TIM S.p.A. (Telecom Italia) TIT
Vote Bluebell's slate to replace TIM's worst-in-class CEO Labriola with Google Cloud exec Laurence Lafont, halt strategic chaos, and unlock ~100% upside versus European telco peers.
Thesis
TIM S.p.A., Italy's incumbent telecom, has been the worst-performing European operator under CEO Pietro Labriola with a -44% TSR since his January 2022 appointment, culminating in a March 2024 Capital Markets Day described as a debacle that sent shares down ~24% intraday. Bluebell Capital Partners proposes a majority slate of six independent directors and designates Laurence Lafont, a Google Cloud EMEA executive with 30+ years across Orange, Oracle, Microsoft and Nokia, as CEO. Their plan keeps ServiceCo intact rejecting a break-up, maintains TIM Brazil for its option value, demands the new board review the flawed KKR NetCo sale that bypassed shareholder approval, and explicitly opposes the rival Merlyn slate as inconsistent and short-term. Applying peer multiples to 2026 guidance yields €0.48 per share NPV versus €0.24 spot, implying roughly 100% upside.
SCQA
TIM S.p.A., Italy's incumbent telecom, heads into a contested board vote with three competing slates after CEO Pietro Labriola's tenure and the controversial carve-out sale of NetCo to KKR.
Labriola delivered worst-in-class -44% TSR, botched the March 2024 Capital Markets Day, and the NetCo deal was negotiated without a shareholder vote; meanwhile the rival Merlyn slate flip-flops and proposes an unfit CEO.
Vote Bluebell's six-director slate, appoint Laurence Lafont (Google Cloud EMEA) as CEO designate, keep ServiceCo and TIM Brazil intact, and have the new board rigorously review the KKR NetCo transaction.
Closing the ~60% EV/EBITDA AL peer discount by applying peer multiples to 2026 guidance implies a €0.48 per share NPV versus the €0.24 ORD price — roughly 100% upside.
The three reasons
- 1
TIM is the worst-performing European telco at -44% TSR under CEO Labriola since Jan 2022
- 2
Rival Merlyn slate flip-flopped on NetCo, Consumer and Brazil sales and names an unfit CEO
- 3
Peer multiples on 2026 guidance imply ~100% upside vs current €0.24 share price
Primary demands
- Vote Bluebell's majority slate of six independent directors for the TIM board
- Appoint Laurence Lafont (Google Cloud EMEA) as CEO designate, replacing Pietro Labriola
- Review the flawed KKR NetCo sale and act in the best interest of all shareholders
- Reject break-up of ServiceCo; maintain TIM Brazil for its option value
- Reject the rival Merlyn slate as inconsistent, opportunistic and short-term
- Conduct a thorough cost-base review and re-skill resources for growth
KPIs cited
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Precedents cited
- Czech network separation 2015 (CETIN)
- TDC NET separation in Denmark 2019
Notable slides (6)
Notes
Three-way proxy contest: Bluebell's slate vs. exiting board's slate vs. Merlyn's slate, ahead of TIM's April 2024 AGM. Deck is primarily a rebuttal of the Merlyn slate (3 slides) coupled with a positive case for Lafont as CEO. Stake size not disclosed in this document. Strong use of dated-quote tables (page 12) to expose Merlyn's reversals on NetCo/Consumer/Brazil sales — a classic CEO-quote-contradiction pattern applied to a rival activist rather than management. Illustrative valuation on page 13 mixes peer multiples on TIM Domestic with market value of Brazil+Inwit stakes, so it has a sum-of-parts flavor despite being framed as multiple_comparison. Cover slide uses a bluebell-flower photographic background, unusual for activist decks.