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  "docSlug": "5cd25d5edacd",
  "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": 33,
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  "notes": "The slide uses a 'Status-quo' to 'Separation' to 'Rerating' bridge to justify the €7bn value creation claim.",
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      "kind": "callout",
      "text": "After separation, we expect standalone ServiceCo to trade in-line with current Stub EV/EBITDA. This would create €7bn of value, or €0.32 per share.",
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      "kind": "callout",
      "text": "Current lack of disclosure means the market cannot properly value NetCo and Sparkle. As a result, they are implicitly trading at ServiceCo EV/EBITDA multiple.",
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      "text": "Separation would realize up to €7 billion in hidden value.",
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      "text": "EV/EBITDA multiple: €7 billion",
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      "kind": "paragraph",
      "text": "How the assets are presented to the market affects their valuation. Enabling investors to target their exposure will draw new investors, driving a re-rating of shares. Could unlock as much as 7 billion euros (41% of market cap) in hidden value.",
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      "kind": "source-note",
      "text": "Source: Bloomberg as of 05-Apr-2018. Note: EBITDA of Stub components is based on preliminary estimates. EV and multiples calculated on 2018 estimates, not assuming ordinary shares conversion. TIM Stub calculated excluding INWIT and TIM Brasil",
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      "text": "Valuation bridge table showing NetCo, Sparkle, ServiceCo, and Stub across Status-quo, Separation, and Rerating scenarios.",
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      "kind": "title",
      "text": "Separation Would Realize Up to €7 Billion in Hidden Value",
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