Telecom Italia SpA (TIM) TIT.MI
The three reasons
- 1
Vivendi controls TIM with just 24% voting stake, running it as a subsidiary while minorities suffer
- 2
TIM stub has underperformed peers by 62.6% since Vivendi joined board in Dec-2015
- 3
Independent board + NetCo separation could roughly double the share price from 0.8 to 1.6
Primary demands
- Replace 6 Vivendi-nominated directors with 6 independent directors at April 24th AGM
- Legal separation / deconsolidation of NetCo (access network) to unlock hidden value
- Stake sale in Sparkle to a strategic partner
- Further monetisation of INWIT towers stake
- Convert savings shares into ordinary shares to simplify capital structure
- Reinitiate a stable dividend to ordinary shareholders
- Retain support for current CEO Amos Genish and his Business Plan
KPIs cited
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Notable slides (10)
Notes
First Elliott presentation on TIM, published alongside the transformingTIM.com website campaign ahead of the April 24, 2018 AGM proxy fight against Vivendi. Clean SCQA: Situation (TIM has strong fundamentals), Complication (Vivendi-controlled board has destroyed value), Question (what should shareholders do), Answer (vote for independent directors, then unlock value via NetCo separation, savings-share conversion, deleveraging, dividend reinstatement). Page 5 is a textbook peer-gap waterfall; page 15 uses a 'Bolloré-Vivendi-TIM' cash-flow diagram to illustrate the 6x/12x profit-shifting math; page 21 quotes Bolloré verbatim ('We don't manage Telecom Italia and we will never manage it') to expose the contradiction; page 28 is the classic value-creation bridge (Current 0.8 -> Full Value 1.6); page 33 is the 7bn-EUR SOTP reveal. Elliott won board control at the April 24, 2018 AGM.