Telefonica Deutschland Reports 2Q Results in Line With Expectations; Shares Undervalued
No-moat Telefonica Deutschland reported second-quarter results that were in line with market expectations, with reported revenue up 1.6% year over year, driven by strong performance in handset revenue, which was up 12.9%. EBITDA was up 25.2% on a reported basis, mainly because of the adoption of IFRS 16. We maintain our EUR 4 fair value estimate.Mobile service revenue was flat, due to the mix effect washing out an increase in prepaid average revenue per user. Postpaid ARPU declined 2.7% to EUR ...
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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