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Video: Calling on Italy

If you’re not traveling on this holiday weekend, let us take you to Italy for a few minutes, to review our favorite position in the country currently.

Telecom Italia (TITR IM): Calling on Italy

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This Post Has 2 Comments

  1. Thanks for the video, informative analysis. I have been reading some of your reports and am learning a lot from it. I particularly like Flybe.
    If you’re reviewing telco opportunities, you might want to have a look also at Bezeq, currently a despised Israeli stock. It has a much better competitive position than TITR, being a monopoly in infrastructure and landlines , reflected in EBITDA margin of 40%. Its EV/EBITDA is around x6, and dividend currently close to 7%.
    While this is already cheap, the company is expected to receive regulatory approval to merge YES, a wholly owned sub, into its operations and accounting treatment. This implies saving on the operations and SG&A side, and NOLs on the accounting side, which should eliminate the 24% tax that the company has been paying.

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