Consensus

07/25/2019 - 07:00 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  Q2 '19 & FY 2019-21

€ mln, IFRS 9/15 Q1'18 Q2'18 Q3'18 Q4'18 FY'18 Q1'19 Consensus *
REVENUES Q2'19 YoY 2019 YoY 2020 YoY 2021 YoY
Domestic 3,657 3,766 3,759 3,849 15,031 3,502 3,590 -4,7% 14,451 -3,9% 14,379 -0,5% 14,338 -0,3%
Service 3,294 3,354 3,397 3,307 13,352 3,155 3,194 -4,8% 12,804 -4,1% 12,708 -0,7% 12,675 -0,3%

   Wireline Domestic

2,538 2,593 2,572 2,774 10,477 2,535 2,547 -1,8% 10,276 -1,9% 10,232 -0,4% 10,198 -0,3%

o/w Fixed Services

2,402 2,458 2,468 2,546 9,875 2,394 2,406 -2,1% 9,636 -2,4% 9,574 -0,6% 9,541 -0,3%
   Mobile Domestic 1,262 1,321 1,328 1,274 5,185 1,122 1,201 -9,1% 4,813 -7,2% 4,787 -0,5% 4,779 -0,2%

o/w Mobile Services

1,034 1,044 1,069 960 4,107 916 944 -9,6% 3,800 -7,5% 3,770 -0,8% 3,771 0,0%
Brazil 1,033 968 917 1,025 3,943 979 973 0,5% 4,103 4,0% 4,219 2,8% 4,322 2,4%
TI Group 4,685 4,726 4,666 4,863 18,940 4,471 4,554 -3,6% 18,443 -2,6% 18,500 0,3% 18,577 0,4%
EBITDA Organic                            
Domestic 1,541 1,617 1,708 1,497 6,363 1,481 1,542 -4,7% 6,119 -3,8% 6,152 0,5% 6,208 0,9%
Brazil 353 351 346 416 1,466 347 366 4,3% 1,547 5,5% 1,639 5,9% 1,713 4,5%
TI Group 1,888 1,946 2,052 1,905 7,811 1,826 1,905 -2,1% 7,655 -2,0% 7,778 1,6% 7,907 1,7%
EBITDA Organic After Lease                            
Domestic 1,460 1,527     6,033 1,411 1,464 -4,1% 5,801 -3,8% 5,868 1,1% 5,931 1,1%
Brazil 336 333     1,398 325 345 3,6% 1,462 4,6% 1,552 6,1% 1,621 4,5%
TI Group 1,789 1,858     7,412 1,734 1,808 -2,7% 7,251 -2,2% 7,403 2,1% 7,531 1,7%
EBITDA Reported                            
Domestic 1,446 1,591 1,702 1,216 5,955 1,447 1,520 -4,5% 6,001 0,8% 6,059 1,0% 6,125 1,1%
Brazil 353 351 346 417 1,467 347 366 4,3% 1,547 5,5% 1,639 5,9% 1,713 4,5%
TI Group 1,793 1,939 2,045 1,625 7,403 1,792 1,883 -2,9% 7,535 1,8% 7,681 1,9% 7,822 1,8%
CAPEX reported (ex licenses)                            
Domestic 507 705 675 1,232 3,119 455 658 -6,7% 2,908 -6,8% 2,898 -0,4% 2,922 0,8%
Brazil 154 218 188 317 890 152 225 3,3% 920 3,4% 936 1,7% 973 4,0%
TIM Group 660 924 863 1,549 4,009 607 883 -4,4% 3,821 -4,7% 3,826 0,1% 3,888 1,6%
ENDING NET DEBT (Adj) 25,537 25,141 25,190 25,270 25,270 25,080 24,882   24,431   23,623   22,546  
ENDING NET DEBT (After Lease)         23,322 23,143 22,952   22,629   21,793   20,754  
Net Debt / EBITDA After Lease (x)         3,1x       3,1x   2,9x   2,8x  
* average of 17 brokers estimates