Telefonica Reported Mixed 2Q Results With Weak Revenue, but Improved Margins; Shares Undervalued
Telefonica reported mixed second-quarter results, with weak revenue, but improved EBITDA margins. We plan on maintaining our EUR 13 per local share fair value estimate and narrow moat rating. We continue to believe the shares are significantly undervalued. The firm reported that revenue fell 6.3% year over year as it continues to be hurt by currency movements versus our full-year projection of a drop of 1.3%. However, on an organic basis, revenue grew 2%.In Spain, its largest market, revenue in...
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