The idea of a farewell on the stock of Telecom Italy Media 
pushes the action on the highest of the year. During the evening yesterday the parent, Telecom Italy , released a statement commenting on the recent rumors of an alleged delisting of Telecom Italy Media , stating that all possible options will be considered in the planning of the industrial group.
“As in the past, any decision will be taken in agreement with the management and the governing bodies of Telecom Italy Media , in a transparent manner and in full respect of the rules of the market as well as the interests of all shareholders. It remains that, at present, no decision was taken, “reads the note.
However, in the operating rooms, some are already assumed a public exchange offer for shares of Telecom Italy 
that on the Milan Stock rising 1.28% to 0.9515 euro, while the Telecom Italian Media leaps of 6.35% to 1.063 euro in early trading after being pushed to the top of intraday 1,118 euro.
Analysts of Equita (buy rating and target price of 1.05 euro on Telecom Italy and a veteran and a target price of 0.65 euro on Telecom Italian Media ) pointed out that in recent months, in line with the business plan, TI Media tried to sell the subsidiary Persidera (that is 70% and the remaining 30% from L’Espresso) without getting offers to the expectations and then, in the absence of reasonable valuations, the business of Persidera and TI Media, being infrastructure, could remain in the scope of Telecom Italy .
For Banca Akros (rating suspended by TI Media veteran) scenario delisted Media is a “highly credible” because the auction 5 multiplex Persidera was stopped after tenders uninteresting. Moreover, the control of low frequencies is worth more to a Telco rather than for a broadcaster. Finally, the cost of a delisting would be irrelevant for Telecom Italy which controls 78% of the company which has a market capitalization of 100 million euro.
” This scenario radically changes the outlook for shareholders minority since the value for the beneficiary would be higher by an industrial point of view both of governance. The cost is negligible in relative terms and the fair value of the security is very sensitive to the evaluation of the multiplex due to the debt (260 million euro at the end of 2013, ed), “commented analysts at investment bank.
Assuming a value of multiplex 430 million euro, the target price of Media shares is 0.90 euro per share and in the baseline scenario in each additional EUR 10 million in the evaluation of a multiplex corresponds increase of about 6.5 euro per share. A swap with shares of Telecom Italy would imply, however, only 0.2% of the ordinary share capital of the telephone company.
In any case, “both in the case of cash offer is bidding in shares, Telecom could offer a premium on the share price, which has dropped a lot in the last twelve months,” concluded Banca Akros . Kepler Cheuvreux has however confirmed the recommendation veteran of TI Media (target price to 0.85 euro) in the light of the fundamentals and the fact that the shares are too expensive, passing from hand to a multiple enterprise value / EBITDA in 2015 of 14 times. At the same time, despite the speculative appeal, also in view of the change of the majority shareholder, the financial structure of the company is still stressed with a net debt / EBITDA of 10 times.
Separately today Analysts Banca Imi (which does not have a rating on Telecom Italy ) recalled that according to the latest rumor the bottom of China State Grid of China would have his eye on Telecom Italy Sparkle, the subsidiary of Telecom Italy which operates a network of property that includes the three major systems in Europe, the Mediterranean and Latin America. “If confirmed, the potential deal would have political implications rather than financial, considering the strategic asset,” they concluded to Banca Imi.
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