Telefonica’s Q1 results leave us feeling more confident about its longer-term growth trajectory and believe that there could be further upside to estimates from the new Digi wholesale agreement and consensus fully factoring in the headcount reduction deal.
1Q'24 vs. 1Q'23 Results Sales: € 10.14 Bn (+0.9% vs. +0.5% BS(e) and +0.2% consensus); EBITDA: € 3.205 Bn (+2.7% vs. +1.7% BS(e) and +1.7% consensus); EBIT: € 1.042 Bn (+7.4% vs. +4.4% BS(e) and +5.7% consensus); Net Profit: € 532.0 M (+78.5% vs. -31.9% BS(e) and +30.2% consensus);
Rdos. 1T'24 vs 1T'23: Ventas: 10.140 M euros (+0,9% vs +0,5% BS(e) y +0,2% consenso); EBITDA: 3.205 M euros (+2,7% vs +1,7% BS(e) y +1,7% consenso); EBIT: 1.042 M euros (+7,4% vs +4,4% BS(e) y +5,7% consenso); BDI: 532,0 M euros (+78,5% vs -31,9% BS(e) y +30,2% consenso).
>Un T1 2024 en ligne avec les attentes - Telefonica publie un CA du T1 2024 en hausse de 2% à 10 140 M€ (1% au-dessus du consensus de 10 057 M€), porté par le Brésil (croissance de 10%). L’EBITDA ressort en hausse de 2% à 3 205 M€ (1% au-dessus du css de 3 174 M€) mais l’EBITDAaL simplement en ligne. Le FCF au T1 2024 ressort en négatif de 44 M€ (vs consensus de gain de 111 M€). Les objectifs 2024 sont confirmés. Pour 2024, Telefonica vise une croissance du CA de...
>Q1 2024 in line with forecasts - Telefonica has published Q1 2024 revenue growth of 2% to € 10,140m (1% above the consensus € 10,057m), driven by Brazil (growth of 10%). EBITDA was up 2% to € 3,205m (1% above the consensus at € 3,174m) but EBITDAaL was simply in line. FCF in Q1 2024 showed a loss of € 44m (vs consensus forecast for a gain of € 111m). The targets for 2024 are confirmed. For 2024, Telefonica is targeting revenue growth of 1%, +1-2% for EBITDA, > +...
>Good Q1 performance despite adverse calendar effect - Bookings growth in Q1 (+2.8% y-o-y for bookings still 23% below Q1, stable relative to Q4) was impacted by the unfavourable positioning of the Easter vacation, for an impact of c. -1.5 pt by our calculations. This calendar effect, coupled with the loss of some local bookings in the US migrated to direct connect (stable impact vs Q4), had an impact of -5 pt on bookings growth in Q1. This factor was largely offset b...
>Bonne performance T1 malgré l’effet calendaire défavorable - La croissance des bookings au T1 (+2.8% y/y pour des bookings toujours 23% en dessous du T1, stable par rapport au T4) a été impactée par le positionnement défavorable des vacances de pâques, pour un impact de c. -1.5 pt selon nos calculs. Cet effet calendaire, couplé à la perte de certains bookings locaux aux USA migrés en direct connect (impact stable vs Q4), a un impact de -5 pt sur la croissance des boo...
NEWS SUMMARY: BANKING SECTOR, CAF, REPSOL, TELEFÓNICA. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’24 results to be released over the coming days in Spain. Europe continues to rally Another session of gains in Europe (except in Italy, which fell slightly), driven by the results campaign and despite the fact that sovereign debt yields widened after several days of tighte...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, REPSOL, SECTOR BANCARIO, TELEFONICA. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 1T’24 que se publicarán en España y Europa en los próximos días. Europa sigue al alza Continuaron una jornada más las subidas en Europa (a excepción de Italia que recortó de forma moderada) impulsadas por la campaña de...
>Q1 sales up 14% y-o-y, 1.5% above expectations - Q1 revenue came to € 1,496.3m, up 14.1% y-o-y. This is 1.5% above css expectations and roughly in line with ours (vs ODDO BHF: € 1,492.7m; css: € 1,474.8m) Air Distribution revenues came in at € 764.4m, up 12.6% y-o-y but still down -9.0% vs Q1 2019. This figure is 0.5% above css expectations but -0.8% below our expectations (vs ODDO BHF: € 770.8m; css: € 760.6m). Bookings came in at 125.2m, up 2.8% y-o-y, -2.7%...
>Q1 sales up 14% y-o-y, 1.5% above expectations - Q1 revenue came to € 1,496.3m, up 14.1% y-o-y. This is 1.5% above css expectations and roughly in line with ours (vs ODDO BHF: € 1,492.7m; css: € 1,474.8m) Air Distribution revenues came in at € 764.4m, up 12.6% y-o-y but still down -9.0% vs Q1 2019. This figure is 0.5% above css expectations but -0.8% below our expectations (vs ODDO BHF: € 770.8m; css: € 760.6m). Bookings came in at 125.2m, up 2.8% y-o-y, -2.7%...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, AMADEUS, ENDESA, FERROVIAL, FLUIDRA, NATURGY, ROVI, TALGO. EUROPA: AB INVEB, BMW, MUNICH RE. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 1T’24 que se publicarán en España y Europa en los próximos días. Continúa el rebote en Europa Las bolsas europeas continuaron con el rebote de comienzos de seman...
NEWS SUMMARY: AENA, AMADEUS, ENDESA, FERROVIAL, FLUIDRA, NATURGY, ROVI, TALGO. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’24 results to be released over the coming days in Spain. The rally in Europe continues European stock markets continued to rally at the start of the week while sovereign debt yields continued to fall, bringing the IBEX back above 11,000 points. With...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.