Imark
Forumer storico
Ho letto... ma se Telefonica esce in cambio di TIM Brazil, chi entra al posto di Telefonica, e a che prezzi ? perché il pmc al quale Telefonica ha effettuato l'investimento è decisamente più elevato dell'attuale...
Obbligazioni societarie Monitor bond Telecom Europa VI (gennaio - luglio 2009) (5 lettori)
- Creatore Discussione Imark
- Data di Inizio
Ho letto... ma se Telefonica esce in cambio di TIM Brazil, chi entra al posto di Telefonica, e a che prezzi ? perché il pmc al quale Telefonica ha effettuato l'investimento è decisamente più elevato dell'attuale...
TheLondoner
Forumer storico
vuoi vedere che piersilvio & fedele vogliono fare l'affare da 1€?
Imark
Forumer storico
E' quello che i mercati temono da un bel pezzo, anche se di recente i rendimenti dei bond erano calati un attimo, dopo che per un lungo periodo la curva dei rendimenti aveva segnalato un rischio percepito di perdita dell'IG... d'altronde anche oggi, siamo pur sempre messi così... Portugal Telecom è BBB-...
Ps: anche OTE rende meno di Telecom italia, nonostante il fattore del rischio paese...
Imark
Forumer storico
Arrivano oggi i risultati del Q4/2008 di TDC dati nel consuntivo di fine anno. Il volume delle vendite si è ridotto nel 2008 dell'1,3%, mentre l'EBITDA è salito del 5,4% per effetto delle misure di contenimento dei costi e della crescita nel comparto della tv via cavo ed in altri settori.
L'outlook per il 2009 è confortante, se saranno in grado di conseguirlo, ed è per una stabilità del fatturato e dell'utile netto.
Il debito è stato ulteriormente ridotto in 1 anno di circa il 15%.
Darò più tardi un'occhiata più accurata al tutto.
TDC: Satisfied earnings in 2008
February 5, 2009
TDC's income before depreciation, amortization and special items (EBITDA) rose by 5.4% to DKK 13.2bn in 2008. The increase is due to cost reductions and growth in the cable-TV market among other things, says TDC's years earnings release published today.
"Considering the full year, we can be satisfied with the result. The strong focus on cost reductions has meant that we have been able to secure a healthy increase in earnings," says CEO of TDC, Henrik Poulsen.
Revenue decreased by 1.3% to DKK 38.8bn in 2008. The decrease is partly due to a decline in the Danish fixnet business and lower roaming prices.
"We experience a constant pressure on our top line, which is further worsened by the global economic halt. This is the reason why we will focus our energy on market oriented actions in 2009 combined with a tight control of our cost levels," says Henrik Poulsen.
The sale of Polkomtel has contributed to a considerable reduction of TDC's net interest-bearing debt. During 2008 the net interest-bearing debt was down by DKK 6.3bn to DKK 35.1 bn.
Earnings in TDC-owned Swiss telco, Sunrise, are less satisfactory. Earnings fell from DKK 2.4 bn in 2007 to DKK 2.2 bn in 2008.
In 2009 revenue and net income from continuing operations, excluding special items, are expected to be on level with 2008.
L'outlook per il 2009 è confortante, se saranno in grado di conseguirlo, ed è per una stabilità del fatturato e dell'utile netto.
Il debito è stato ulteriormente ridotto in 1 anno di circa il 15%.
Darò più tardi un'occhiata più accurata al tutto.
TDC: Satisfied earnings in 2008
February 5, 2009
TDC's income before depreciation, amortization and special items (EBITDA) rose by 5.4% to DKK 13.2bn in 2008. The increase is due to cost reductions and growth in the cable-TV market among other things, says TDC's years earnings release published today.
"Considering the full year, we can be satisfied with the result. The strong focus on cost reductions has meant that we have been able to secure a healthy increase in earnings," says CEO of TDC, Henrik Poulsen.
Revenue decreased by 1.3% to DKK 38.8bn in 2008. The decrease is partly due to a decline in the Danish fixnet business and lower roaming prices.
