Report
Stephane Beyazian

Telefonica Deutschland : Q4 2022 results 4-5% above consensus and upside in 2023

>2023 outlook of low single digit growth - For 2023, Telefonica Deutschland is targeting low single digit growth in revenues and in EBITDA as well as a small contraction in Capex. Current 2023 consensus is implying only 1% growth on reported FY 2022 results, leaving some upside potential. We observe that 1/ Telefonica is traditionally conservative and has delivered better trends in FY2022, and 2/ Telefonica is increasing frontbook prices by € 1 on the Blau brand (Fe...
Underlying
Telefonica Deutschland Holding AG

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Stephane Beyazian

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