Telefonica (Buy, TP: €4.5, +19%) Q4 22: Good EBITDA beat and guidance - Quick Take
Telefonica has reported another good set of numbers, with consolidated EBITDA c5% ahead of consensus, but this time the beat is driven by Spain as much as HISPAM, which means the market should like it more than previous beats. SR trends are better at the Group level with Spain back to positive SR growth y/y - given the growth in VAS and handsets booked in SR, Spanish EBITDA is arguably a better metric for Spain at the moment, and that is also better y/y in Q4.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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