"We experience a constant pressure on our top line, which is further worsened by the global economic halt. This is the reason why we will focus our energy on market oriented actions in 2009 combined with a tight control of our cost levels," says Henrik Poulsen.
The sale of Polkomtel has contributed to a considerable reduction of TDC's net interest-bearing debt. During 2008 the net interest-bearing debt was down by DKK 6.3bn to DKK 35.1 bn.
Earnings in TDC-owned Swiss telco, Sunrise, are less satisfactory. Earnings fell from DKK 2.4 bn in 2007 to DKK 2.2 bn in 2008.
In 2009 revenue and net income from continuing operations, excluding special items, are expected to be on level with 2008.
Ultima modifica:
Imark
Forumer storico
Qualche considerazione circa il debito: a seguito della vendita della propria quota in Polkomtel, TDC ha adempiuto alla clausola sulla riduzione del debito presente negli accordi con le banche relativi ai senior loans ed il 2 gennaio ha pagato 306 mln euro a saldo anticipato di una quota di debito in scadenza nel 2010 e nel 2011.
Se effettivamente nel 2009 riusciranno a conseguire il risultato previsto, ed al netto di altre dismissioni, le scadenze fino al 2012 compreso dovrebbero essere coperte dal cash disponibile.
Questo il profilo del debito al 31 dicembre 2008, messo a confronto con quello del 30 settembre 2008. Va tenuto presente che la parte in blu della colonnina del debito 2009 è già stata pagata, ma il 2 gennaio scorso, per cui nella tabella risulta ancora da pagare in quanto essa è aggiornata al 31/12/2008. Evidente anche l'alleggerimento sul debito 2010 e 2011 conseguente al detto pagamento.
Nello specchietto, vedete a sin. la situazione del debito al settembre 2008, a destra quella a dicembre 2008
Se effettivamente nel 2009 riusciranno a conseguire il risultato previsto, ed al netto di altre dismissioni, le scadenze fino al 2012 compreso dovrebbero essere coperte dal cash disponibile.
Questo il profilo del debito al 31 dicembre 2008, messo a confronto con quello del 30 settembre 2008. Va tenuto presente che la parte in blu della colonnina del debito 2009 è già stata pagata, ma il 2 gennaio scorso, per cui nella tabella risulta ancora da pagare in quanto essa è aggiornata al 31/12/2008. Evidente anche l'alleggerimento sul debito 2010 e 2011 conseguente al detto pagamento.
Nello specchietto, vedete a sin. la situazione del debito al settembre 2008, a destra quella a dicembre 2008
Ultima modifica:
Imark
Forumer storico
Un paio di giorni fa era arrivata anche le trimestrale di fine anno di Vodafone, che seguiamo un po' più alla lontana, trattandosi di un emittente molto grande, operante per intero in un settore conservativo quale quello delle telecom sulle cui vicende le trimestrali finiscono per incidere relativamente
Qui i risultati del trimestre che si chiude al 31 dic 2008 (il Q3 dell'esercizio 2008-2009 di Vodafone) in pillole hanno visto una forte salita del dato delle vendite dovuto tuttavia soprattutto agli effetti della drammatica svalutazione subita dalla GBP rispetto all'Euro (in Europa occidentale Vodafone realizza i 2/3 del proprio fatturato).
Al netto dell'impatto del cambio, il fatturato è calato annualmente dell'1%, risultato sul quale incidono il -2,8% dell'Europa e il dato in robusta crescita dell'Europa dell'Est e soprattutto dell'Asia. Va male in Spagna (-5,8%), dove l'effetto della crisi sembra incidere anche sul consumo di telefonia mobile, va benissimo in India (+30%).
Rivisti al rialzo, sempre in virtù dell'effetto cambio sulla GBP, i target sia per il fatturato che per l'EBITDA ed il free cash flow dell'esercizio che si chiude al 31 marzo prossimo.
Il Ceo Colao ha comunque confermato che Vodafone è in linea con il proprio programma di contenimento dei costi in misura di 1 mld GBP l'anno da conseguire entro il 2011.
