had has grown ebita on adjusted basis by 600 million the margins have expanded by 200 basis points it's everything right operational as you rightly said. shares are headed in the wrong direction. this is a sector that's unloved. but telecom italia is trading at a discount to its historical valuations, and is trading at a discount to the italian discount that's prevalent in the stock market so, you know, this, i think, is the context of the frustrations of elliott or any other investor in the name. >> do you think the frustrations that led to the activist becoming involved could come from management? there was a report out a few weeks ago that the ceo could be on the way out this was a man brought in by vivendi to manage the company, now there seems to have been a falling out between him and vivendi. could this ceo have gone out to the market and called for an activist to come into play >> it's challengingte ining forn analyst. i can only look at the facts, and think about aspects of the business that is under the business's control the first is governance. the fact that you have a share

more ambitious part is probably they are planning on having a free cash flow to over 40% of recurring ebita, and that their return on investment capital should be boosted to more than 8% now it's at 5% to 6% that's the main criticism by a lot of investors and why the share price has been underperforming strongly of course also today's market environment and all that talk about a looming trade war is not really helping given that building activity is quite sensitive to sort of souring mood and economic sentiment. when i caught up with the new ceo i had to ask whether he was concerned about those looming tariffs from the united states >> everything we sell is produced in the u.s. we are from that angle, not really concerned about the tariffs. the u.s. is the best building material market in the world, we are planning quite agile investment strategy for the u.s. >> in another part of the interview, he was saying that of course if the world is going down the path of more protectionism and a trade war, which could affect global economic activity, that's also a negative for lafarge holcim, becaus

. >>> and inmar ststat reduced its dividend profit after tax fell 25% due to lower ebita and higher depreciation coming up on the show, it's a pay day may day for some we'll look at the concerns over the pay packets of elon musk and bob iger that's coming up but i'm not standing still... and with godaddy, i've made my ideas real. ♪ i made my own way, now it's time to make yours. ♪ everything is working, just like it should ♪ successful people have onthey read more.on. how do they find the time? with audible. audible has the world's largest selection of audiobooks. books like peak performance... and endurance. books that energize and inspire for just $14.95 a month. less than you'd pay for the hardcover. with audible, you get a credit-a-month good for any audiobook. if you don't like it, exchange it any time. no questions asked. you can also roll your credits to the next month if you don't use them. audible members use the free mobile app to listen anytime, anywhere. ...on the go... or in the car. the audible app automatically keeps your place, no bookmarks required. so you'll pick up right where

into consideration renault's stake, the implied stub value foreign nau renault trading at 1 times ebita we think that either through a merger or an unwinding, but we favor a merging you can essentially unlock some of that discount >> i don't how understand anyone can cut jobs in france, but they do manage to do it macron is trying to change the labor laws there the french government own 15% of renault. would they allow for meaningful consolidation, and, "b," cost cutting? >> i think what would be attractive about the merger, it wouldn't require any cost cutting to be valuable for shareholders one thing that carlos ghogn is looking for is tremendous savings across nissan an renault around 3.2 billion euro s for th two companies working together, sharing platforms, sharing development costs, which, as you know, only continue to escalate. >> obviously from what you said there are clear financial drivers for this deal. my question i guess is whether the chinese fit into this, if at all. given that the landscape of the auto industry in europe appears to be gradually being redrawn in the inte

reason for the drop revenue rose just under 20 billion euros with the group saying it expects low digit ebitah until 2020. telecom italia promised to boost investor returns as it shifts to digital. under the new plan the company will invest billions in italy and brazil primarily for broadband growth it expects to generate 4.5 billion euros if free cash flow in the three-year time period. the strategy comes after shares touched a four-month high after yesterday's session following word that elliott management is building a stake in the phone group. the hedge fund led by paul singer confirms it has built up its holding in the company it's a 6% stake. the move puts it at odds with vivendi led by vincent bollore elliott said it may push to replace some of telecom italia's board but is not seeking to take control of the company the he the stock has lost roughly 25% over the past two years since vivendi took majority control of the board back in 2016 >> quite a story to watch that one. >>> international paper submitted an official offer to buy smurfit kappa for about 8 billion euros. on tuesday the

fourth quarter net profit jumped 38% beating expectations, but ebita missed forecasts analysts at jeffries say the slowdown in revenue will raise suspicion that adecco's momentum has peaked >>> group psa reported record numbers for sales, profits and operating margin in 2017 net income jumped 11.5%, while revenue rose more than 20% but the french carmaker didsee a loss in its opal division after it consolidated the unit the ceo talked about the writedown. >> we have seen in our accounting the first results of the implementation of the opal turnaround plan. it starts to be visible. that is an opportunity to become a european champion, which is extremely exciting, bringing together a french carmaker and a german carmaker. it's the first time that such an opportunity is raised. we're ahead of this opportunity. >>> ab imb bshgb inbev saw bettr performance in brazil and savings from its 2016 purchase of sabmiller >>> carrefour shares are suffering their worst one-day percentage loss since last year. the french retailer posted a near 15% fall in 2017 operating profit its second straight decline

concho traded at a premium multiple, like 1.4 times ebita in '18 versus rsp of 17.7 times. faster and this better assets. it was not hard to pitch this combination shouldhappen make your company better due to this this sets up nice for this pitch in the m&a space and even more importantly is just scale. you talk about $2 billion worth of synergies, that will push unit costs lower in the ep space it's all about being the low-cost provider. the low-cost provider wins day after day. that's the company that will ultimately be the most successful stock >> you have to get big to survive. i've been talking to people out there. it's hard to find workers, truck drivers, drillers, they're in demand wages are going back up. it is good for the worker but makes it hard to compete for $60 oil again. when we look at names -- a couple names you follow are below the 5$500 million market cap. there are some slightly bigger do you think these names are calling up bankers today >> they should be. i don't know i know they're looking at their screens yesterday screaming at it you look at hk, you

year that j pxmorgan has slashed their price target on ge >> they said asset divestitures also hit ebitay're saying the buck could be broken and this is something people should think about. all i say to that is look, put a zero earnings on this company, is the company worth zero? you don't at 50 cents make this an $11 stock in my view. >> long ge >> i am long ge. >> underwater? >> i own the stock for about $20. it's a seven basis point position this is not a place you go to bank eps right now is not how i'm valuing this company intrinlst value, $130 billion market cap it could go lower. >> amazon getting a price hike they make the point it's not stealing necessarily from facebook, and the others, or google it's taking from the offline, which was interesting. >> it's going to help their margin ultimately, the advertisers see the direct tie-ins on the brand side amazon is doing everything right. i also think if they get grocery right, and obviously, whole foods and the whole space they're in now, if they get that right, major halo affect for the entire crowd some people think they'll be ne

wants to pay an enormous sum as willing to take debt to leverage ratios and multiples of years of ebitahaven't seen before. we can cite any number of reasons for why these deals failed iheart radio, old clear channel, growth of streaming. txu then became first energy, one of the biggest bankruptcies of all time given it was also one of the biggest -- they made a terrible bet on natural gas prices and didn't foresee what fracking would mean and creating a glut of natural gas. toys "r" us, growth of amazon, not sure what happened to harrah's which is now caesar's in terms of changes overall. it is interesting to look back sometimes. this '05, 06 '07 period was the most fertile for the largest buyouts of all time and many have ended in ankruptcy. one of the others is univision, unable to go public but has managed to avoid a bankruptcy filing, jim. >> staggering period that i come back and think, how great was burlington coat factory that it was able to pull off something and go -- ten times. that and dollar general are the ones we think about. i'm worried about clair's. >> yeah. >> it's in