Telefonica Deutschland Reported Mixed 1Q Results with Better Revenue Growth but Weaker Margins
Telefonica Deutschland reported mixed first-quarter results with better revenue growth but lower EBITDA margins. However, these were both primarily driven by strong sales of low-margin handsets, so we don’t anticipate any significant changes to our EUR 4 per share fair value estimate. We continue to believe the company has no moat and the stock is undervalued.Reported revenue grew 0.7% year over year versus our full-year projection of a 0.6% decline. However, this gain was almost all due to a 1...
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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