New Street Research - Telefonica SA (TEF) Telefonica (Neutral, €4.8, +14%) Peru insolvency could be material for TEF’s FCF guidance

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New Street Research

James Ratzer

EUR 9513.00 For Business Accounts Only

Telefonica (Neutral, €4.8, +14%) Peru insolvency could be material for TEF’s FCF guidance

We still await more details on any change of strategy from the new CEO, but the process of trying to “clean up” Telefonica Hispam seems to be accelerating and Telefonica has now announced that Peru will go into insolvency proceedings. In this note, we review what this means and show that the outcome could help Telefonica to hit their €3bn 2026 FCF guidance and drive a near-term uplift to consensus FCF numbers

17/02/2025 1 EN

Underlying

Telefonica SA

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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ES0178430E18 Madrid Stock Exchange Spain

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Analysts

James Ratzer

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Telefonica (Neutral, €4.8, +14%) Peru insolvency could be material for TEF’s FCF guidance

Credit Morning 02/19/2025

Morning Crédit 19/02/2025

VIPS 4Q24 Results: Improving Outlook

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