Report
Stephane Beyazian

Telefonica : Q4 2023: impressive performance in Brazil but too many exceptionals

>Prospects of an FCF recovery in 2024 confirmed - Telefonica has published Q4 2023 revenue of € 10,153m (1.6% above the consensus forecast of € 9,992m). EBITDA came in 9% below forecasts due to exceptional items (provisions in Spain, restructuring charges, a € 58m depreciation in Ecuador, regulatory provisions); excluding exceptionals, adjusted EBITDA appears to be 4% above the consensus. The net loss of € 892m includes a non-cash goodwill impairment on the UK asset a...
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.

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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