After the stormy sitting of MY BAG of last Friday in which Tim fell to an all-time low of 0,1820 euros per share with a fall of 8,1% which also dragged down the Ftse Mib, it could also be that today the leading telephone company will try to rebound and try to get back up. But, beyond what may happen on the Stock Exchange in the next few hours, there is no doubt that the knots are coming to a head and that Tim's road is strongly uphill. Why? Partly for structural reasons involving Tim but also the entire field of European telecommunications and partly for contingent reasons, not excluding the proximity of the Italian general elections.
TIM AND CEO LABRIOLA'S QUESTIONS: ARE TLC SUSTAINABLE?
A few days ago Tim's new CEO, Pietro labriola, brought to the attention of the market and institutions questions regarding the near and medium-term future of the European and Italian telecommunicationsi which, unlike the American one, is characterized by an abnormal number of operators and in which the costs (due to the high investments for technologies and for the purchase of the frequencies of the 5G but now also due to the explosion in energy costs) far exceed revenues. Is it sustainable, asked Labriola, an industry so weighed down that – we add – in Tim's case it is even more so due to the consequences of the disastrous debt takeover bid at the end of the 90s? And, in the hope that there will be a rethinking of the sector's structures that will allow profitability to be recovered also as a result of a new European industrial policy, it is possible that the future Government Italian supports energy-intensive companies like Tim and that theAGCOM allow the indexing of telephone prices to inflation as it wishes to do Vodafone in Spain?
TIM: VIVENDI-CDP'S ARM OF Wrestling ON THE PRICE OF THE NETWORK
But the crux is one: without extraordinary interventions - the investment banks claim - the current management will not be enough for Tim to regain competitiveness. It is the same thought that underlies the new industrial plan of Labriola which, not by chance, plans to dismantle the vertically integrated group by dividing it into two - the network on one side and the services on the other - and transferring the Tim network to Cassa depositi e loans in view of the merger with Open Fiber. Unfortunately this operation takes place in the midst of the electoral campaign and what exactly the future government thinks is obviously in Dei's mind. Especially since on the value of the Tim network the starting positions of the first shareholder of the company, namely Vivendi and della CDP who should buy it are far away for now. The French think that the network is worth 31 billion, CDP is much less: will a balance be found and will the CDP feel able to make a binding offer to Tim even in a phase of great political uncertainty like the current one? These questions and these doubts would be enough to explain, beyond the structural difficulties of the telecommunications sector, why the Stock Exchange is hitting Tim's stock hard.
TIM AND THE FANTASY MINERVA PLAN BY FRATELLI D'ITALIA WHICH HIDES NATIONALIZATION PROPOSALS
Unfortunately, there is something else to complicate things and there is the intention of the right represented by the Brothers of Italy (even if Giorgia Melons is much more cautious) to weigh their potential strength and to condition the games on Single network. It is no coincidence that the sector manager of the telecommunications sector of Fratelli d'Italia, Alessio Butti, has announced an elusive Minerva Plan, behind which it seems to understand that the never dormant temptations of nationalize Tim. But with what money and to do what?
Tim needs everything to try to get back on top, but he would gladly do without political interference on his strategy. He will talk about it again after the vote on 25 September but times are short.
