Telecom Italia S.p.A. A

TQI.DE · Communication Services · Telecom Services · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

3.63B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

15.46B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

15.46B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

11.51B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

17.31B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.67×

the ratio the screener ranks by

Margin of Safety

-50.3%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 3.63B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)16.29B USD
−②Net Debt Today12.66B USD
+③Growth Value0 USD
=Value3.63B USD

EPV of the Operations (NOPAT over WACC)

16.29B USD

Net debt today

-12.66B USD

Growth Value

0 USD

Value

3.63B USD

①EPV (earnings power value)

16.29B USD

②Net Debt Today

12.66B USD

③Growth Value

0 USD

Market value

Market Cap17.31B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-376.5%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 15.46B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.

The projection was not made (a profit at or below zero in the latest three years), so the value is the book value today, 15.46B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFE

Not in the value

②Equity at Year 15, Today

Not in the value

Market value

Market Cap17.31B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-12.0%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 15.46B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (a change in working capital above half the operating profit in the latest three years), so the value is the book value today, 15.46B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Debt Today

Not in the value

Market value

Market Cap17.31B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-12.0%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 7.35%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.75×Market Risk Premium 6.00%= 9.00%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 131.70M USDPretax Income 831.36M USD= 15.84%

The tax the interest saves.

Interest Expense =EBIT 1.96B USD−Pretax Income 831.36M USD= 1.13B USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 1.13B USDTotal Debt 16.79B USD×(1 − Tax Rate for WACC 15.84%)= 5.64%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 16.79B USDMarket Cap + Total Debt 17.31B USD + 16.79B USD= 49.24%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 50.76%×Cost of Equity 9.00%+Debt Weight 49.24%×Cost of Debt 5.64%= 7.35%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-03-31.

Total Assets 42.98B USD − Total Liabilities 27.53B USD = Book Value Today 15.46B USD

Total Debt 16.79B USD − Cash and Short-Term Investments 4.13B USD = Net Debt Today 12.66B USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 10.2%at most 5%passes21,285,436,085 / 21,252,195,773
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets6.1%at least -10.0%passes(2.98B USD − 349.24M USD) ÷ 42.98B USD
Price to bookMarket Cap ÷ Book Value Today1.12×at most 3×passes17.31B USD ÷ 15.46B USD
Operating marginOperating Income ÷ Revenue6.5%above 10.0%does not pass1.05B USD ÷ 16.15B USD
Revenue growthRevenue ÷ Revenue a Year Before − 113.6%above 10.0%passes16.15B USD / 14.22B USD
Net cash(Cash − Total Debt) ÷ Market Cap-83.4%above -30%does not pass(2.36B USD − 16.79B USD) ÷ 17.31B USD
Operating efficiencyOperating Income ÷ Gross Profit16.6%above 25.0%does not pass1.05B USD ÷ 6.31B USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

0.72 EUR

Enterprise value

27.97B EUR

the provider's own figure

EV / EBITDA

7.67×

Price / book

1.26×

the provider's book

Price / earnings

72.50×

Return on equity

3.1%

the provider's figure, not this page's

Profit margin

0.9%

Revenue growth

1.4%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2022202320242025
Income statement

Revenue

16.85B15.86B14.22B16.15B

Gross profit

9.74B8.01B6.84B6.31B

Operating income

1.19B2.24B2.05B1.05B

EBITDA

operating income before depreciation and amortisation

5.88B5.33B5.03B5.41B

Pretax income

-627.48M-42.10M429.16M831.36M

Net income

-3.12B-1.60B-635.41M349.24M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

-2.84B30.18M134.75M-195.74M

R&D

————
Balance sheet, year end

Total assets

66.19B68.87B39.23B43.20B

Total liabilities

46.21B49.46B25.31B27.37B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

16.07B15.12B12.46B14.37B

Total debt

33.28B34.96B15.33B15.55B

Cash and equivalents

3.79B3.23B3.05B2.41B

Net PP&E

fixed assets after depreciation

20.89B22.35B8.32B8.64B

Working capital

current assets less current liabilities

-4.17B-5.69B-2.42B-1.20B
Cash flow

Operating cash flow

5.22B3.87B3.31B2.98B

Capital expenditure

paid out, so below zero

-6.73B-3.14B-2.86B-2.94B

Depreciation and amortisation

5.10B3.65B3.19B3.45B

Free cash flow

operating cash flow plus capital expenditure

-1.50B732.34M444.79M43.51M