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Consensus

04/27/2017 - 09:00 PM

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The attached table shows the consensus data calculated as the arithmetic average of the most recent estimates made by certain independent analysts (*) of Telecom Italia‘s key financial data.
The consensus estimates contained in this table are for informational purposes only and constitute neither a recommendation nor a solicitation or invitation to buy, sell or maintain the availability of Telecom Italia or the Group companies financial instruments.
The data set forth below represents forecasts made by these independent analysts and do not represent opinions, forecasts or estimates of Telecom Italia or of its management.
Telecom Italia takes no responsibility for the completeness and reliability of the consensus estimates reported in the table.


(*) Please note that the consensus estimates where provided by only some of the analysts covering Telecom Italia.

Analysts Consensus on TI Group  1Q'17

                            Consensus  
REVENUES (€mln)   1Q'15 2Q'15 3Q'15 4Q'15 FY'15   1Q'16 2Q'16 3Q'16 4Q'16 FY'16   1Q'17 YoY
Domestic   3.631 3.744 3.752 3.874 15.001   3.548 3.699 3.789 3.970 15.006   3.597 1,4%
o/w Wireline Domestic   2.657 2.688 2.645 2.664 10.654   2.553 2.578 2.643 2.721 10.495   2.558 0,2%
o/w Fixed Services   2.595 2.614 2.592 2.572 10.372   2.483 2.488 2.499 2.494 9.965   2.424 -2,4%
o/w Mobile Domestic   1.151 1.236 1.303 1.378 5.068   1.186 1.261 1.300 1.432 5.179   1.216 2,5%
o/w Mobile Services   1.053 1.109 1.170 1.184 4.517   1.059 1.117 1.183 1.220 4.579   1.081 2,0%
Brasile   1.412 1.279 1.008 938 4.637   897 961 1.064 1.125 4.047   1.140 27,1%
Other activities & Elim.   11 24 17 29 81   (5) (4) (10) (9) (28)   (6) n.m.
TI Group   5.054 5.047 4.777 4.841 19.719   4.440 4.656 4.843 5.086 19.025   4.731 6,6%
                               
EBITDA Reported     (€ mln)                              
Domestic   1.610 1.236 1.679 1.042 5.567   1.461 1.723 1.811 1.703 6.698   1.607 10,0%
Brasile   416 374 318 343 1.451   258 298 344 425 1.325   353 37,0%
Other activities & Elim.   7 (4) (14) (1) (12)   (7) (7) (3) (4) (21)   (9) n.m.
TI Group   2.033 1.606 1.983 1.384 7.006   1.712 2.014 2.152 2.124 8.002   1.951 14,0%
                               
Non recurring items & exchange rate impact  DOMESTIC  (€ mln)   2 391 53 582 1.028   67 16 56 43 182   23  
Ebitda Organic  Domestic   1.612 1.627 1.732 1.624 6.595   1.528 1.739 1.867 1.746 6.880   1.630 6,7%
                               
EBITDA Margin   (%)                              
Domestic   44,3% 33,0% 44,7% 26,9% 37,1%   41,2% 46,6% 47,8% 42,9% 44,6%   44,7% 3.5 pp
Brasile   29,5% 29,2% 31,5% 36,6% 31,3%   28,8% 31,0% 32,3% 37,8% 32,7%   31,0% 2.2 pp
TI Group   40,2% 31,8% 41,5% 28,6% 35,5%   38,6% 43,3% 44,4% 41,8% 42,1%   41,2% 2.6 pp
                               
                               
CAPEX    (€ mln)                              
Domestic   676 830 791 1.603 3.900   778 797 823 1.311 3.709   819 5,2%
Brasile   287 350 293 359 1.289   166 242 301 458 1.167   243 46,3%
Elim & Adj   1 2 3 2 8   0 0 0 0 0   0 n.m
TI Group   964 1.182 1.087 1.964 5.197   944 1.039 1.124 1.769 4.876   1.062 12,5%
                               
CAPEX ON SALES (%)                              
Domestic   18,6% 22,2% 21,1% 41,4% 26,0%   21,9% 21,5% 21,7% 33,0% 24,7%   22,8% 0.9 pp
Brasile   20,3% 27,4% 29,1% 38,3% 27,8%   18,5% 25,2% 28,3% 40,7% 28,8%   21,3% 2.8 pp
TI Group   19,1% 23,4% 22,8% 40,6% 26,4%   21,3% 22,3% 23,2% 34,8% 25,6%   22,4% 1.1 pp
                               
                               
ENDING NET DEBT (Adjusted)   27.430 26.992 26.804 27.278 27.278   27.139 27.514 26.735 25.119 25.119   25.310 -1.829
                               
                               
TIM Brasil in LOCAL CURRENCY (R$ mln)                          
Revenues Reported   4.551 4.361 4.115 4.115 17.142   3.854 3.820 3.900 4.043 15.617   3.876 0,6%
of which services   3.944 3.792 3.782 3.869 15.387   3.618 3.570 3.690 3.842 14.720   3.633 0,4%
of which handsets   607 569 333 246 1.755   236 250 210 201 897   237 0,2%
EBITDA Reported   1.341 1.276 1.285 1.463 5.365   1.107 1.189 1.270 1.548 5.114   1.204 8,7%
EBITDA margin    29,5% 29,3% 31,2% 35,6% 31,3%   28,7% 31,1% 32,6% 38,3% 32,7%   31,1% 2.4 pp
Capex Reported   924 1.184 1.168 1.488 4.764   710 975 1.122 1.695 4.502   847 19,3%
% on revenues   20,3% 27,1% 28,4% 36,2% 27,8%   18,4% 25,5% 28,8% 41,9% 28,8%   21,8% 3.4 pp
                               
EBITDA Organic   1.341 1.276 1.285 1.516 5.418   1.140 1.190 1.292 1.548 5.170   1.212 6,3%
                               
KPIs - Domestic Fixed                               
Physical accesses ('000)   12.283 12.080 11.907 11.742 11.742   11.602 11.468 11.368 11.285 11.285   11.214 -3,3%
Line losses    (196) (204) (173) (165) (737)   (140) (134) (100) (83) (457)   (71) -49,4%
TI Retail Broadband Accesses ('000)   6.945 6.971 6.984 7.023 7.023   7.067 7.088 7.123 7.191 7.191   7.279 3,0%
NGN Accesses ('000)   329 450 540 678 678   842 989 1.119 1.350 1.350   1.547 83,6%
                               
KPIs - Domestic Mobile                              
Total number of lines ('000)   30.140 30.075 30.023 30.007 30.007   29.846 29.742 29.549 29.617 29.617   29.602 -0,8%
Total User Broadband ('000)   10.480 10.754 11.217 11.513 11.513   11.648 11.775 12.082 12.208 12.208   12.407 6,5%
Total User LTE (mln of users)   1,8 2,7 3,4 4,4 4,4   5,0 5,7 6,2 7,6 7,6   8,2 65,9%
                               
KPIs -  TIM Brasil                            Actual (Anatel)  
Total Mobile Lines ('000)    75.749 74.600 72.573 66.234 66.234   67.269 63.988 63.247 63.418 63.418   61.868 -8,0%