Telefonica Generates Solid Organic Revenue Growth, Hurt by Fjoreign Exchange; Shares Undervalued
In the first quarter, Telefonica once again reported solid organic revenue growth (+3.8%), but saw this gain negated by currency movements. Thus, reported revenue declined 1.7% year over year. The culprits were primarily the Brazilian real, and the Argentine peso. Our full-year revenue growth projection of 0.7% assumed weaker currencies, but not this much. However, we don’t expect any significant changes to our EUR 13 per local share fair value estimate. Our narrow moat rating remains intact, an...Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.
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