Telefonica (Buy, €4.7, +21%) Pullback provides good re-entry point
With the stock already up 16% YTD, expectations were arguably elevated, so Telefonica’s results this morning might not have been enough to maintain such material outperformance, but we found overall results to be absolutely fine, with key focus on improving near-term trends in Spain, and longer-term support coming from reduced copper costs as well. Pre-released results from Vivo, O2D and VMO2 were all supportive too.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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