Lowering Telefonica Deutschland's FVE Due to Lower Future Expected Cost Savings
Telefonica Deutschland reported 2018 results that were ahead of our expectations. However, management’s comments regarding additional margin expansion potential are less than we expected. Thus, despite better 2018 results, we expect to reduce our fair value estimate to EUR 4 per share from EUR 4.50. We continue to believe the company has no moat, but even with the lower fair value estimate, the shares are undervalued. That said, we would prefer to own Telefonica, its parent company’s stock.Tele...
Telefonica Deutschland Holding is a telecommunication company. Co. offers its consumer retail and business customers postpaid and prepaid wireless communications products, along with wireless data services using Global Packet Radio Service, Universal Mobile Telecommunications System and Long Term Evolution technology as well as Digital Subscriber Line wireline telephony and high-speed internet services. Co. markets its products and its wireless and wireline communications products as well as services via the core brand O2. Co.'s secondary brands include the brands Fonic and netzclub. Co. also markets high-speed DSL internet access and wireline telephony.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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