Telefonica Deutschland Reported In-Line Q3 Results With Solid Margin Improvement; Shares Undervalued
Telefonica Deutschland reported third-quarter results that are roughly in line with our expectations, and we are maintaining our fair value estimate and no-moat rating. Reported revenue fell 5.2% year over year in the quarter and 4.5% for the nine-month period, versus our full-year projection of a drop of 4.5%. The firm expanded its wireless subscriber base by 1.8% to 44.1 million while keeping its fixed-line customer base almost flat. However, its wireless average revenue per user fell 3.7%. We...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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