The strategy devised by Gubitosi was not crazy
It didn’t take a new twist in Tim. It wasn’t exactly what a company so strategic for the future of our country needed right now. The fact that Luigi Gubitosi has resigned as chief executive officer and general manager – with the powers that will be spread between the new CEO Pietro Labriola and the president Salvatore Rossi – but has not left the board of directors should be a further alarm bell. Unless we proceed with a distrust of the whole board, Gubitosi could also think about the hunchback of getting back in the saddle.
But yet another twist on Tim is no longer passionate. Worry. The new line given by Gubitosi, that is, of a technology company and no longer just telecommunications, it worked in the form but not in substance. It is true that the various souls of the ex-Sip today, when added arithmetically, make about cubes 27 billion, ma la capitalization of Tim, after a week of rally, and stops a just over 10 billion. To be clear, Moncler ne vale over 18, Campari more than 15. And with all due respect to these two champions of the Made in Italy, it is unthinkable that the ex-Sip is worth so little.
But where is the cause of this ridiculous assessment? Maybe in theexcessive debt? In fact, in just under 30 years of bankruptcy management, passing from the “hard nut” to the merger (with indebtedness) of Tim in Olivetti orchestrated by Gnutti and Colaninno up to the parlor with the guest Telefonica today the company bears a burden of 22.1 billion as of September 30, down by three billion compared to the same period of 2020. The solution to the riddle is reminiscent of a video game of the bar ones, which had very difficult levels to overcome and which often became the nightmares of the boys who spent their pocket money in the attempt to overcome an almost unbeatable monster.
To try to make a comparison: Orange, whose president and CEO has resigned in recent days due to the long wave of a scandal that involved Bernard Tapie, closed 2020 with a debt of 23.49 billion against a turnover of 42.27 billion. So if Tim bills 15.8 billion the disproportion is evident and the dark evil seems easily identified. But is not so. Deutsche Telekom, a giant with a turnover of 101 billion in 2020, closed last year with a net debt of 120.2 billioni, increased by 58,1% compared to the previous year. And Telefonica, has 43.1 billion from revenues and over 50.4 billion in debt.
Then the big problem of Tim it could be there change in turnover between 2016 and 2020, with a 11.5% drop? Not necessarily. As L ‘points out todayEconomy of the Courier, during the same period Telefonica fell 10.7%, Orange grew 0.1% e Deutsche Telekom dell’1,6%. Last year, which was supposed to be that of the rebirth for the telco because everyone was at home working it was instead a bloodbath for the whole sector, with the exception of Deutsche Telekom.
Could one then think that the blame for Tim’s dwarfism must be attributed to the fact that in other countries governments are directly present in the shareholder base? Apart from the fact that Cdp is the second shareholder of the former Sip with a stake of 9.8%. But then, the asset of Tim have been considered strategic by the government which in fact aims at a spin-off of the more strategic activities. And that could still decide to activate the golden power in the case of not too convincing maneuvers.
There is, if anything, a marginality problem involving all player of the sector which saw the entry of competitor price aggressive (Iliad above all), on the other hand the progressive reduction of some basic assets (called e sms) which have become the prerogative of companies such as WhatsApp.
The strategy devised by Gubitosi, therefore, was not crazy: relaunch with ancillary services and try to push the spread of the network and of fiber in particular in tandem with dazn. Only the experiment didn’t work, two came profit warning they subscriptions – even if the numbers are not disclosed – they do not seem to be the desired ones at the moment. On this partnership Tim invested about 800 million for the next three years. And you can’t afford mistakes.
Therefore, the mountain is also very inaccessible for the new guide of the company. Italy has the highest endowment of Recovery Plan in Europe, with 40 billion that will be destined for digital. Unthinkable and unforgivable if once again the mountain should give birth to a mouse.