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Goldman Sachs

May 21, 2026

Telecom Italia Data Update Minor Changes to Estimates

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Goldman Sachs has made minor adjustments to Telecom Italia's financial estimates following updated forecasts for its Brazil unit. The firm remains 'Not Rated' on the company.

Key Takeaways

  • 1.Estimates for Telecom Italia have been revised slightly to align with updated forecasts for its subsidiary, TIM Brasil.
  • 2.The update follows the initiation of coverage on TIM Brasil by Goldman Sachs analyst Gustavo Miele at a Neutral rating.
  • 3.Goldman Sachs currently maintains a 'Not Rated' status on Telecom Italia.

Table of Contents

  • Changes to estimates
  • Disclosure Appendix
  • GS Factor Profile
  • M&A Rank
  • Quantum
  • Disclosures
  • Distribution of ratings/investment banking relationships
  • Price target and rating history chart(s)
  • Regulatory disclosures

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Authors

Andrew LeeMollie WitcombeHalima ElyasSofija RakicevicMridul Agrawal

Securities

Telecom ItaliaTIM Brasil

Themes

Estimate RevisionsSubsidiary Performance

Regions

EuropeLatin AmericaItalyBrazil