{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9c-63bc884c5856", "slug": "5cd25d5edacd", "title": "Telecom Italia SpA (TIM) (TIT.MI)", "subtitle": "Elliott · 2018-04", "author": "Elliott", "date": "2018-04-05 00:00:00", "pageCount": 37, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.4444444, "targetCompany": "Telecom Italia SpA (TIM)", "targetTicker": "TIT.MI", "document": { "id": "019dd923-622c-750b-8b9c-63bc884c5856", "slug": "5cd25d5edacd", "title": "Telecom Italia SpA (TIM) (TIT.MI)", "rawTitle": "Elliott Telecom Italia First Presentation April 2018", "authorId": "02_Elliott_Management", "authorName": "Elliott", "authorDisplay": "Elliott", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2018-04-Elliott-Telecom-Italia-First-Presentation-April-2018.pdf", "sourceUrl": null, "sourceDate": "2018-04-01 00:00:00", "presentationDate": "2018-04-05 00:00:00", "ingestedAt": "2026-04-23 01:24:55+00", "status": "ready", "pageCount": 37, "orientation": "landscape", "aspectRatio": 1.4444444, "targetCompany": "Telecom Italia SpA (TIM)", "targetTicker": "TIT.MI", "metadata": { "local_root": "/tmp/legacy-images/5cd25d5edacd", "activist_firm": "Elliott Advisors (UK) Limited", "origin_corpus": "contrarian", "extraction_seconds": 168.16004610061646 } }, "coverage": { "pageCount": 37, "pagesIndexed": 37, "pagesWithImages": 37, "pagesWithMetadata": 37, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 211, "chartCount": 13, "metricSlides": 0, "toolMatches": 14, "documentToolMatches": 5, "frameworkMatches": 24, "arcMatches": 1, "beatMatches": 3, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "3c7b6e1a-a32a-4529-b153-a33091ab88e6", "evidence": "The presentation follows a clear problem-agitate-solution structure, highlighting the problems with Vivendi's management, agitating the issues, and proposing a solution.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:03:23.077341+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 9, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 4, "name": "Problem (Identify pain)", "beatId": "4425149a-d6e6-40b9-98e9-3ca56cf52061", "matchId": "3c7b6e1a-a32a-4529-b153-a33091ab88e6", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Slides 4-9 highlight the problems with TIM's current situation and Vivendi's management.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 22, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 10, "name": "Agitate (Make it worse)", "beatId": "a2a6fe39-d546-445f-90ef-4597260d1bc9", "matchId": "3c7b6e1a-a32a-4529-b153-a33091ab88e6", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Slides 10-22 agitate the issues with Vivendi's management, highlighting contradictions and poor stewardship.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 37, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 23, "name": "Solution (Provide relief)", "beatId": "119fa933-d0ed-4f45-95a3-b6a63d6ed9ee", "matchId": "3c7b6e1a-a32a-4529-b153-a33091ab88e6", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "Slides 23-37 propose Elliott's plan for a stronger company, including a new board, separation of NetCo, and unlocking hidden value.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 33, "from": 28, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null, "categoryName": "Narrative", "categorySlug": "narrative" }, "matchId": "418dcf63-2359-40d9-8ffc-b0a833241249", "evidence": "Slides 28-33 reveal the potential value creation through Elliott's plan, including shares conversion simulations and valuation tables.", "position": 0, "objective": "Reveal the potential value creation through Elliott's plan", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:03:23.211925+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 22, "from": 10, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "55ae4ad7-278a-482c-bcc9-21dba4433676", "evidence": "Slides 10-22 highlight the cost of inaction and poor stewardship by Vivendi, including contradictions and erosion of relationship with institutions.", "position": 1, "objective": "Highlight the cost of inaction and poor stewardship by Vivendi", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:03:23.246018+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Before/after framing", "slug": "before-after-framing", "status": "active", "bestFor": "For turnaround / reform proposals", "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67", "version": 1, "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488", "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. 