Report
Allan C. Nichols
EUR 101.80 For Business Accounts Only

Telefonica is leading Europe in the movement to converged services.

Telefonica reported strong fourth-quarter results that led to 2016 financials above our expectations. However, management provided guidance for 2017 below our projections, so we don't anticipate any significant changes to our fair value estimate. Our narrow moat rating is intact. Telefonica remains one of our favourite European telecom stocks, as we believe the shares are significantly undervalued. The firm reported organic revenue growth of 2.7% in the fourth quarter, which, added to its acquis...
Underlying
Telefonica S.A. ADS

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Allan C. Nichols

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