A disappointing release as the return to normalcy recorded by most of its peers is clearly offset by competition as well as a reduction in ARPU. It is EBITDA which is the most disappointing as it was down by 5.8% yoy.
We maintain our opinion at Buy. The investment case is certainly complicated and quite desperating, but TI does its job and has crystallised its assets: all that is missing is to become a modest growth story again.
28 Jul 2021
A disappointing EBITDA decline in Q2
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A disappointing EBITDA decline in Q2
- Published:
28 Jul 2021 -
Author:
Jean-Michel Salvador -
Pages:
3
A disappointing release as the return to normalcy recorded by most of its peers is clearly offset by competition as well as a reduction in ARPU. It is EBITDA which is the most disappointing as it was down by 5.8% yoy.
We maintain our opinion at Buy. The investment case is certainly complicated and quite desperating, but TI does its job and has crystallised its assets: all that is missing is to become a modest growth story again.