New Street: TEF (Buy, TP: EUR5.0, +28%) Telefonica Q2s: Quick Take: Guidance uplift, UK FTTH overlay raises risks
Telefonica released Q2s this morning which were ahead at revenue level (2.5% ex-Argentina) and EBITDA (2%); UK wireless standalone was great, Spain more mixed.Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.
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