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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 article has been distributed for informational purposes only. Neither the information nor any opinions expressed constitute a recommendation to buy or sell the securities or assets mentioned, or to invest in any investment product or strategy related to such securities or assets. It is not intended to provide personal investment advice, and it does not take into account the specific investment objectives, financial situation or particular needs of any person or entity that may receive this article. Persons reading this article should seek professional financial advice regarding the appropriateness of investing in any securities or assets discussed in this article. The author’s opinions are subject to change without notice. Forecasts, estimates, and certain information contained herein are based upon proprietary research, and the information used in such process was obtained from publicly available sources. Information contained herein has been obtained from sources believed to be reliable, but such reliability is not guaranteed. Investment accounts managed by GreenWood Investors LLC and its affiliates may have a position in the securities or assets discussed in this article. GreenWood Investors LLC may re-evaluate its holdings in such positions and sell or cover certain positions without notice. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of GreenWood Investors LLC.

Past performance is no guarantee of future results.

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.
    Cheers.

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