Currency Weakness Hit Telefonica Hard in 2018; Shares Significantly Undervalued
Currency movements hurt Telefonica’s 2018 results more than we had anticipated, but current exchange rates remain near those we had already assumed for 2019. Thus, we don’t anticipate significant changes to our 2019 expectations or our EUR 13 per local share fair value estimate. Reported revenue fell 6% year over year, versus our expectation of a decline of 3%. However, revenue grew 2% on an organic basis. While organic revenue guidance for 2019 is for 2% growth, we are modeling a reported decli...
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