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  "documentTitle": "Telecom Italia SpA (TIM) (TIT.MI)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2018-04-05 00:00:00",
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  "nDataPoints": 16,
  "notes": "The slide uses a 'bridge' or 'delta' visualization to show the incremental improvement in financial metrics.",
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      "kind": "callout",
      "text": "According to consensus¹ TIM’s capex reached its peak in 2017, indicating lower capex and stronger cash generation hereafter",
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      "kind": "chart",
      "text": "Financial bridge charts showing delta between 2015-17 and 2018-20 for EBITDA, Capex, Cash Generation, and Equity Free Cash Flow.",
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      "text": "Analysts expect €1.1bn more Adj. EBITDA... €3.1bn less capex... €4.2bn more cash generation... €3bn more Equity Free Cash Flow.",
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      "kind": "source-note",
      "text": "Source: Company's filings, TIM 2018-20 Business Plan, Bloomberg as of 05-Apr-2018. Note: all data in €bn. ¹ EBITDA and capex consensus from Bloomberg.",
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      "text": "According to consensus¹ TIM's capex reached its peak in 2017, indicating lower capex and stronger cash flow generation hereafter",
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      "text": "Investment Has Peaked",
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