Vodafone Third-Quarter Sales Rise on Pound’s Drop (Update4)
By Simon Thiel
Feb. 3 (Bloomberg) -- Vodafone Group Plc, the world’s largest mobile-phone company, said third-quarter sales increased 14 percent as the pound slid and revenue climbed in India.
Vodafone advanced the most in two months in London trading after raising sales and profit forecasts to reflect the currency’s decline. Sales in the three months to Dec. 31 climbed to 10.47 billion pounds ($14.9 billion) from 9.16 billion pounds a year earlier, the Newbury, England-based company said in a statement today.
The pound slumped 23 percent against the euro in 2008, increasing the value of Vodafone’s euro-denominated sales when converted to pounds. Excluding currency swings and acquisitions, revenue fell 1 percent as growth in Asia and Africa failed to make up for a decline in Europe, where the company generates about two-thirds of its sales.
“Currency changes obviously helped Vodafone,” John Clarke, a telecommunications analyst with Brewin Dolphin Securities, said in a Bloomberg Television interview today. “But investors are relieved about these good figures as they show the resilience of Vodafone in difficult economic times.”
Vodafone made progress on its plan to reduce costs by 1 billion pounds by March 2011, Chief Executive Officer Vittorio Colao said. The measures will have “some impact on headcount,” he told reporters on a conference call today. He declined to say how many jobs may be affected.
Shares Climb
Vodafone advanced as much as 7.4 percent to 137.65 pence, the biggest intraday gain since Nov. 24, and traded at 137.3 pence as of 12:10 p.m. in London. Sales surpassed the average analyst estimate of 10.29 billion pounds compiled by Bloomberg News via phone and e-mail.
In November, the company cut its full-year sales forecast for the second time in four months.
Vodafone now predicts a full-year adjusted operating profit of 11.5 billion pounds to 12 billion pounds on sales of 40.6 billion pounds to 41.5 billion pounds. That compares with a previous forecast for adjusted operating profit of 11 billion pounds to 11.5 billion pounds on sales of 38.8 billion pounds to 39.7 billion pounds.
In Europe, Vodafone’s sales excluding currency swings and acquisitions dropped 2.8 percent. That compares with a 3.5 percent increase for Africa and Eastern Europe and a 9.2 percent gain in Asia and the Middle East.
India’s Growth
“Vodafone’s strategy to expand in fast-growing markets really makes sense,” Christopher Nicholson, an analyst at Oraca in London, said in a Bloomberg Television interview.
Service revenue in India jumped 30 percent, a slowdown from the previous quarter amid growing competition.
To counter the economic slowdown in some markets, Vodafone reduced prices, Colao said, adding that this helped to increase minutes of usage by 10 percent in the quarter. Equipment sales dropped by 17 percent or 18 percent as the company’s Christmas business was weaker from a year earlier, Colao said.
Mid-range mobile-phones are becoming less popular as consumers increasingly buy either cheaper or more expensive handsets, Colao said. One of the most popular handsets was the BlackBerry Storm, which Research In Motion Ltd. started selling through Vodafone and other carriers in November, he added.
Spanish Revenue
“Our underlying performance showed similar trends to the previous quarter,” Colao said in the statement. “In the context of the current economic environment, we have continued to implement our strategy, with an emphasis on customer value, mobile data, enterprise and fixed broadband.”
Service revenue in Spain dropped 5.8 percent amid a “deteriorating market environment” that put pressure on usage in some customer segments.
Vodafone has expanded in emerging markets in the past two years with acquisitions in Turkey, India and Ghana to make up for slower growth in Europe. Vodafone added 9.5 million new customers in the fiscal third quarter for a total of 289 million on Dec. 31.
The company bought a 52 percent stake in Hutchison Essar Ltd., now India’s third-largest wireless provider, for $10.7 billion in May 2007, and purchased Turkey’s Telsim Mobil Telekomunikasyon Hizmetleri AS for $4.55 billion in 2006. On May 28, Vodafone and a local partner said they will pay $2.1 billion for Qatar’s second wireless license.
Vodafone today increased its prediction for full-year free cash flow to between 5.5 billion pounds and 6 billion pounds, from an earlier forecast of 5.2 billion pounds to 5.7 billion pounds.
