Saturday, May 4, 2024

Vogon Today

Selected News from the Galaxy

StartMag

Crowd among dragons, Fico not very cool, the real aims of Vivendi on the Tim network

2 years ago babelfish

Crowd among dragons, Fico not very cool, the real aims of Vivendi on the Tim network

Di Maio, Fico, Draghi, Putin, sanctions, Vivendi, Tim, the network and more. Bits of press review in the tweets of Michele Arnese, director of Startmag

THE EXODUS ACCOUNTS

FICO LITTLE COOL INSTITUTIONALLY SPEAKING

CROWDS OF DRAGON PARTIES

DO ANTI PUTIN SANCTIONS WORK?

BRICS PRO PUTIN?

RUSSIA NO LONGER RUN

NON-RUSSIAN BONOMI

THE POINT OF LIMES

BORN DOSSIER

ITALY IN MANEUVER

HOW DOES THE CASH GO?

EXTRA COSTS

THE REASON FOR THE SHOTS OF VIVENDI ON THE TIM NETWORK

+++

EXTRACT FROM AN ARTICLE OF TRUTH & AFFAIRS ON TIM, NETWORK AND VIVENDI:

If you evaluate the network alone as over 30 billion, it implicitly means that the rest of Tim is zero or subzero. As if the commercial services part, the holdings from Brazil to Inwit, the business services part with null accounts. Yes, because all these analysts who have practiced Tim's intrinsic value in recent months, after Kkr's phantom offer, have come to a shared conclusion.

All of Tim's assets (including the network) are worth between 27 and 30 billion euros. Removed the net financial debt of 17 billion, the whole company would be worth between 10 and 13 billion euros as equity. A little more, in the most prudent hypotheses of the value of 0.505 euros per share that Kkr had proposed months ago, valuing the company's equity for 11.9 billion euros.

As you can see, more than something does not add up to the accounts that Vivendi's men have made on the sale of the network alone.

Suffice it to say that Tim's valuable asset which is FiberCop, the fiber network that should flow into the future merger with Open Fiber, was valued at 7.7 billion, of which 3 in debt at the time of the acquisition of 37.5% of the capital by Kkr. And FiberCop is the asset with the most explosive profitability with Mol at 70% of revenues.

But behind what appears to be almost a provocation on Vivendi's part there are reasons much more economic than humoral. Since Vivendi's assault in the summer of 2015, Telecom has experienced a season to forget on the stock market. Today the stock has dropped to its lowest ever at 25 cents for a capitalization of only 5.3 billion. Vivendi entered the capital 7 years ago first with 21 and then rose to the current 23.75%. The book value for the French is 1.07 euros for an initial balance sheet value of over 3.8 billion. Share gradually devalued over time, with the latest adjustment for over 700 million at the end of 2021. Despite repeated adjustments, Vivendi currently values ​​the ordinary shares it owns at 65.7 cents. And it keeps more than 3.6 billion ordinary shares in the balance sheet for a value of 2.39 billion. But at current prices, the true market value is only 910 million. There is a latent gap (and Bollorè and de Puyfontaine know it well) of 1.5 billion vis-à-vis Vivendi if Telecom does not regain ground on the stock market.

+++

EXTRACT FROM AN ARTICLE FROM THE SUN 24 HOURS ABOUT THE BRICS:

China's revolving door economic diplomacy is working great. Left out of the Asian Infrastructure Bank (AIIB) – a bank led by Beijing that froze Russian projects and canceled the annual summit scheduled in Moscow – President Vladimir Putin returns to Xi Jinping's magic circle from the window of agreement with five BRICS (Brazil, Russia, India, China plus South Africa), thanks to the new funds allocated to the financial arm of the alliance between the 5 countries active since 2016, the New Development Bank (NDB).

The bank of the Brics has just been refinanced with 30 billion dollars for the five-year period 2022-2026 on the occasion of the renewal of the board. This has brought to 60 billion dollars the amount allocated to date by the bank for infrastructure projects. Funds from which Vladimir Putin's Russia will also benefit, which in this context is totally protected from any international sanction. India is also on board, which has so far moved blatantly in the orbit of the Quad, the four-way grouping with Australia, Japan and the United States and whose leaders have just met in Tokyo. South Africa is also on the rise, in the company of the new arrivals Bangladesh, Egypt, the United Arab Emirates and Uruguay who joined the NDB last year, in full pandemic.

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/ressa-fra-draghiani-fico-poco-figo-le-vere-mire-di-vivendi-sulla-rete-tim/ on Fri, 24 Jun 2022 08:27:50 +0000.