Italy's TIM shares rally as group sees profit, sales stabilising
By Reuters Staff
MILAN, Feb 24 (Reuters) - Telecom Italia (TIM) shares gained as much as 7% on Wednesday as Italy’s biggest phone company said it expected profit and sales to stabilise this year after a difficult 2020.
Full-year organic earnings before interest, tax, depreciation and amortisation (EBITDA) after lease costs fell 6% to 6.24 billion euros, slightly better than forecasts.
“Telecom Italia ticked a number of boxes with its full-year results,” Deutsche Bank analysts said in a research note.
Analysts noted the group’s fourth-quarter recovery in both the fixed and mobile segment.
“Telecom Italia reported an improvement in both mobile and fixed service revenue growth,” Credit Suisse analysts said.
TIM shares were up 6.24% at 0843 GMT, outperforming Europe’s telecom index (Reporting by Elvira Pollina; editing by Jason Neely)