Telefonica's Revenue in Local Currency Terms Improving
Telefonica reported solid organic third-quarter results that were overwhelmed by negative currency movements. However, we expect to maintain our EUR 13 per local share fair value estimate and narrow-moat rating. We believe the shares are significantly undervalued. The firm's reported revenue fell 7.9% year over year. However, in local currency terms, revenue increased 2.7%, which was sufficient for management to upgrade its local currency revenue guidance to around 2% for the year from around 1%...
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