico Cuccia in contempt of the Agnelli who had a stake in Tim.
CDP'S TIM TENDER OFFER IS ONLY POSSIBLE IF THE CASSA FINDS OTHER PARTNERS
In the last two days however, after a rally of more than 20% in the previous ten days, the MY BAG has begun to register some sales (yesterday the stock lost 1,89%) which raises a doubt in the financial community: the sales are the simple result of profit-taking or the sign that someone is beginning to doubt the real feasibility of the State takeover bid carried out through Cassa depositi e prestiti (CDP) on the entire Tim and hypothesized by the so-called Minerva Plan of Prime Minister Giorgia's party Melons? Unless the CDP finds some partners, it is unthinkable that the Cassa has the resources to launch the takeover bid but it is equally unthinkable that the CDP gets into debt to launch it because it would risk falling within the scope of the public administration and expanding the Italian public debt.
From the solution of these doubts it will be understood what is the real future of Tim and of the single network with Open Fiber which, in order to be advantageous and exploit all possible synergies, inevitably has tight deadlines and cannot wait for the slowness of politics.
