Telefonica S.A.

Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.
  • TickerTEF
  • ISINES0178430E18
  • ExchangeMadrid Stock Exchange
  • SectorFixed Line Telecommunications
  • CountrySpain
Russell Waller

New Street: W. Europe Fixed Tariff Tracker July 2020: Modest cuts in Switzerland; improving trends elsewhere

Average fixed price growth declined slightly to -2.4% YoY in July (from -1.7% in June), with price cuts in Austria and Switzerland offsetting better trends elsewhere.

Soomit Datta

TEF Q2 Quick Take/Post earning call: Slight miss on lowered estimates

Telefonica (Neutral, TP: €6) reported Q2’s this morning. Versus a tough steer into numbers, revenue and EBITDA missed consensus by just 0.5%.

Andres Bolumburu

TELEFÓNICA: MENSAJES DE LA CONFERENCE CALL RDOS. 1S’20 (ANÁLISIS BANCO SABADELL)

Adjuntamos los principales mensajes del conference call de Rdos.:  Covid-19: El impacto en 2T’20 consolidado ha sido de 729 M euros en ventas (6,1% del total), 338 M euros en EBITDA (7,8% del total), esperando que el 2T’20 sea el más negativo del año. El impacto se ha debido a menor venta de terminales, menos negocio prepago, desconexión de Pymes y menos roaming, así como más promociones y el impacto en ARPU por no haber fútbol.  España: Observan claros signos de recuperación desde junio (y en julio la tendencia mejoraría lo visto en junio), habiendo sido mayo el peor mes y observando buena...

Andres Bolumburu

TELEFÓNICA: 1H’20 RESULTS (ANÁLISIS BANCO SABADELL)

2Q’20 vs. 2Q’19 Results: Sales: € 10.34 Bn (-14.8% vs. -15.1% BS(e) and -14.4% consensus); EBITDA: € 3.315 Bn (-25.3% vs. -21.4% BS(e) and -22.4% consensus); EBIT: € 1.033 Bn (-42.7% vs. -38.1% BS(e) and -39.7% consensus); Net Profit: € 425.0 M (-50.7% vs. -49.9% BS(e) and -52.0% consensus); 1H’20 vs 1H’19 Results: Sales: € 21.706 Bn (-10.0% vs. -10.2% BS(e) and -9.8% consensus); EBITDA: € 7.075 Bn (-18.7% vs. -16.7% BS(e) and -17.2% consensus); EBIT: € 2.124 Bn (-38.5% vs. -36.1% BS(e) and -36.9% consensus); Net Profit: € 831.0 M (-53.5% vs. -53.1% BS(e) and -54.1% consensus); The results we...

Andres Bolumburu

TELEFÓNICA: RDOS. 1S’20 (ANÁLISIS BANCO SABADELL)

Rdos. 2T'20 vs 2T'19: Ventas: 10.340 M euros (-14,8% vs -15,1% BS(e) y -14,4% consenso); EBITDA: 3.315 M euros (-25,3% vs -21,4% BS(e) y -22,4% consenso); EBIT: 1.033 M euros (-42,7% vs -38,1% BS(e) y -39,7% consenso); BDI: 425,0 M euros (-50,7% vs -49,9% BS(e) y -52,0% consenso); Rdos. 1S'20 vs 1S'19: Ventas: 21.706 M euros (-10,0% vs -10,2% BS(e) y -9,8% consenso); EBITDA: 7.075 M euros (-18,7% vs -16,7% BS(e) y -17,2% consenso); EBIT: 2.124 M euros (-38,5% vs -36,1% BS(e) y -36,9% consenso); BDI: 831,0 M euros (-53,5% vs -53,1% BS(e) y -54,1% consenso); Rdos. flojos, impactados por Covid-1...

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 23 TO 30 OCTOBER 2019 (ANÁLISIS BANCO SABADELL)

European Portfolio We lower Volkswagen’s weight and raise that of Airbus. European High Yield Portfolio Air Liquide, Allianz, Daimler, SAP & Vivendi No changes this week. Spanish Recommended Portfolio No changes this week. 5-Stock Recommended Portfolio ACS, Caixabank, Cellnex, Ferrovial & Telefónica No changes this week. 5 High-Yield Stock Portfolio Iberdrola, Merlin, Repsol, Santander & Telefónica No changes this week. Mid&Small Recommended Portfolio Applus, CAF, Dominion, Enagás, Ence, Indra, Logista, Másmóvil, Sacyr & Unicaja No changes this week.

