{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9c-6ca5cdf749cf", "slug": "1d2c5c03ff59", "title": "Telecom Italia SpA (TIM) (TIT.MI)", "subtitle": "Elliott · 2019-03", "author": "Elliott", "date": "2019-03-01 00:00:00", "pageCount": 40, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.4444444, "targetCompany": "Telecom Italia SpA (TIM)", "targetTicker": "TIT.MI", "document": { "id": "019dd923-622c-750b-8b9c-6ca5cdf749cf", "slug": "1d2c5c03ff59", "title": "Telecom Italia SpA (TIM) (TIT.MI)", "rawTitle": "Elliott Telecom Italia Third Presentation March 2019", "authorId": "02_Elliott_Management", "authorName": "Elliott", "authorDisplay": "Elliott", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2019-03-Elliott-Telecom-Italia-Third-Presentation-March-2019.pdf", "sourceUrl": null, "sourceDate": "2019-03-15 00:00:00", "presentationDate": "2019-03-01 00:00:00", "ingestedAt": "2026-04-23 01:27:53+00", "status": "ready", "pageCount": 40, "orientation": "landscape", "aspectRatio": 1.4444444, "targetCompany": "Telecom Italia SpA (TIM)", "targetTicker": "TIT.MI", "metadata": { "local_root": "/tmp/legacy-images/1d2c5c03ff59", "activist_firm": "Elliott Management", "origin_corpus": "contrarian", "extraction_seconds": 177.50262713432312 } }, "coverage": { "pageCount": 40, "pagesIndexed": 40, "pagesWithImages": 40, "pagesWithMetadata": 40, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 263, "chartCount": 11, "metricSlides": 0, "toolMatches": 13, "documentToolMatches": 4, "frameworkMatches": 31, "arcMatches": 1, "beatMatches": 3, "loopMatches": 0, "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": "fd60064e-c300-470c-882a-1083ae26a8a4", "evidence": "The document follows a clear problem-agitate-solution structure, highlighting the problem with Vivendi's nominees, agitating the issue, and providing a solution", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:03:32.272821+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": 5, "name": "Problem", "beatId": "e2551cda-21ee-449e-9d3e-444b6b7c8e4b", "matchId": "fd60064e-c300-470c-882a-1083ae26a8a4", "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": "The document identifies the problem with Vivendi's nominees and the impact on TIM shareholders", "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. 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Unusual posture: activist_defense — Elliott is the incumbent defender protecting the independent board it installed, framing Vivendi/Bolloré as the destructive contrarian trying to claw back control. Three-act SCQA structure ('A Clear Choice' / 'Not Aligned' / 'Unsupportable') on black editorial section dividers with consistent purple-accent palette. Memorable craft moments: the 6x $-per-profit bar (p.16), the annotated Vivendi-control share-price chart (p.9), the 'Friends & Family' board-interlock grid (p.28). Heavy third-party quote stacks (ISS, Glass Lewis, Banca IMI, Credit Suisse, BAML, MSCI ESG, FT, Bloomberg, WSJ, NYT, Reuters) used as credibility scaffolding. Governance-driven thesis, not valuation-driven — no SOP/DCF; only peer-indexed share-price chart functions as 'valuation'. No named human signatory — document is attributed to Elliott Advisors (UK) Limited. Exact cover date within March 2019 not specified; presentation_date approximated as 2019-03-01 from filename. Companion campaign site: www.Time-for-TIM.com.", "kpisCited": [ { "detail": "81% backed Elliott's independent slate vs. 19% for Vivendi", "metric": "Unaffiliated shareholder vote share (May 2018 AGM)" }, { "detail": "-54% from Vivendi takeover through Genish removal", "metric": "TIM share price under Vivendi Board / Genish CEO" }, { "detail": "$0.27 at Vivendi vs. $0.05 at TIM (~6x; ~16x once P/E is included)", "metric": "Bolloré economic value per $1 of profit" }, { "detail": "€1.1bn missed deleverage, ~10% of TIM market cap since 2015", "metric": "Value lost from Vivendi blocking saving-share conversion" }, { "detail": "€166m per year in saver dividends", "metric": "Annual cash leakage from unconverted saving shares" }, { "detail": "Vivo -8.0% vs. IBOVESPA; TIM -24.1% vs. SXKE Index", "metric": "Genish underperformance as telco incumbent CEO" }, { "detail": "~29% voting rights via double voting despite ~20% economic stake", "metric": "Bolloré voting control of Vivendi" }, { "detail": "~18% economic / ~24% voting — blocking minority", "metric": "Vivendi economic vs. voting stake in TIM" }, { "detail": "€91m in 2017 to Vivendi-controlled affiliate", "metric": "Havas advertising contract awarded under Vivendi control" }, { "detail": "TIM moved to best decile after 2018 AGM; Vivendi has been in worst decile since Bolloré