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Telecom Italia: annual results in line with expectations

( - On Tuesday evening Telecom Italia unveiled annual results that are in line with market expectations, a performance which boost the stock price by almost 6% in Milan this morning.

2019 Ebitda published by the Italian incumbent operator increased by 1.2% to 7.5 billion euros, largely thanks to cost reductions by the group.

TIM reported revenues of 18 billion euros, down 4.9% in organic terms.

From this publication, this morning Oddo BHF analysts note a recovery in mobile telephony, but also a stall in landlines.

In the latter, figures are much lower than in previous quarters, reflecting a more aggressive shift in pricing after several price increases that were stopped in the fourth quarter, analysts said.

Another key takeaway is that last night TIM's board of directors approved the launch of a new strategic plan for 2022, which now aims to bring the group's debt below the threshold of 20 billion euros.

In comparison, TIM's debt amounted to almost 23.8 billion euros at the end of 2019.

The share is currently up around 6% on the Milan Stock Exchange, after falling by over 25% over the past four days.

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