broker report , page-2

Watford,

The broker estimates in Feb is too early to rely on.

Many things have happened in between.

1) The 1HY sales - TIM didn't have announcement for that, but GTP announced that its sales fell 2/3 from $150M last year to $51M. This means that GTP's cashflow/income in the 1H is reduced $99M, or say 30c+/share, while the expenditure might even increase from year due to the ever increasing debts and projects under management. Well the total e/s for the whole last year was only ~20c/s. You may guess how much may left.

2) "tax ruling overturned" as I posted earlier under both TIM and GTP. This would also have a dire consequence on TIM and GTP.

Wait until the end of next month, when TIM/GTP have to issue their HY reports and then we will see a clearer picture. More brokers' downgrades on both on the way I reckon.