New Street: Telefonica Deutschland (Reduce, €1.7, -26%) Q3 21: Positive results, but 1&1 still the spectre at the feast
Telefonica Deutschland has reported a good set of Q3 results and slightly upgraded its guidance for 2021 from “slightly positive” EBITDA growth to “mid single-digit" EBITDA growth. This will likely imply a consensus upgrade of c.1-2%, which we see as an encouraging sign both for O2D and the whole German market. They have also announced that Lebara has switched its MVNO contract over from DT, which is a small positive step to offset the likely declines as 1&1 offloads its own traffic.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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