Telefonica Deutschland Q3 23 - Decent quarter. Decent market
We have just seen the breaking news that Telefonica is making an offer to buyout the O2D minorities, and we will come back with more specific thoughts on that later today. In this note we review the Q3 numbers and our medium term thinking.Telefonica Deutschland has reported reasonable Q3 results (albeit EBITDA was slightly weak vs. consensus) with encouraging net adds and all FY guidance re-iterated. We believe the dynamics of the German market still look appealing, but the 1&1 contract loss will be a major drag. In this note, we look at the Q3 results and also revisit our thesis compared to our medium-term estimates.
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.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.