Telefonica Deutschland Reports In-Line 3Q Results; Shares Undervalued
Telefonica Deutschland reported in-line third-quarter results, and we expect to maintain our EUR 4.50 per share fair value estimate and no-moat rating. We believe the shares are undervalued. The firm reported that revenue declined 1.1% year over year, but the nine-month result is only minus 0.7%, versus our full-year projection of a drop of 0.5%.However, its wireless telecom business, which accounts for about 89% of revenue, is showing signs of improvement. Telefonica added 233,000 contract su...
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.
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