New Street: Telefonica - DOWNGRADE to Neutral; UK deal into Valuation
We are incorporating the VMED deal into our TEF valuation. The upside of EUR0.3/share is, however, more than offset by downgrades to our underlying estimates following the weak Q1s and with a tough outlook for the coming quarters.
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
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