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Consensus

02/19/2019 - 06:30 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  4Q18/FY18 & Plan 19-21

€ mln, old principles

REVENUES
4Q'17 FY'17 1Q'18 2Q'18 3Q'18 Consensus *
4Q18 YoY FY18 YoY 2019 YoY 2020 YoY 2021 YoY
Domestic 4,042 15,354 3,709 3,809 3,793 3,924 -2.9% 15,235 -0.8% 14,958 -1.8% 14,830 -0,9% 14,665 -1,1%
Service 3,607 14,000 3,399 3,480 3,518 3,530 -2.1% 13,927 -0.5% 13,690 -1.7% 13,547 -1,0% 13,420 -0,9%

  Wireline Domestic

2,763 10,689 2,579 2,635 2,607 2,730 -1.2% 10,551 -1.3% 10,480 -0.7% 10,415 -0,6% 10,271 -1,4%

o/w Fixed Services

2,524 9,952 2,419 2,485 2,492 2,518 -0.3% 9,913 -0.4% 9,845 -0.7% 9,774 -0,7% 9,617 -1,6%

  Mobile Domestic

1,424 5,275 1,273 1,322 1,328 1,351 -5.1% 5,274 0.0% 5,072 -3.8% 5,000 -1,4% 4,960 -0,8%

o/w Mobile Services

1,225 4,655 1,123 1,142 1,169 1,145 -6.6% 4,579 -1.6% 4,376 -4.4% 4,303 -1,7% 4,270 -0,8%
Brazil 1,113 4,502 1,037 970 922 1,019 -8.5% 3,948 -12.3% 4,073 3.2% 4,219 3,6% 4,360 3,3%
Other activities & Elim. (6) (28) (4) (9) (10) (4)   (27)   (26)   (26)   (25)  
TI Group 5,149 19,828 4,742 4,770 4,705 4,939 -4.1% 19,156 -3.4% 19,004 -0.8% 19,023 0,1% 19,000 -0,1%
EBITDA Reported
Domestic  1,116 6,171 1,533 1,667 1,758 1,501 34.5% 6,459 4.7% 6,363 -1.5% 6,345 -0,3% 6,268 -1,2%
Brazil 465 1,635 365 362 357 422 -9.3% 1,506 -7.9% 1,593 5.8% 1,673 5,0% 1,744 4,2%
Other activities & Elim. (4) (16) (5) (4) (3) (4)   (16)   (17)   (17)   (18)  
TI Group  1,577 7,790 1,893 2,025 2,112 1,917 21.6% 7,947 2.0% 7,938 -0.1% 8,001 0,8% 7,994 -0,1%
EBITDA Organic **
Domestic  1,778 7,050 1,628 1,693 1,764 1,567 -11.9% 6,652 -5.6% 6,472 -2.7% 6,443 -0,4% 6,375 -1,0%
Brazil 405 1,369 365 362 357 422 4.1% 1,506 10.0% 1,587 5.4% 1,666 5,0% 1,732 4,0%
Other activities & Elim. (4) (15) (5) (4) (2) (2)   (13)   (18)   (18)   (18)  
TI Group  2,179 8,404 1,988 2,051 2,119 1,987 -8.8% 8,145 -3.1% 8,041 -1.3% 8,090 0,6% 8,089 0,0%
CAPEX reported ex spectrum
Domestic  1,374 3,921 533 740 702 1,158 -15.7% 3,133 -20.1% 3,016 -3.7% 2,931 -2.8% 2,921 -0.4%
Brazil 446 963 162 240 196 332 -25.6% 930 -3.4% 928 -0.2% 914 -1.5% 977 6.9%
TI Group 1,820 4,884 694 981 898 1,490 -18.1% 4,063 -16.8% 3,945 -2.9% 3,846 -2.5% 3,899 1.4%
CAPEX ON SALES (%)
Domestic 34.0% 25.5% 14.4% 19.4% 18.5% 29.5% -4.5pp 20.6% -5.0pp 20.2% -0.4pp 19.8% -0.4pp 19.9% +0.2pp
Brazil 40.1% 21.4% 15.6% 24.7% 21.3% 32.6% -7.5pp 23.6% +2.2pp 22.8% -0.8pp 21.7% -1.1pp 22.4% +0.8pp
TI Group 35.3% 24.6% 14.6% 20.6% 19.1% 30.2% -5.2pp 21.2% -3.4pp 20.8% -0.5pp 20.2% -0.5pp 20.5% +0.3pp
ENDING NET DEBT (Adj) 25,308 25,308 25,537 25,141 25,190 25,199   25,199   24,294   23,116   22,016  
* average of 14 brokers estimates reporting in 2019
** 2017 comparable basis EBITDA Organic