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TIT - Telecom Italia SpA News Story

€0.437 0.0  1.4%

Last Trade - 4:37pm

Sector
Telecoms
Size
Large Cap
Market Cap £5.64bn
Enterprise Value £28.78bn
Revenue £13.65bn
Position in Universe 52nd / 727

UPDATE 1-Italy's INWIT confirms guidance as outlook remains positive

Thu 4th March, 2021 6:34pm
(Adds details, graphic) MILAN, March 4 (Reuters) - Italian mobile mast company INWIT INWT.MI said on Thursday it expects its core profit to grow in line with its long-term guidance this year, as its business remained broadly unaffected by the coronavirus crisis. Jointly-controlled by Italy's largest phone group Telecom Italia (TIM) TLIT.MI and Vodafone VOD.L , INWIT said fourth-quarter earnings before interest, tax, depreciation and amortization (EBITDA) rose 82% to 171.3 million euros ($205.22 million). The figure includes the contribution from Vodafone Towers, with which INWIT merged last year. INWIT said revenues, including the Vodafone contribution, rose 84% in the three months to 189.9 million euros. On an organic basis they were up 3.2%. The company confirmed it expects its EBITDA to rise 5% to 715-725 million euros this year from 604 million euros reached in 2020. It expects its core profit excluding leases to grow 8% to 510-520 million euros. "We had no impact from the COVID-19 crisis," Chief Executive Giovanni Ferigo told analysts during a post-results presentation. The telecoms tower firm, which operates over 22,000 masts across Italy, said it would pay a 30 euro cent dividend on 2020 financial results. Demand for services from mobile phone operators and other radio network players are underpinning INWIT's business, while the value of mobile infrastructure has surged as investors look for secure long-term income. However, INWIT shares lost nearly 17% since the start of the year, mainly due to portfolio rotation into cyclical stocks and expectations of rising rates, Banca Akros said in a research note. ($1 = 0.8347 euros) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Inwit https://tmsnrt.rs/38alq7q ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Elvira Pollina; additional reporting by Stefano Bernabei; editing by Agnieszka Flak) ((elvira.pollina@thomsonreuters.com;))
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