Telefonica Reports In-Line Q3; Despite Dividend Cut, We See Shares as Significantly Undervalued
Telefonica reported third-quarter results that were generally in line with our expectations, and we expect to maintain our fair value estimates for both the local shares and the ADRs. We are also maintaining our narrow moat rating. The firm reported revenue growth on a pro forma basis as if GVT in Brazil and DTS in Spain were acquired at the beginning of 2015. On this basis, revenue fell 5.9% due to currency declines in Latin America and the United Kingdom. Excluding currency movements, revenue ...
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