New Street: Telefonica Deutschland (Reduce, €1.7, -23%) Q3 22 - German market stability prevailing
Telefonica Deutschland has reported a solid set of Q3 results and this includes a modest upgrade to headline guidance, highlighting to us that the German market remains rational. Although consensus numbers are unlikely to move much, this is still reassuring given there had been concerns over their potential energy exposure. The news overnight that Germany plans to cap energy prices in 2023 should provide further reassurance on energy costs for next year.Telefonica Deutschland Holding is a telecommunication company. Co. offers its consumer retail and business customers postpaid and prepaid wireless communications products, along with wireless data services using Global Packet Radio Service, Universal Mobile Telecommunications System and Long Term Evolution technology as well as Digital Subscriber Line wireline telephony and high-speed internet services. Co. markets its products and its wireless and wireline communications products as well as services via the core brand O2. Co.'s secondary brands include the brands Fonic and netzclub. Co. also markets high-speed DSL internet access and wireline telephony.
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