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global indexes approaching major resistance Broad global indexes are bumping up against logical downtrend resistance. As a result, our outlook remains cautious and our baseline expectation for continued downward pressure on global equities remains intact. At the same time, we are seeing signs that the worst of the declines may be behind us as global cyclical Sectors show RS improvements while defensive Sectors display early signs of RS deterioration. • Regional/Country Overview. The U.S., Europe, and Japan all remain in downtrends from a price perspective, though major resistance levels are...

Jérôme VINERIER

Short term view - TELEFONICA : The trend is uncertain.

The trend is uncertain. Stochastics are at the overbought level. prices could fall again to €6.664.

Jérôme VINERIER

Analyse court terme - TELEFONICA : La tendance est incertaine.

La tendance est incertaine. Les Stochastiques sont en zone de surachat. Les cours pourraient se replier jusqu'à 6,664 €.

Jérôme VINERIER

Analyse court terme - TELEFONICA : La reprise est une consolidation.

La tendance est baissière. La reprise est une consolidation. La baisse risque de reprendre jusqu'à 6,664 €. La tendance de fond serait remise en cause en cas de franchissement de 7,800 €.

Jérôme VINERIER

Short term view - TELEFONICA : The recovery is a consolidation.

The trend is bearish. The recovery is a consolidation. The fall might resume toward €6.664. The background trend would be questioned should prices rise above €7.800.

Russell Waller

New Street: W. Europe Fixed Tariff Tracker July 2020: Modest cuts in Switzerland; improving trends elsewhere

Average fixed price growth declined slightly to -2.4% YoY in July (from -1.7% in June), with price cuts in Austria and Switzerland offsetting better trends elsewhere.

Soomit Datta

TEF Q2 Quick Take/Post earning call: Slight miss on lowered estimates

Telefonica (Neutral, TP: €6) reported Q2’s this morning. Versus a tough steer into numbers, revenue and EBITDA missed consensus by just 0.5%.

Andres Bolumburu

TELEFÓNICA: MENSAJES DE LA CONFERENCE CALL RDOS. 1S’20 (ANÁLISIS BANCO SABADELL)

Adjuntamos los principales mensajes del conference call de Rdos.:  Covid-19: El impacto en 2T’20 consolidado ha sido de 729 M euros en ventas (6,1% del total), 338 M euros en EBITDA (7,8% del total), esperando que el 2T’20 sea el más negativo del año. El impacto se ha debido a menor venta de terminales, menos negocio prepago, desconexión de Pymes y menos roaming, así como más promociones y el impacto en ARPU por no haber fútbol.  España: Observan claros signos de recuperación desde junio (y en julio la tendencia mejoraría lo visto en junio), habiendo sido mayo el peor mes y observando buena...

Andres Bolumburu

TELEFÓNICA: 1H’20 RESULTS (ANÁLISIS BANCO SABADELL)

2Q’20 vs. 2Q’19 Results: Sales: € 10.34 Bn (-14.8% vs. -15.1% BS(e) and -14.4% consensus); EBITDA: € 3.315 Bn (-25.3% vs. -21.4% BS(e) and -22.4% consensus); EBIT: € 1.033 Bn (-42.7% vs. -38.1% BS(e) and -39.7% consensus); Net Profit: € 425.0 M (-50.7% vs. -49.9% BS(e) and -52.0% consensus); 1H’20 vs 1H’19 Results: Sales: € 21.706 Bn (-10.0% vs. -10.2% BS(e) and -9.8% consensus); EBITDA: € 7.075 Bn (-18.7% vs. -16.7% BS(e) and -17.2% consensus); EBIT: € 2.124 Bn (-38.5% vs. -36.1% BS(e) and -36.9% consensus); Net Profit: € 831.0 M (-53.5% vs. -53.1% BS(e) and -54.1% consensus); The results we...

