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  "documentTitle": "Telecom Italia SpA (TIM) (TIT.MI)",
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      "text": "The critical factor is not precedent. It is the value of the assets and their appeal to investors.",
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      "text": "TIM's copper network is among the best in Europe, with the shortest average distance between cabinet and homes (250mt vs. Germany 300mt, UK 500mt and France >1km)",
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      "text": "O2 Czech network separation created great value for shareholders; TDC acquisition in Denmark signals that investors recognise value in NetCos spin-off",
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      "text": "No real competition from alternative technologies (no cable in Italy) but there is a risk we can address:",
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      "text": "TIM fiber network deployment has been rapidly accelerated, increasing ultra-broadband coverage from 19% of population as of Mar-2014 to 77% as of Dec-2017",
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      "text": "Assuming €2bn EBITDA for NetCo and Sparkle and excluding INWIT and TIM Brasil, the remaining EBITDA would be €5bn. How could this be worthless?",
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      "text": "The same was said 10 years ago about separating and selling mobile towers in Europe",
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      "text": "CLAIM: \"But it's unprecedented in Europe!\"",
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