Banca Imi: Wind 3 paid dear, 40% more

Business



[ad_1]

Wind 3 "title =" Wind 3 "src =" https://static.milanofinanza.it/img/1.gif "data-original =" https://static.milanofinanza.it/content_upload/img/ 2018/07/201807041015544477 / wind3-289704.jpg "/> </figure> </div> <p> Wind 3 has been paid dearly, as Banca Imi writes today, recalling that yesterday 50% of Wind Tre went to the Chinese group CK Hutchison, which already The transaction is expected to take place between the third and fourth quarters of 2018. It is subject to EU control over mergers and regulatory approvals in Italy. </p> <p> Banca Imi badysts recall Today, following the merger of Wind and Tre, the Dutchman Veon and the Chinese group CK Hutchison owned 50% of Wind Tre through a Newco, according to the rules established at the time of the merger, in November 2016, neither Veon nor Hutchison could reduce their holdings to less than 50% for one year after the completion of the merger of the two brands, when each shareholder could then invoke a sales mechanism at any time </p> <p> Banca Imi calculates that the transaction involves a 100% valuation of Wind 3 of 4.9 billion euros, which leads to a total consideration 14.6 billion euros (excluding intra-group loans) or 15.2 billion euros (including intragroup loans), according to the first quarter of 2018. Based on the approximate simulation of Wind Tre's results for the 2018-2019 period and baduming a 20% control premium, the transaction would involve an EV / EBITDA ratio excluding intercompany loans and integration costs of 7x (based on the expected accounts of 2018) and 7.4 times (for 2019) </p> <p> These multiples, add the experts, are compared to the smaller ones (4,7-4,5 times) of Telecom Italia <span clbad= (according to the estimations Banca Imi) and 5, 0-4,8 times more competitors in the European telecoms sector, ho Factset. Therefore, in terms of valuation, Banca Imi sees a positive implication for Telecom Italia . But then experts wonder why "CK Hutchison has paid such a multiple in a critical phase of operational performance for Wind Tre and considering that the evolution of the competitive framework is a big questioning point". For brokers, "Wind Tre will certainly suffer more than competitors from the entrance of Iliad".

Wind 3 achieved a turnover of 6.2 billion euros, an EBITDA of 1.95 billion, a net loss of 2.6 billion euros and a net debt of 10.3 billion euros

Today, Banca Akros recalls that Agcom has finally established that Italian operators will have to reimburse customers the additional charges applied to the telephony subscription mobile due daily billing at 28 and not 30 days. The refund concerns invoices after June 23, 2017. Brokers calculate that the overall negative impact for TIM (whether in cash or figuratively, or through the provision of services) could be from order of 300 million euros, or 2.3% of market capitalization. Meanwhile, Telecom Italia rises this morning at 1.38% Piazza Affari at 0.6576 euros per share.

[ad_2]
Source link

Tags

Powered by https://naaju.com/italy | Designed by Naaju
© Copyright 2024, All Rights Reserved