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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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  "pageNumber": 13,
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  "density": "balanced",
  "nDataPoints": 15,
  "notes": "Uses a combination of a bar chart for valuation discount and a bar chart for EBITDA growth to highlight a divergence between market perception and operational performance.",
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      "kind": "callout",
      "text": "Stub NTM EV/EBITDA Discount vs. Peers¹ Increased over 3 times since Vivendi nominees joined TIM Board...",
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      "text": "Stub NTM EV/EBITDA Discount vs. Peers",
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      "text": "EV/EBITDA discount: +3x",
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      "text": "Discount vs. Peers¹ has increased significantly since Vivendi nominees joined TIM’s board at the December 2015 AGM",
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      "kind": "source-note",
      "text": "Source: Bloomberg as of 05-Mar-2018. Note: TIM Stub calculated excluding 60% stake in INWIT and 67% stake in Tim Brasil.",
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      "kind": "title",
      "text": "But Market Has Lost Faith",
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