Telefonica (Buy) FY outlook - CNMC data, VOD Spain, FX – pulling it together
We are updating estimates for Telefonica (Buy, TP: EUR9.4) into FYs on Feb 21st to incorporate latest company commentary, VOD Spain results, CNMC data (through to Nov 18, released today) and FX. Q4 has been a less promotional quarter, adds at Telefonica will have dropped off, but we still expect Spain to ease into positive y/y service revenue growth in Q4 (flat in Q3), which will accelerate further into 2019.
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- Pan European Telecom Services and Cable
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