“This is a nice bonus for investors,” Brewin Dolphin’s Clarke said. “People are so focused on dividends at the moment that anything to do with free cash flow will encourage people on the dividend outlook.”
Qui i risultati del trimestre che si chiude al 31 dic 2008 (il Q3 dell'esercizio 2008-2009 di Vodafone) in pillole hanno visto una forte salita del dato delle vendite dovuto tuttavia soprattutto agli effetti della drammatica svalutazione subita dalla GBP rispetto all'Euro (in Europa occidentale Vodafone realizza i 2/3 del proprio fatturato).
Al netto dell'impatto del cambio, il fatturato è calato annualmente dell'1%, risultato sul quale incidono il -2,8% dell'Europa e il dato in robusta crescita dell'Europa dell'Est e soprattutto dell'Asia. Va male in Spagna (-5,8%), dove l'effetto della crisi sembra incidere anche sul consumo di telefonia mobile, va benissimo in India (+30%).
Rivisti al rialzo, sempre in virtù dell'effetto cambio sulla GBP, i target sia per il fatturato che per l'EBITDA ed il free cash flow dell'esercizio che si chiude al 31 marzo prossimo.
Il Ceo Colao ha comunque confermato che Vodafone è in linea con il proprio programma di contenimento dei costi in misura di 1 mld GBP l'anno da conseguire entro il 2011.
Vodafone Third-Quarter Sales Rise on Pound’s Drop (Update4)
By Simon Thiel
Feb. 3 (Bloomberg) -- Vodafone Group Plc, the world’s largest mobile-phone company, said third-quarter sales increased 14 percent as the pound slid and revenue climbed in India.
Vodafone advanced the most in two months in London trading after raising sales and profit forecasts to reflect the currency’s decline. Sales in the three months to Dec. 31 climbed to 10.47 billion pounds ($14.9 billion) from 9.16 billion pounds a year earlier, the Newbury, England-based company said in a statement today.
The pound slumped 23 percent against the euro in 2008, increasing the value of Vodafone’s euro-denominated sales when converted to pounds. Excluding currency swings and acquisitions, revenue fell 1 percent as growth in Asia and Africa failed to make up for a decline in Europe, where the company generates about two-thirds of its sales.
“Currency changes obviously helped Vodafone,” John Clarke, a telecommunications analyst with Brewin Dolphin Securities, said in a Bloomberg Television interview today. “But investors are relieved about these good figures as they show the resilience of Vodafone in difficult economic times.”
Vodafone made progress on its plan to reduce costs by 1 billion pounds by March 2011, Chief Executive Officer Vittorio Colao said. The measures will have “some impact on headcount,” he told reporters on a conference call today. He declined to say how many jobs may be affected.
Shares Climb
Vodafone advanced as much as 7.4 percent to 137.65 pence, the biggest intraday gain since Nov. 24, and traded at 137.3 pence as of 12:10 p.m. in London. Sales surpassed the average analyst estimate of 10.29 billion pounds compiled by Bloomberg News via phone and e-mail.
In November, the company cut its full-year sales forecast for the second time in four months.
Vodafone now predicts a full-year adjusted operating profit of 11.5 billion pounds to 12 billion pounds on sales of 40.6 billion pounds to 41.5 billion pounds. That compares with a previous forecast for adjusted operating profit of 11 billion pounds to 11.5 billion pounds on sales of 38.8 billion pounds to 39.7 billion pounds.
In Europe, Vodafone’s sales excluding currency swings and acquisitions dropped 2.8 percent. That compares with a 3.5 percent increase for Africa and Eastern Europe and a 9.2 percent gain in Asia and the Middle East.
India’s Growth
“Vodafone’s strategy to expand in fast-growing markets really makes sense,” Christopher Nicholson, an analyst at Oraca in London, said in a Bloomberg Television interview.
Service revenue in India jumped 30 percent, a slowdown from the previous quarter amid growing competition.
To counter the economic slowdown in some markets, Vodafone reduced prices, Colao said, adding that this helped to increase minutes of usage by 10 percent in the quarter. Equipment sales dropped by 17 percent or 18 percent as the company’s Christmas business was weaker from a year earlier, Colao said.