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The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "b6c5518a-6549-44d4-94fe-01a25ba8b8d8", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. 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An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "964734cb-7c99-4178-856b-edfc642a154c", "evidence": "This slide is titled 'Why We Are Here' and has an executive summary type.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:17:23.840805+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, 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"whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "381b402d-1359-47c6-bb47-082ccd06ddf7", "evidence": "The inclusion of a voting table provides data to support the claims of contradicting shareholder interests.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:17:18.409506+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": 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Elliott does not disclose its own TIM stake anywhere in the deck (press reports around this period put it at ~8.8%, but the document itself is silent — stake_disclosed_pct left null as instructed). Rhetorical highlights: (1) waterfall peer-gap chart on p5 showing the 62.6% stub underperformance; (2) the Bolloré-Vivendi-TIM cash-flow diagram on p15 illustrating the 6x/12x profit-shifting math; (3) p21 weaponises Vincent Bolloré's own FT quote ('We don't manage Telecom Italia and we will never manage it') against Vivendi; (4) p25 Elliott-vs-Vivendi check/cross scorecard as before/after framing; (5) p28 value-creation bridge €0.8 -> €1.6; (6) p33 SOTP reveal of €7bn hidden value. Clean SCQA structure with section title pages (01/02/03) and disciplined Elliott house-style layout (navy/red accents, ample white space).", "kpisCited": [ { "detail": "-62.6% vs. FTSE-Mib +10.2% and SXKE -12.6% through 5-Mar-2018", "metric": "TIM Stub total return since Dec-2015 (Vivendi board entry)" }, { "detail": "Widened ~3x from (6)% in mid-2015 to (22)% by Feb-2018", "metric": "Stub NTM EV/EBITDA discount vs. European incumbent peers" }, { "detail": "From (10.4)% in 1Q15 to +3.7% in 4Q17; +7.5% peak in 4Q16", "metric": "TIM Domestic organic EBITDA growth" }, { "detail": "From 19% in 1Q14 to 77% in 4Q17; Business Plan target >80% by 2020", "metric": "Italian fibre coverage" }, { "detail": "$1 profit at Vivendi worth ~6x more to Bolloré than $1 profit at TIM; 12x once multiples are included", "metric": "Bolloré profit-extraction leverage" }, { "detail": "€4.5bn per TIM Business Plan, up €2.9bn vs. 2015-17", "metric": "Equity Free Cash Flow cumulative 2018-20" }, { "detail": "€15-25bn across regulated NetCo, RAB and market-multiple methods; prior CEO Cattaneo indicated €20-25bn in Jun-2017", "metric": "NetCo valuation range" }, { "detail": "Up to €7bn, or 41% of market cap, or €0.32 per share", "metric": "Hidden value from separation and rerating" }, { "detail": "€25 million after only 16 months in service", "metric": "CEO severance for Flavio Cattaneo" }, { "detail": "€91 million in 2017, to Bolloré-owned Havas", "metric": "Havas advertising mandate awarded by TIM in Jan-2017" }, { "detail": "Net Debt / EBITDA of 1.9x", "metric": "Pro-forma leverage post-deconsolidation of NetCo and Sparkle" }, { "detail": "€1.2bn at 6.4% yield, with 1.4x FCF coverage", "metric": "Implied ServiceCo dividend capacity in 2019" } ], "closingAsk": "Vote at the 24 April 2018 AGM to elect a highly qualified and independent Board of Directors — not to hand control to Elliott, but to liberate TIM from Vivendi's reign of value destruction while retaining CEO Amos Genish.", "extraction": { "at": "2026-04-23 01:24:55+00", "model": "unknown-legacy", "runId": null, "seconds": 168.16005, "promptVersion": null }, "scqaReward": "Full execution lifts the share price from €0.8 to €1.6 (roughly 100% upside): €0.1 from conversion, €0.3 from NetCo/Sparkle separation (~€7bn or 41% of market cap), €0.4 from deleverage and dividend reintroduction.", "thesisTypes": [ "governance_board", "breakup_spinoff", "capital_return", "undervaluation", "multiple_rerating" ], "top3Reasons": [ "Vivendi controls TIM with just 24% voting stake, running it as a subsidiary while minorities suffer", "TIM stub has underperformed peers by 62.6% since Vivendi joined the board in Dec-2015", "Independent board plus NetCo separation could roughly double share price from €0.8 to €1.6" ], "scqaSituation": "TIM is Italy's incumbent telco, running a best-in-Europe copper last-mile, rapidly expanding fibre (77% coverage) and guided to €4.5bn of equity free cash flow over 2018-20 as capex peaks and EBITDA