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  "documentTitle": "Telecom Italia SpA (TIM) (TIT.MI)",
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  "presentationDate": "2018-04-05 00:00:00",
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  "notes": "The slide uses a waterfall bridge to reconcile Equity Value to Enterprise Value and then subtracts specific assets to arrive at the Stub value.",
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      "text": "European Incumbents EV/EBITDA median is 6.0x, a premium of 20% to TIM Stub",
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      "text": "EV/EBITDA multiple: 6.0x",
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      "text": "Source: Bloomberg as of 05-Apr-2018. Note: Multiples calculated on 2018 EBITDA as estimated by Bloomberg. 2018 Net Debt estimated by Bloomberg. ¹ Minorities include 40% of INWIT and 33% of TIM Brasil at current market prices. Associates of €17m.",
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