Company Valuation: Telecom Italia S.p.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 8,279 9,107 4,546 6,305 5,499 13,474 13,474 -
Change - 10% -50.08% 38.68% -12.78% 145.02% 0% -
Enterprise Value (EV) 1 31,605 31,294 29,910 31,961 15,625 22,531 21,747 21,518
Change - -0.98% -4.42% 6.86% -51.11% 44.19% -3.48% -1.05%
P/E ratio 1.14x -1.09x -1.55x -4.2x -8.22x 49.3x 33.1x 21x
PBR 0.3x 0.38x 0.31x 0.46x 0.44x 1x 0.94x 0.93x
PEG - 0x 0x 0.1x 0.1x -0x 0.7x 0.4x
Capitalization / Revenue 0.52x 0.59x 0.29x 0.39x 0.38x 0.98x 0.95x 0.93x
EV / Revenue 2x 2.04x 1.89x 1.96x 1.08x 1.63x 1.54x 1.48x
EV / EBITDA 4.69x 6.16x 5.59x 5.6x 3.24x 5.15x 4.74x 4.45x
EV / EBIT 15x -8.87x 49.4x 38.2x 10.1x 16.9x 13.2x 11.5x
EV / FCF 10.3x 96.9x -21.2x -841x 12x 31.5x 16.7x 18.1x
FCF Yield 9.73% 1.03% -4.71% -0.12% 8.3% 3.18% 5.99% 5.53%
Dividend per Share 2 0.01 - - - - 0.0131 0.0191 0.0243
Rate of return 2.65% - - - - 2.17% 3.17% 4.02%
EPS 2 0.33 -0.4 -0.14 -0.07 -0.03 0.0122 0.0182 0.0287
Distribution rate 3.03% - - - - 107% 105% 84.5%
Net sales 1 15,805 15,316 15,788 16,296 14,442 13,792 14,142 14,554
EBITDA 1 6,739 5,080 5,347 5,710 4,825 4,376 4,591 4,837
EBIT 1 2,104 -3,529 606 836 1,545 1,331 1,646 1,877
Net income 1 7,224 -8,652 -2,925 -1,441 -610 300.5 346.4 508.3
Net Debt 1 23,326 22,187 25,364 25,656 10,126 9,057 8,273 8,044
Reference price 2 0.3774 0.4342 0.2163 0.2942 0.2466 0.6040 0.6040 0.6040
Nbr of stocks (in thousands) 21,195,996 21,202,712 21,241,316 21,252,196 21,252,196 21,260,815 21,260,815 -
Announcement Date 24/02/21 02/03/22 15/03/23 06/03/24 05/03/25 - - -
1EUR in Million2EUR
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
47.44x1.6x5.05x2.25% 15.1B
10.48x1.26x3.9x7.15% 220B
10.39x2.53x6.87x5.57% 213B
16.08x2.34x6.17x3.47% 182B
12.21x1.71x7.11x3.44% 79.29B
11.74x0.81x2.96x6.3% 76.48B
14.67x2.05x5.17x2.46% 71.83B
29.38x6.09x22.03x3.7% 63.85B
14.75x2.52x7.97x5.24% 56.09B
32.64x1.82x6.06x4.48% 52.77B
Average 19.98x 2.27x 7.33x 4.41% 103.04B
Weighted average by Cap. 15.05x 2.17x 6.65x 4.97%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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  4. Valuation Telecom Italia S.p.A.
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