Scannapieco effect on Tim and Open Fiber? Intesa Sanpaolo Report
Facts, analyzes and scenarios on the Tim-Open unitary network project after the reversal at the top of Cdp which will now be led by Scannapieco
What will happen to the Tim-Open Fiber unitary network dossier supported by the previous government and followed by the past summit of Cassa Depositi e Prestiti, shareholder of both Tim and Open Fiber?
This is what insiders and analysts are asking themselves after the turnaround at the top of the CDPs: the Draghi government torpedoed the CEO Fabrizio Palermo and appointed Dario Scannapieco.
WHAT HAPPENS ON THE STOCK EXCHANGE
The revision of the many dossiers in the hands of CDP, with the single broadband network in mind, could also involve Tim, who is the standard-bearer of that project, writes Radiocor this morning: the title of the group chaired by Salvatore Rossi today loses its share to Piazza Affari, with a decline of 1% and shares traded at € 0.4375 each. Telecom Italia shares closed the day with minus 1%.
COLAO'S IDEAS ON THE NET
A novelty – that in the CDP – which is grafted on to the latest journalistic scenarios according to which the government, especially for the approach of the Minister of Innovation, Vittorio Colao, is not on the line drawn by the past government in the matter of a single network.
WHAT SOLE 24 ORE AND CORRIERE DELLA SERA WRITE
"The big hot dossier is the optical fiber: within a couple of weeks the formalization of the purchase of 10% of Open Fiber put up for sale by Enel is expected, wrote the Corriere della Sera :" The CDP will pass to 60% (the 40% is owned by Macquarie) to accelerate high-speed cabling, even if the plans for the single network – Cdp has a 10% stake in Tim – are no longer so certain ”. And Il Sole 24 Ore recalled how the Bei (from which Scannapieco, the new CEO of the Cassa comes) was one of the financiers of Open Fiber, a company that the new number one of Cdp knows well, commented the Confindustria newspaper.
THE EQUITA REPORT ON TIM
"The press in general – the Equita analysts underline – sees a less convinced position on the unified network project than that promoted by CDP under the Palermo leadership" while "Tim remains more confident about the possibility of reopening discussions quickly", as soon as it is completed the signing of the sale of the Enel stake to Cdp and the Australian fund Macquarie. Waiting for concrete ideas, concludes the broker, "we certainly detect a government position much less in favor of the project and, therefore, a lower probability of execution than the situation at the beginning of the year".
THE ISSUE OF INTEGRATION
"Considering the strong political consensus on the need to proceed with an integration between Open Fiber and FiberCop, but also the differences between political parties on corporate structures and vertical integration, we expect the AccessCo project to be taken up by Cdp and appropriately reviewed with Macquarie and the FiberCop shareholders: Tim, Kkr, Fastweb, but with the risk of longer times than those initially envisaged ”, commented an analyst with Mf / Milano Finanza.
THE INTESA SANPAOLO REPORT
For Intesa Sanpaolo – Mf reports – the discontinuity of the CEO of Cdp represents "negative news for Tim as Palermo was one of the main promoters, together with the former Prime Minister, Giuseppe Conte, and the former Minister of the Economy and of Finance, Gualtieri, of the single network process that culminated in the memorandum of understanding signed between Tim and Cdp last summer which provides for a single network company majority owned by Tim and with a governance led by the Cassa ”.
THE SCENERY
In the immediate future, the most easily pursued solution to accelerate coverage by reducing overbuild, and hopefully to maximize commercial takeup, would be – according to many observers – that of an open FiberCop and Open fiber co-investment agreement, which also brings together other technological solutions complementary to FTTH, such as FTTC and FWA, without precluding the chances of a corporate combination at a later stage.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/effetto-scannapieco-su-tim-e-open-fiber-report-intesa-sanpaolo/ on Thu, 27 May 2021 13:11:04 +0000.