inflects back to growth.", "thesisSummary": "Telecom Italia reversed years of decline in 2016, with organic EBITDA back to positive growth, fibre coverage leaping from 19% to 77% of the population, and Business Plan equity free cash flow guided to €4.5bn over 2018-20. Despite this, the TIM stub has underperformed peers by 62.6% since Vivendi nominees joined the board in December 2015, with the EV/EBITDA discount widening roughly three-fold to 22%. Elliott argues Vivendi, controlled by Groupe Bolloré with only 24% of TIM voting rights, extracts disproportionate value via related-party deals (Havas €91m mandate, Canal Plus JV, rumoured €600m Mediaset content deal) while Bolloré earns six times more per dollar of profit at Vivendi than at TIM. The fix is electing six independent directors at the 24 April 2018 AGM, then separating NetCo and Sparkle, converting savings shares and reinstating a dividend — a path Elliott values at €1.6 per share, roughly 100% upside.", "primaryDemands": [ "Replace 6 Vivendi-nominated directors with 6 independent directors at the April 24th AGM", "Legal separation / deconsolidation of NetCo (access network) to unlock hidden value", "Stake sale in Sparkle to a strategic partner", "Further monetisation of INWIT towers stake", "Convert savings shares into ordinary shares to simplify capital structure", "Reinitiate a stable dividend to ordinary shareholders", "Retain support for current CEO Amos Genish and his March 2018 Business Plan" ], "scqaResolution": "Shareholders should vote at the 24 April 2018 AGM to replace six Vivendi-nominated directors with six independent candidates, then separate NetCo and Sparkle, convert savings shares into ordinaries, deleverage and reinstate a dividend.", 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Grid", "Red Electrica", "Enagas", "Chorus (NZ)", "O2 Czech", "TDC", "Enel / Open Fiber", "Mediaset", "Canal Plus", "Havas", "Vivendi" ], "valuationFrameworks": [ "sum_of_parts", "multiple_comparison", "precedent_transactions", "asset_value" ], "visualCraftInterest": 4 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "Features the Elliott Management logo at the bottom.", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/wvVtZ-NyzpMSuFK3RZGIkNlOuSt_3uuCdhDDl0Tgdbw/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy81Y2QyNWQ1ZWRhY2QvcDAwMS5wbmc", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", 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This document and the information contained within it (together referred to as \"this document\") is an information resource for shareholders in Telecom Italia SpA (\"TIM\"). No information in this document is intended to promote, and should not be construed as promoting, any funds advised directly or indirectly by EAUK nor does it constitute a financial promotion, investment advice or an inducement or an incitement to participate in any product, offering or investment and should not be construed as such. The views expressed in this document represent the opinions, interpretations and estimates of EAUK and are based on publicly available information. Certain financial information, data and statements included herein have been derived or obtained from public filings, including filings made with CONSOB or other regulatory body, and other sources. No agreement, commitment or understanding exists or shall be deemed to exist between or among EAUK and any third party by virtue of furnishing this document. EAUK has not sought or obtained consent from any third party to use any statements or information which are described as having been obtained or derived from statements made or published by third parties and this document is not a complete summary of such statements or information. Any such statements or information should not be viewed as indicating the support of such third party for the views expressed in this document. All amounts, market value information and estimates included in this material have been obtained from outside sources that EAUK believes to be reliable or represent the best judgment of EAUK as of the date such material was first published or as otherwise indicated. Such information may change after the date such material was first published. Any information in relation to the past performance of TIM cannot be relied upon as a guide to future performance. This document is not intended to be and is not an investment recommendation as defined by Regulation (EU) No 596/2014. No information in this document should be construed as recommending or suggesting an investment strategy or as representing any