Mid-range mobile-phones are becoming less popular as consumers increasingly buy either cheaper or more expensive handsets, Colao said. One of the most popular handsets was the BlackBerry Storm, which Research In Motion Ltd. started selling through Vodafone and other carriers in November, he added.
Spanish Revenue
“Our underlying performance showed similar trends to the previous quarter,” Colao said in the statement. “In the context of the current economic environment, we have continued to implement our strategy, with an emphasis on customer value, mobile data, enterprise and fixed broadband.”
Service revenue in Spain dropped 5.8 percent amid a “deteriorating market environment” that put pressure on usage in some customer segments.
Vodafone has expanded in emerging markets in the past two years with acquisitions in Turkey, India and Ghana to make up for slower growth in Europe. Vodafone added 9.5 million new customers in the fiscal third quarter for a total of 289 million on Dec. 31.
The company bought a 52 percent stake in Hutchison Essar Ltd., now India’s third-largest wireless provider, for $10.7 billion in May 2007, and purchased Turkey’s Telsim Mobil Telekomunikasyon Hizmetleri AS for $4.55 billion in 2006. On May 28, Vodafone and a local partner said they will pay $2.1 billion for Qatar’s second wireless license.
Vodafone today increased its prediction for full-year free cash flow to between 5.5 billion pounds and 6 billion pounds, from an earlier forecast of 5.2 billion pounds to 5.7 billion pounds.
“This is a nice bonus for investors,” Brewin Dolphin’s Clarke said. “People are so focused on dividends at the moment that anything to do with free cash flow will encourage people on the dividend outlook.”
Imark
Forumer storico
E nel mentre anche S&P ha rilasciato il proprio outlook compartimentale sulle telecom EMEA (Europa, Middle east e Africa). Si constata che le telecom hanno retto molto bene alla turbolenza sui mercati finanziari e al deterioramento del quadro macroeconomico e si ritiene che nel 2009 le telecom IG mostreranno proprietà difensive superiori rispetto alla generalità degli altri comparti merceologici.
Peccato non poterre più leggere i report, oggi a pagamento, ma diciamo che questa volta sulla difensività del comparto, superiore per certi aspetti a quella delle stesse utilities, si era scritto già da molto tempo...
Investment-Grade Telcos In Europe, The Middle East, And Africa To Remain Resilient In 2009, Says S&P Report Card
MADRID (Standard & Poor's) Feb. 3, 2009--Rated investment-grade telecoms operators in the EMEA region (Europe, the Middle East, and Africa) have weathered fairly well--though not without some casualties--the unparalleled financial turbulence and deteriorating economic conditions affecting the global markets, according to a report card published on Feb. 2, 2008 by Standard & Poor's Ratings Services titled "EMEA's Investment-Grade Telecoms Operators To Remain Resilient In 2009, Despite The Bleak Economic/Financial Outlook."
"Since the publication of our last telecoms report card in July, most of
our rated investment-grade operators have succeeded in maintaining good profitability and free operating cash flow generation, manageable levels of
financial leverage, and sound liquidity, despite the pressures on the industry from an increasingly assertive EU regulator, unrelenting competition, and rapid technology transitions," said Standard & Poor's credit analyst Leandro de Torres Zabala.
That said, given the rapid advance and pervasiveness of the current
economic crisis, and the fact that a couple of the industry's most promising sectors (mobile and Internet services) have never been tested in a severe, generalized economic downturn, Standard & Poor's has dedicated its current report card not only to reviewing the performance--from a credit perspective--of the rated EMEA investment-grade telecoms operators since July, but also to trying to anticipate how these companies will be affected by the downturn in 2009.
Standard & Poor's expects the EMEA investment-grade telecoms industry to maintain sound credit quality in 2009 relative to other industries. This reflects certain of its defensive characteristics, such as the need for basic telecommunications services even (if not particularly) in times of crisis; the dominant domestic market positions of most incumbents (with the mobile services market having an oligopolistic structure in some countries); and generally adequate to sound operating efficiency, underpinned by cost cutting undertaken in recent years.
