Telefonica Deutschland : Forecasts post-1&1, rating and target price lowered
>A marked loss of over € 600m at a very high margin (25% of EBITDA) - Last week, 1&1 announced a contract to switch its mobile traffic to the Vodafone network as of mid-2024. This traffic is currently on the Telefonica Deutschland network and represents over € 600m in FY revenues (or € 500m excluding interco traffic), at a very high margin on our estimates. The loss represents ~25% of EBITDA, before a possible reduction in costs and investments, and 100% of FCF. 1&1 s...Telefonica Deutschland Holding is a telecommunication company. Co. offers its consumer retail and business customers postpaid and prepaid wireless communications products, along with wireless data services using Global Packet Radio Service, Universal Mobile Telecommunications System and Long Term Evolution technology as well as Digital Subscriber Line wireline telephony and high-speed internet services. Co. markets its products and its wireless and wireline communications products as well as services via the core brand O2. Co.'s secondary brands include the brands Fonic and netzclub. Co. also markets high-speed DSL internet access and wireline telephony.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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