Telefonica Deutschland Reported Roughly in Line Results; Shares Fairly Valued
Telefonica Deutschland reported first-quarter results that were roughly in line with our expectations and we are maintaining our fair value estimate for now. Our no-moat rating remains unchanged and we believe the shares are fairly valued. The firm’s reported revenue fell 4.7% versus our full-year projection of a drop of 3.4%. It grew its wireless subscriber base a solid 3.9% to 44.7 million. However, this gain was more than offset by a 6.7% decline in its blended average revenue per user, or AR...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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