While we anticipate lower organic growth rates and certainly do not rule out earnings declines for some operators this year, we do expect the number and severity of such declines to be much lower than in other industries, reflecting the aforementioned benefits, as well as above-average cash generation capacity and a generally satisfactory starting point for most operators in terms of financial leverage (in contrast with the 2001-2003 crisis) and liquidity levels.
We also believe that the industry is underpinned by operators' ability to generate significant discretionary cash flow (FOCF minus dividends) and, if needed, to cut capital expenditures and significant shareholder distribution policies (as was the case during the 2001-2003 crisis).
In addition, the prevailing difficult economic and financial conditions
will, in our opinion, likely result in a moderation of the competitive
strategies to be developed in 2009, particularly by smaller, more indebted
alternative operators, and in a more disciplined financial policy for
participants in the marketplace.
"We therefore expect the ratings in our portfolio of 24 EMEA
investment-grade operators to remain relatively stable over 2009, albeit with a slight downward bias reflecting the risk of underperformance for certain operators positioned in more challenged markets or with less headroom at their current rating level, and/or of point-in-time unforeseen mergers and acquisitions," said Mr. de Torres.
Peccato non poterre più leggere i report, oggi a pagamento, ma diciamo che questa volta sulla difensività del comparto, superiore per certi aspetti a quella delle stesse utilities, si era scritto già da molto tempo...
Investment-Grade Telcos In Europe, The Middle East, And Africa To Remain Resilient In 2009, Says S&P Report Card
MADRID (Standard & Poor's) Feb. 3, 2009--Rated investment-grade telecoms operators in the EMEA region (Europe, the Middle East, and Africa) have weathered fairly well--though not without some casualties--the unparalleled financial turbulence and deteriorating economic conditions affecting the global markets, according to a report card published on Feb. 2, 2008 by Standard & Poor's Ratings Services titled "EMEA's Investment-Grade Telecoms Operators To Remain Resilient In 2009, Despite The Bleak Economic/Financial Outlook."
"Since the publication of our last telecoms report card in July, most of
our rated investment-grade operators have succeeded in maintaining good profitability and free operating cash flow generation, manageable levels of
financial leverage, and sound liquidity, despite the pressures on the industry from an increasingly assertive EU regulator, unrelenting competition, and rapid technology transitions," said Standard & Poor's credit analyst Leandro de Torres Zabala.
That said, given the rapid advance and pervasiveness of the current
economic crisis, and the fact that a couple of the industry's most promising sectors (mobile and Internet services) have never been tested in a severe, generalized economic downturn, Standard & Poor's has dedicated its current report card not only to reviewing the performance--from a credit perspective--of the rated EMEA investment-grade telecoms operators since July, but also to trying to anticipate how these companies will be affected by the downturn in 2009.
Standard & Poor's expects the EMEA investment-grade telecoms industry to maintain sound credit quality in 2009 relative to other industries. This reflects certain of its defensive characteristics, such as the need for basic telecommunications services even (if not particularly) in times of crisis; the dominant domestic market positions of most incumbents (with the mobile services market having an oligopolistic structure in some countries); and generally adequate to sound operating efficiency, underpinned by cost cutting undertaken in recent years.
While we anticipate lower organic growth rates and certainly do not rule out earnings declines for some operators this year, we do expect the number and severity of such declines to be much lower than in other industries, reflecting the aforementioned benefits, as well as above-average cash generation capacity and a generally satisfactory starting point for most operators in terms of financial leverage (in contrast with the 2001-2003 crisis) and liquidity levels.
We also believe that the industry is underpinned by operators' ability to generate significant discretionary cash flow (FOCF minus dividends) and, if needed, to cut capital expenditures and significant shareholder distribution policies (as was the case during the 2001-2003 crisis).
In addition, the prevailing difficult economic and financial conditions
will, in our opinion, likely result in a moderation of the competitive
strategies to be developed in 2009, particularly by smaller, more indebted
alternative operators, and in a more disciplined financial policy for
participants in the marketplace.
