Refocus of investments ongoing with simplification of control chain in TIPO In mid-January, Tamburi sold its 3.729% stake of Prysmian through the controlled holding company Clubtre for roughly EUR290m net cash, which should translate in a cash-in for Tamburi in the EUR148/181m range (minimum level with full reimbursement of EUR100m bank loan; maximum level with only EUR50m in loan reimbursement). Part of the proceeds should be used in the rights issue of OVS (EUR19m pro rata for Tamburi) and the establishment of the Itaca project (we estimate c. EUR100m). Yesterday the company unveiled where the rest of the proceeds will be reinvested as it reported the simplification of the shareholder structure of TIPO, (''TIP pre-IPO'' in which Tamburi has a 29.29% stake), and of Betaclub (TIPO has 58.4% stake) with the aim of raising Tamburi''s stakes in both holding companies to 100% (see figure 1 for an overview). By April the transaction should be finalized, at which time TIPO may be also resolved in our view. What is TIPO and what level of investment is needed? TIPO was created in 2014 with total committed capital of EUR140m, with the aim of investing in companies which could eventually be listed. Currently, TIPO is the owner of the stakes in Chiorino (20% stake) and Beta Utensili (22%, of which 3.9% direct). In our view, Tamburi could spend between EUR115m to EUR134.5m for the buy-out of the stakes of the other shareholders in TIPO, Betaclub and in Beta Utensili. We believe that the main shareholder of Beta Utensili may reinforce its direct stake (c. 51% currently) in the company, exercising the pre-emption right. Update of the fair value range to EUR7.7 / EUR9.0 (from EUR7.3 / EUR8.1) We have updated our SOTP-based valuation range with the expected buy-outs as described above. This leads us to raise our fair valuation range to EUR7.7 / EUR9.0. The increase of the upper level of the valuation range is greater as the potential value creation from these...