Telefonica’s 1Q Results Hurt by Foreign Exchange, but Roughly in Line; Shares Remain Undervalued
Telefonica’s results were hit hard by currency movements but were roughly in line with our expectations excluding currency. On a reported basis, the firm’s revenue fell 7.2% year over year but on an organic basis grew 1.9% versus our full-year projection of a gain of 0.9%. We expect to maintain our EUR 13 per local share fair value estimate and narrow moat rating. We continue to believe the shares are significantly undervalued, and the stock remains on our Best Ideas List.In its home market of ...
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