"We therefore expect the ratings in our portfolio of 24 EMEA
investment-grade operators to remain relatively stable over 2009, albeit with a slight downward bias reflecting the risk of underperformance for certain operators positioned in more challenged markets or with less headroom at their current rating level, and/or of point-in-time unforeseen mergers and acquisitions," said Mr. de Torres.
piper68
I "veri" eroi...
Sai che credo che grazie alla Legge Gasparri (brrrrrr
) Mediaset non possa avere quote azionarie di controllo su Telecom e viceversa?
piper68
I "veri" eroi...
Ma cedere l'unica società del gruppo che anzichè difendere l'erosione del fatturato anno dopo anno,ha ancora spazi di crescita,sarebbe una specie di "Harakiri" per Telecom....spero che Bernabè che mi pare manager assennato, rifiuti questo obbrobrio.
Imark
Forumer storico
Leggo questa intervista di Rovati... ma se davvero passasse questa cosa qui, con magari Berlusconi che compra a debito (e ricarica il debito sulle spalle di Telecom Italia) e poi lo scorporo della rete, allora Telecom Italia si ritrova a rating BB dopo aver già subito una prima spremitura da parte dei capitani coraggiosi di dalemiana memoria (uno dei quali rimasto impavido con il Berlusca, l'altro costretto alla pavidità dai PM milanesi e bresciani), una seconda da parte del Trochetti Provera, e poi si becca la cessione di uno dei pochi asset esteri che possono generare crescita e lo scorporo della rete...
Voglio dire: una cosa è passare a rating BB senza aver subito precedenti spremiture, un'altra è passarci quando già adesso hai sulle spalle 40 mld euro di goodwill o avviamento che dir si voglia senza avere comprato una beneamata mazza...
altri 20 o 30 glieli carica Berlusconi ... dovrà pure schiantare questo povero somaro di Telecom Italia, sulla cui groppa tutti continuano a buttare carico debitorio...PS: ho trovato una sintesi dell'intervista... qualcuno più bravo magari la becca per intero...
Telecom I.: Rovati, scorporo rete e fusione con Mediaset (Sole)
ROMA (MF-DJ)--Si sta parlando di un interesse per il futuro di Telecom Italia da parte di Mediaset, "ovvero un attore molto importante dell'economia nazionale. Ora, che questa societa' venga tenuta in panchina perche' il suo fondatore e' il presidente del consiglio, mi pare strumentale. Dietro a Mediaset non c'e' solo la famiglia Berlusconi, ma una miriade di azionisti e di lavoratori. Dal mio punto di vista, una volta realizzato lo scorporo della rete, procederei a una fusione tra Mediaset e Telecom. Ne nascerebbe una delle piu' grandi media company del mondo"; in questo modo si otterrebbero "due piccioni con una fava. Una formidabile media company con la famiglia Berlusconi importante socio, ma di minoranza".
Angelo Rovati, industriale, consigliere economico nell'ultimo governo Prodi e ora consulente di Rothschild, in un'intervista a Il Sole 24 ore, torna a parlare del futuro di Telecom Italia, alla luce delle indiscrezioni degli ultimi giorni che hanno riportato d'attualita' il suo piano che aveva suscitato tante polemiche e che lo avevano portato alle dimissioni.
Se Rovati fosse amministratore delegato di Telecom I. "cercherei di liquidare Telefonica, mettendo sul piatto Tim Brasil. Dopo di che scorporerei la rete, con le modalita' del mio piano": per far uscire gli spagnoli, "scambierei Tim Brasil con le loro azioni Telecom Portugal. Telecom cosi' rimarrebbe in Sudamerica con i portoghesi, con cui si potrebbero sviluppare ulteriori sinergie", ha proseguito.
"Penso che il management di Telecom -ha concluso Rovati- stia facendo tutto il possibile, ma siamo in una congiuntura particolarmente drammatica: difficile con la gestione ordinaria migliorare la redditivita' e conseguentemente il prezzo del titolo. Ci vuole un intervento straordinario che dia la scossa". red/vs
(END) Dow Jones Newswires
February 04, 2009 02:25 ET (07:25 GMT)
Copyright (c) 2009 MF-Dow Jones News Srl.