Telefonica Deutschland Reports Broadly In-Line 2Q Results; Shares Fairly Valued
Telefonica Deutschland reported second-quarter results that were broadly in line with our expectations, and we expect to maintain our EUR 4.50 fair value estimate and no-moat rating. We believe the shares are fairly valued at current prices. Reported revenue fell 3.4% year over year, spot on with our full-year projection. Telefonica continues to expand its wireless subscriber base, which increased 4.1% to 45.2 million. However, its subscriber gains are more than lost to reduced average revenue p...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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