After the flare-up at the start of the session, Tim reduces the extent of the rebound (+2.07% to 0.22).
The analysts have had the answers they were looking for on the deleverage plan and path and are thinking more coldly by redoing the calculations, the market was expecting a more substantial debt cut and some, Equita for example, reduced the target price to 0.35 euros.
The negative element "is linked to the financial charges which remain high on the plan also in 2026 (we estimate 700 million) due to the complexity of optimizing the new capital structure (and we think for a certain prudence)".
Some doubts, even if it is not considered impossible, are expressed on the growth profile of the domestic Ebitda: "rather aggressive in our opinion, although very linked to cost control and Enterprise growth, and on capex in light growth and which can offer flexibility to guarantee the achievement of the EBITDA-capex target".
The analysts also recognize some positive elements: "the higher domestic Ebitda in 2024 (1.9 billion compared to their calculations which led them to consider 1.7 billion, ed.) partly offsets the higher debt" and "although cash generation in 2026 is lower of expectations, the group's new capital structure is much more solid than in the past and therefore today the issue regarding the stock is purely evaluative and not one of maintaining the financial structure".
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