Andres Bolumburu

TELEFÓNICA: RDOS. 1S’20 (ANÁLISIS BANCO SABADELL)

Rdos. 2T'20 vs 2T'19: Ventas: 10.340 M euros (-14,8% vs -15,1% BS(e) y -14,4% consenso); EBITDA: 3.315 M euros (-25,3% vs -21,4% BS(e) y -22,4% consenso); EBIT: 1.033 M euros (-42,7% vs -38,1% BS(e) y -39,7% consenso); BDI: 425,0 M euros (-50,7% vs -49,9% BS(e) y -52,0% consenso); Rdos. 1S'20 vs 1S'19: Ventas: 21.706 M euros (-10,0% vs -10,2% BS(e) y -9,8% consenso); EBITDA: 7.075 M euros (-18,7% vs -16,7% BS(e) y -17,2% consenso); EBIT: 2.124 M euros (-38,5% vs -36,1% BS(e) y -36,9% consenso); BDI: 831,0 M euros (-53,5% vs -53,1% BS(e) y -54,1% consenso); Rdos. flojos, impactados por Covid-1...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 05/11/2019 - MOL, Telefonica - EN

TP ICAP - Europe - Morning CreditUpdate 05/11/2019 - MOL, Telefonica - EN

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 05/11/2019 - MOL, Telefonica - FR

MOL (Achat) : Se renforce dans l’Upstream Telefonica (Achat hybrides) : Confirme ses objectifs pour 2019 avec un croissance attendue de l’EBITDA de +2% AIB Group (Achat) : Vente d’un portefeuille de NPL d’une valeur de €850m Teleperformance (Achat) : Relève ses objectifs 2019 et vise une croissance organique >10% Colgate-Palmolive : Emission de deux souches senior unsecured pour un montant total de €1 md Ferrari (Achat) - 9M-19 : EBITDA de €936m (+11%) Saint-Gobain (Achat) : Cède son activité de polystyrène expansé (PSE) PostNL...

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Telefónica and Telecom Italia

Telefónica and TIM consider pact to buy OI

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Telefónica, EDF and Fedex

TMT: Telefónica makes small acquisition; TELEFO1.495 9/25 and TELEFO1.447 1/27 still preferred

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Telefónica and TenneT

TMT: Telefónica mulling partial acquisition of OI; TELEFO1.495 9/25 and TELEFO1.447 1/27 favoured

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Harald Eggeling
  • Jean Sassus
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/07/2020

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Harald Eggeling
  • Jean Sassus
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/05/2020

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Florent Laroche-Joubert
  • Jean Sassus
  • Pierre Tegner
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/05/2020

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Florent Laroche-Joubert
  • Jean Sassus
  • Pierre Tegner
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/05/2020

...

Alexandre Iatrides ...
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin

ODDO BHF Small & MIDCAP MORNING NEWS - 10/25/2019

...

With a more favourable environment, TELEFONICA SA improves to Slightly Positive

TELEFONICA SA (ES), a company active in the Integrated Telecommunications industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date June 19, 2020, the closing price was EUR 4.42 and its potential was estimated at EUR 5.01.

Expert Corporate Governance Service (ECGS)

Telefonica – AGM 11 June 2020

Shareholders are called to approve the re-election of Mr. Löscher as independent Director in item 4.6, however, due to his position as Chair of the Supervisory Board in Telefónica Deutschland AG and his aggregate time commitments, ECGS opposes his re-appointment. Therefore, due to the lack of independence on the Board (47%), we recommend that shareholders oppose the re-elections of proprietary and external Directors in items 4.1 and 4.4.   In item 5.1, a first scrip dividend is proposed in lieu of the second cash dividend against 2019 results, in order to help the Company preserve capital wi...

Expert Corporate Governance Service (ECGS)

Telefonica -AGM 07 June 2019

The meeting is expected to be held on second call on 7 June 2019. The positions of Chairman and CEO were separated in practice in July 2017 through the appointment of Mr. Vilá Boix. Although the Company defines Mr. Álvarez-Pallete López as Chairman-CEO and Mr. Vilá Boix as COO, we note that the COO is responsible for the "highest executive functions over all the Company's business areas", which, in our opinion, are the typical responsibilities of a Chief Executive Officer.  This is why this report refers to Mr. Álvarez-Pallete López as Executive Chairman and Mr. Vilá Boix as CEO.  In any case...

Telefonica – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Proxy Report - 08/06/2018

We have serious concerns over the remuneration paid by the Group to the Lead Independent Director Mr. de Paz Mancho (€ 564'000 in 2017, € 485'000 in 2016 and € 500'000 in 2015), which seriously risks to compromise his independence. Therefore, we recommend that shareholders oppose his reappointment in item 3.2. We also have concerns on the overrepresentation of the shareholders BBVA and CaixaBank, which are represented by 12% of Directors each with only 5% of the share capital. Therefore, we recommend that shareholders oppose the reappointment of Mr. Abril Pérez (item 3.3) and the appointment ...

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