opinion as to the present or future value of any financial instrument. The information on this document is not an offer to sell or a solicitation of an offer to buy any security, nor shall Elliott offer, sell or buy any security to or from any person through this document. EAUK expressly disclaims and will not be responsible or have any liability for any losses, whether direct, indirect or consequential, including loss of profits, damages, costs, claims or expenses, relating to or arising from your reliance upon any part of this document or for any misinformation contained in any public filing, any third party report or this document. Before determining any course of action, you should consult with your independent advisors to review and consider any associated risks and consequences. This document has been prepared without regard to the specific investment objectives, financial situation, suitability and needs of any particular recipient. EAUK does not render any opinion regarding legal, accounting, regulatory or tax matters. Funds advised by EAUK (the \"Elliott Funds\") have a direct or indirect interest in TIM. EAUK is expressing the opinions, interpretations and estimates set out in this document solely in its capacity as an investment advisor to the Elliott Funds. As a result of its arrangements with the Elliott Funds, EAUK has a financial interest in the profitability of the Elliott Funds' positions in TIM. Accordingly, this document should not be viewed as impartial (and has not been prepared in accordance with legal requirements to promote the independence of investment research) and EAUK may have conflicts of interest. EAUK, its affiliates, officers and employees make no representations or warranties, express or implied, regarding the accuracy, reliability, completeness, suitability or other characteristics of the information contained in this document. Depending on overall market conditions, other investment opportunities available to the Elliott Funds, and the availability of securities of TIM at prices that would make the purchase or sale of such securities desirable, the Elliott Funds may endeavour (i) to increase or decrease their respective positions in TIM through, among other things, the purchase or sale of securities of TIM on the open market or in private transactions, on such terms and at such times as the Elliott Funds may deem advisable, and/or (ii) to enter into transactions that increase or hedge their economic exposure to securities of TIM without affecting their beneficial ownership of shares of such securities. TIM has not approved nor has any responsibility for this document. EAUK does not intend to update this document on a regular basis, but may from time to time amend it to reflect additional information as it becomes available.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:19.087+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a7a4f44-5b04-4957-8393-ad3999ecaf9a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.35, "x": 0.075, "y": 0.025 }, "kind": "title", "text": "Important information", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:19.087+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0426043-08f3-4117-ad15-b0a945da8ebd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 3, "type": "setup", "function": "front_matter", "rawType": "table_of_contents", "block": null, "metadata": { "slideType": "table_of_contents", "slideTypeCanon": { "name": "Table of contents", "slug": "table_of_contents", "status": "active", "canonId": "019de52d-0643-721b-9b85-69676bb85cf8", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 9, "componentCount": 3, "textChars": 216, "nDataPoints": 0, "notes": null, "elementsJson": [ "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:56:11.42+00", "seconds": 1.919, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-63bc884c5856/3", "deck": "/decks/019dd923-622c-750b-8b9c-63bc884c5856", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-63bc884c5856#slide-3", "deckJson": "/decks/019dd923-622c-750b-8b9c-63bc884c5856.json" }, "components": [ { "bbox": { "h": 0.2, "w": 0.4, "x": 0.08, "y": 0.22 }, "kind": "list", "text": "Executive Summary\n- Why We Are Here\n- Vivendi is Not Working for TIM\n- What We Have Done So Far\n- What We Propose", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:11.42+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac045b8b-1396-42e2-b231-800034e4e9c6", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.4, "x": 0.08, "y": 0.48 }, "kind": "list", "text": "1. 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