Tim, because Vivendi made a splash
How did the forcing of the French Vivendi on the top of Tim end? Facts, names, numbers, rumors and analyzes
The Tim stock today in Piazza Affari has come to lose up to 4% during the day.
The shares of the tlc group are targeted by sales in the aftermath of the board of directors which has registered – in fact – a stalemate on the main issues linked to the group's future.
With the de facto freezing of the top management structure of the company headed by the CEO Luigi Gubitosi: the frenzy of the strong shareholder with 27.5% , the French group Vivendi did not produce results despite the heralded will – leaked to the newspapers – to provoke a reversal at the top, as they explicitly wrote in recent days , and first, first the Fatto Quotidiano and then the Republic .
Evidently – argues an institutional source aware of the dossier – the French have made a hole in the water: they have the wrong times and ways to ask for an extraordinary board of directors which has resulted in a stalemate.
Yet the board had been convened by the president Salvatore Rossi at the request of the two directors of Vivendi, the ceo of the media company Arnaud de Puyfontaine, and Franck Cadoret, together with three other independent directors: "No motion was presented and there were no votes on governance ”, Il Sole 24 Ore wrote today. A flop, practically, Vivendi's move.
"If Vivendi has already revealed its intentions, Cdp will express itself with the new business plan that the CEO Dario Scannapieco will present in a few days," wrote Repubblica .
La Verità noted: “The presence of Gubitosi also guarantees a linear path in the national cloud project. The game of the state cloud financed by the PNRR is now closed ".
Tim, together with Cdp, Leonardo and Sogei, presented a proposal for a public-private partnership (the majority of which belongs to state-owned companies) for the creation of the National Strategic Pole (Psn). And in recent days Gubitosi, illustrating the results of the third quarter of the year, said he was "very confident" that the consortium could be selected for the management of the infrastructure for the cloud services of the Public Administration.
But what happened on Tim's board of directors yesterday?
The company only stated – in a press release – that "no negotiations are underway relating to the network or other strategic assets". But he did not want to clarify whether or not this excludes the willingness to give up control of the infrastructure in order to reach the "single network" with Open Fiber, as per rumors, taken up by international agencies, which had held the bench last week.
A direction of travel that would be a reversal of the perspective announced up to now and invoked by Tim's leaders, perhaps to fulfill the expectations of the new government on the basis of a Brussels approach.
"Why has Consob not asked for information on this?", Observes – and wonders – an analyst who follows the dossier.
From Tim's press release, no comment even on the "holding plan" – "possible group reorganization initiatives aimed at enhancing corporate assets and businesses", as stated in the press release issued after the previous board of 27 October – although the hypothesis is was mentioned with the analysts in the last conference call of the top management of the former Telecom Italia for the quarterly, with a sale of minority stakes in companies such as Noovle.
One of the group's growth engines are digital start-ups, said the number one of the tlc group, Gubitosi, on October 28: Noovle "is on track to reach 1 billion revenue target by 2024", Sparkle is growing double figure "and I expect it to reach 1 billion already in 2021" and Olvietti and Telsy are also growing in double figures, Gubitosi specified .
On the subject, in a broad sense, the board only made it known that it had "defined the path for the preparation and sharing of the 2022-2024 strategic plan to be approved at the board meeting next February".
What are the analysts saying? “We welcome the fact that a management reshuffle doesn't seem to be on the table, at least for now. While Tim's statement on the single network process as well as the reasons provided by the EU Antitrust for its unconditional approval of the agreement with Open Fiber seem to indicate that this dossier remains blocked and uncertain ”, said Intesa Sanpaolo, Mf reports .
According to UBS analysts about Tim "uncertainty prevails". As for future strategies, "it is not clear how the company intends to face the growing infrastructural competition of Open Fiber and on which negotiating force Tim can leverage in a scenario of potential tie-up between the network assets'" of the tlc with Open fiber. Finally, UBS points out: “Despite the two recent profit warnings (July and November 2021), we continue to see significant downside potential for the company's guidance and consensus”.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/tim-perche-vivendi-ha-fatto-splash/ on Fri, 12 Nov 2021 14:34:34 +0000.