The Q1 numbers were broadly in line with expectations with still strong numbers in Brazil (supported by the acquisition of Oi) but also further improvements in Italy. In parallel Telecom Italia has again asked the NetCo bidders to raise their offers, setting one week ago a new final deadline for June 9. Telecom Italia remains a high-leverage speculative game as €1bn added to NetCo’s EV corresponds to a 3% increase in TI’s EV but a 15% increase in its market cap.