The ann for TIM shows better (than I) expected MIS sales. With...

The ann for TIM shows better (than I) expected MIS sales. With ongoing annuity income profit for 0708 will be probably be around 55M, or a current P:E of around 6. With annuity income 0809 should show similar profit again.
MIS court case in Aug, verdict in Dec?, which may provide upside I feel downside has mostly already been factored in..

I dont think there is much chance of TIM going bust before Sep 09, but still prefer TIMPB.

II have just recommended TIM as strong buy at current levels, for what that is worth.

Neil