{
  "docId": "019dd923-622c-750b-8b9c-63bc884c5856",
  "docSlug": "5cd25d5edacd",
  "documentTitle": "Telecom Italia SpA (TIM) (TIT.MI)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-04-05 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 22,
  "pageCount": 37,
  "prevPage": 21,
  "nextPage": 23,
  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses 'alpha' (α) to denote relative performance against the index.",
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  "slideHref": "/slides/019dd923-622c-750b-8b9c-63bc884c5856/22",
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  "components": [
    {
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      "kind": "callout",
      "text": "Market trusted Vivendi’s convergence plan initially, which supported the stock together with its own stakebuilding and value unlocking from INWIT separation, but investors soon lost faith, leading to sustained value destruction",
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    {
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        "w": 0.86,
        "x": 0.07,
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      "kind": "chart",
      "text": "Grouped bar chart showing TIM (Ord.), TIM Stub (Ord.), and SXKE Index performance across four time periods.",
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      "kind": "metric",
      "text": "Total Shareholder Return: -39.3%",
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      "componentId": "019dd953-0931-74b9-a32d-d0fd3c33f867",
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      "kind": "paragraph",
      "text": "Market trusted Vivendi’s convergence plan initially, which supported the stock together with its own stakebuilding and value unlocking from INWIT separation, but investors soon lost faith, leading to sustained value destruction",
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      "kind": "source-note",
      "text": "Source: Bloomberg as of 05-Mar-2018 (latest undisturbed pricing date). Note: Chart shows total shareholder return. TIM Stub calculated excluding 60% stake in INWIT and 67% stake in Tim Brasil. 1 Date of INWIT IPO. 2 Performance until 05-Mar-2018, last undisturbed day before Elliott interest in TIM was disclosed.",
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      "kind": "title",
      "text": "Failed to Deliver Returns to TIM Shareholders",
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      "beatName": "Agitate (Make it worse)",
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      "evidence": "Slides 10-22 agitate the issues with Vivendi's management, highlighting contradictions and poor stewardship.",
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      "name": "Cost Of Inaction",
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      "evidence": "Slides 10-22 highlight the cost of inaction and poor stewardship by Vivendi, including contradictions and erosion of relationship with institutions.",
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      "objective": "Highlight the cost of inaction and poor stewardship by Vivendi",
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