I've just read the II report on TIM and (gulp) it's not pretty. It took some balls for these guys to downgrade as they were such strong supporters based on the underlying strength of the company. I take my hat off to them for this courageous move which must be embarrasing to them because many subscribers have invested in this...and after they have just listed two of the TIM income hybrids (not TIMPB) in their top 5.
They even used the TIM model to demonstrate how to value a company in their various Australia wide seminars.
Effectively II feel as though they have been getting the runaround by management...which reading between the lines is not a good sign that things are healthy.
This really does have the feel of the rats coming up onto the top deck, so I'd call it a "sell" and be done with it.
Thankfully I'm out after considerable licking of massive wounds!
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