chairmanship", "metric": "ISS Governance QualityScore trend" } ], "closingAsk": "Vote against Vivendi's nominees at the March 29 AGM and let the independent board implement its strategy.", "extraction": { "at": "2026-04-23 01:27:53+00", "model": "unknown-legacy", "runId": null, "seconds": 177.50262, "promptVersion": null }, "scqaReward": "Shareholders keep the independent governance that has already delivered in 100 days — a Vodafone tower JV, possible NetCo separation, and the basis for TIM to become, in Gubitosi's words, a 'normal company.'", "thesisTypes": [ "governance_board", "activist_defense", "management_change" ], "top3Reasons": [ "Vivendi's control of TIM coincided with a 54% share-price drop vs. rising peers", "$1 of profit is worth ~6x more to Bolloré at Vivendi than at TIM — incentives misaligned", "Bolloré's record at Vivendi, Havas, Bouygues shows family boards and minority erosion" ], "scqaSituation": "Telecom Italia is Italy's largest telecom and a strategic national asset; for years Vivendi, controlled by Vincent Bolloré, was its de facto controlling shareholder with a 24% voting stake and a hand-picked board and CEO.", "thesisSummary": "After losing the May 2018 shareholder vote, Vivendi is attempting to retake Telecom Italia's board at the March 29, 2019 AGM — a bid Elliott urges shareholders to reject. Elliott argues that Vincent Bolloré's control of Vivendi is structurally misaligned with TIM minorities: $1 of profit at Vivendi is worth ~6x more to Bolloré than $1 at TIM, Vivendi blocked a €1.1bn saving-share conversion to protect its voting stake, and Genish — Vivendi's hand-picked CEO — underperformed and leaked information to Vivendi before being replaced by the independent board. Bolloré's broader empire (Bolloré SA, Vivendi, Havas, Mediobanca) shows a consistent pattern of family boards, opaque compensation, and minority-shareholder erosion. The new independent board and new CEO Luigi Gubitosi are already delivering — a Vodafone tower-sharing JV, potential NetCo separation — and deserve stability, not another proxy war.", "primaryDemands": [ "Reject Vivendi's slate of director nominees at the March 29, 2019 AGM", "Preserve the independent Board installed at the May 2018 AGM", "Give new CEO Luigi Gubitosi stability to execute the February 2019 strategic plan", "Allow unconflicted exploration of NetCo separation and Italian telecom consolidation", "Convert TIM saving shares to unlock ~€1.1bn of value for ordinary shareholders" ], "scqaResolution": "Reject the Vivendi slate at the March 29, 2019 AGM, preserve the independent board elected ten months earlier, and give new CEO Luigi Gubitosi the stability to execute the announced strategy.", "thesisOneLiner": "Vivendi destroyed value at TIM during its control; shareholders must reject Bolloré's nominees at the March 29 AGM and keep the independent board.", "precedentsCited": [ "Bolloré's control playbook at Bouygues, Aegis, and Havas", "Vivendi 2015 Florange Act double-voting entrenchment", "May 2018 TIM AGM: 81% of unaffiliated holders backed Elliott's slate" ], "scqaComplication": "Under Vivendi, TIM's share price fell 54% while peers rose; Bolloré earns roughly 6x more from a dollar of Vivendi profit than TIM profit, driving systematic conflicts, related-party deals, and opposition to value-creating reforms.", "narrativeInterest": 5, "notableSlidePages": [ 1, 5, 9, 16, 28, 39 ], "peerCompaniesCited": [ "Vivendi", "Bolloré SA", "Havas", "Canal+", "Universal Music Group", "Mediaset", "Mediobanca", "Generali", "Bouygues", "Aegis", "GVT", "Vivo", "Maroc Telecom", "SFR", "Telefonica", "Blue Solutions", "Moncey Financier", "Socfin", "Odet", "Compagnie du Cambodge", "Fnac Darty", "Ubisoft", "Vodafone" ], "valuationFrameworks": [ "multiple_comparison" ], "visualCraftInterest": 4 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/c5q3GYVFocZ3VoX4MMMw6U9XfDlTpDnC4GPrmqT7Pec/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8xZDJjNWMwM2ZmNTkvcDAwMS5wbmc", "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", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 15, "componentCount": 4, "textChars": 313, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:55:58.327+00", "seconds": 2.186, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-6ca5cdf749cf/1", "deck": "/decks/019dd923-622c-750b-8b9c-6ca5cdf749cf", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-6ca5cdf749cf#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b9c-6ca5cdf749cf.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.4, "x": 0.2, "y": 0.65 }, "kind": "callout", "text": "Vivendi's nominees are unsupportable.