TELEFÓNICA: NEW STRATEGIC PLAN (ANÃLISIS BANCO SABADELL)
The new plan presented should be a driver. BUY.Yesterday the company announced a new Strategic Plan that clarifies the group’s priorities on the markets, focusing on Spain, Germany and the UK, whereas in LatAm it has spun off all the businesses except Brazil (which would account for 17% of EBITDA). It has also created new Technology and Infrastructure divisions in order to price in the infrastructure put into place (and that yet to be deployed), while redefining the corporate centre model and the organisation of TEF Spain (33% EBITDA). On the qualitative level the news is positive in our view, as it could generate drivers in the short and medium term (possible tower sales, asset sales in LatAm, network coinvestment agreements). On the financial level the impact is small (€ +2 Bn of revenues in 2022, +4% of the current total).
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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