The exploit of MY BAG di Tim, which is gaining more than 4% today in the mid-afternoon, reduces the ups and downs of the last few days of the major Italian telephone company which, according to bestinver, one of the major Spanish financial groups, still deserves a nice "Buy", regardless of the extraordinary operations in progress, contrary to what Barclays and HSBC claimed last week. The judgment of the Spaniards essentially endorses the personal investment choices of CEO Pietro Labriola, who, fully convinced of the company's good prospects, has purchased a large parcel of shares in recent days.
TIM ASKED FOR A DISCOUNT IN BRAZIL ON THE PURCHASE OF ITS OI SHARE
After considering that in Brazil Tim is preparing, together with the partners of the consortium to which he belongs, to ask, after the checks carried out in recent weeks, a discount on the pro-rata purchase price of the control package of Oi, the former Brazilian incumbent, Bestinver's report focuses on two topical issues such as the effects of high energy prices and the liquidity of the Italian company.
TIM: THE GOVERNMENT IS STUDYING INCREASED TAX CREDITS ON ENERGY PRINCIPLES
Tim is a highly energy-intensive company and therefore the price increases weigh on the accounts, but Bestinver notes that almost 100% of the costs are already covered, not to mention the fact that the company is discussing with the Government the possibility of being considered in all respects " consumer society the energy” in order to be able to take advantage of the aid of a higher tax credit (from 15% to 25%) on the costs for the purchase of electricity: a decision in this regard should arrive by the end of 2022 with positive impacts as early as 2023 .
TIM AND LIQUIDITY: FINANCIAL OBLIGATIONS COVERED UNTIL 2024
Finally, as for the liquid assets, Bestinver does not see major problems for Tim, "considering that in 2023 only 3 billion euros of corporate bonds mature, which are now trading at around 3,3%" and that with the current liquidity (also thanks to new loans, from Sace to Inwit) “Tim is able to cover its financial obligations until 2024”. All of which explains Tim's “Buy” rating and his exploit on the stock market today.