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:55:58.327+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0afe0511-6867-42a6-bd99-7c9436eaea26", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.55, "x": 0.2, "y": 0.45 }, "kind": "paragraph", "text": "After presiding over years of poor governance and value destruction at Telecom Italia, Vivendi is seeking to retake control of the Company. 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Vincent Bollore's strategy has recently faced higher obstacles due to government interests or other large shareholder blocks which opposed Vivendi's moves (e.g. Telecom Italia). Governance risks faced by minority investors at each of these companies will be centered on the alignment of interests with Vincent Bollore. With Vincent Bollore typically seeking board representation by accruing a sizable stake, but one which does not trigger a requirement for a mandatory bid, a bid premium may not be forthcoming. Vincent Bollore effectively controls Vivendi despite holding only 20% of the shares. This influence comes courtesy of a double voting rights provision and the placement of key Bollore allies in senior leadership roles at Vivendi. His interests may dominate board decisions, all the more so that the audit and pay committees lack full independence. This is particularly concerning in light of the apparent poor track record of Vivendi with regards to ethical behaviour; which include allegations of corruption, editorial interference, related party transactions involving other entities of the empire and executive misconduct. This may indicate that the board's functions to effectively oversee and control management decisions in the interests of the investors' base are indeed hindered. — MSCI ESG Research LLC, June 21, 2018", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:52:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee3b-7248-a18b-cc0e1ded77b9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.1, "y": 0.85 }, "kind": "source-note", "text": "MSCI ESG Research LLC, June 21, 2018", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Shareholders can come along for the ride, but they must accept the risk that the chairman -- and largest holder with a 14 percent stake -- puts his interests before theirs.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:05.084+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bfdd0476-a269-4418-a030-5eb7ba2c2f9c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"It's my legacy. 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We engaged consultants that created a program to do the calculations necessary. The main issue with understanding BOL's structure is that it has circles within circles within circles.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:04.784+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9932e7b7-ce8d-49de-ab35-8a75cabfc184", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.3, "x": 0.05, "y": 0.58 }, "kind": "quote", "text": "Counseled by who would become his mentor, Antoine Bernheim, Bollore created a series of holding companies. And invested in a plethora of industrial activities. \"It is absurd in the context of economic efficiency, but intelligent in the context of dynastic continuity,\" explains Bolloré.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:04.784+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce659d76-2998-47c7-b633-850b801ffead", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.3, "x": 0.05, "y": 0.48 }, "kind": "quote", "text": "Analysts call Bolloré SA one of the most complicated business structures they've seen, designed to protect family control. Children of Vincent Bolloré run key businesses.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:56:04.784+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e3626e3b-27dc-4b61-8213-89a6982c8f54", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"BOL has likely been misunderstood because the complexity of its structure makes it infeasible to use Excel to estimate the percentage of circular ownership. We engaged consultants that created a program to do the calculations necessary. The main issue with understanding BOL's structure is that it has circles within circles within circles.\" — Muddy Waters, February 17, 2015; \"Analysts call Bolloré SA one of the most complicated business structures they've seen, designed to protect family control. Children of Vincent Bolloré run key businesses.\" — Barron's, January 13, 2018; \"Counselled by who would become his mentor, Antoine Bernheim, Bollore created a series of holding companies. And invested in a plethora of industrial activities. 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