End of coverage

From 2nd January 2024, we will no longer include in our research universe:Telecom ItaliaOrangeDeutsche TelekomTelefonica

Vermilion Compass: Weekly Equity Strategy

Favor Defensives as S&P 500 Tests 4165-4200 The S&P 500 is approaching the 4165-4200 area; we continue to believe this will cap upside in 2023, but we also acknowledge that a move to 4300-4325 is possible... see chart below. Considering limited upside in both scenarios, we continue to recommend shifting to defensives, particularly Health Care (XLV), Utilities (RYU, XLU), Consumer Staples (XLP), and precious metals miners (GDX). Index Overview. Downside targets for the S&P 500 continue to be at...

Bryan, Garnier & Co Technology Daily | ETL, SESFd, SOP, TEF, TELCO, SE...

Estimates update following FY22 results

PT upgraded slightly to EUR3.6 vs EUR3.5 following our post-FY 2022 estimates update, and more notably, better FCF generation and therefore lower net debt. Neutral recommendation unchanged.

Spanish broadband and telecommunications provider analysis

​Telefonica is one of the largest supplier of telecommunications services in the World and the company is the leader in the Spanish and Portuguese speaking world. They provide fixed-link public voice telephone, mobile phone service, internet access, data transmission, directories and broadcast media. Moody's Investors Service has recently changed to negative from stable the outlook on the ratings of Telefonica S.A. Is it an indicator of future stock price changes? We divide our report in 3 se...

Morningstar | Telefonica Should Benefit From a Solid Network in Spain ...

Telefonica has faced upheaval in Spain (about a quarter of total revenue) over the past decade, where economic turmoil and fierce competition have cut the firm’s revenue by 40%. It remains the dominant telecom carrier in the country, however, at more than twice the size of its closest rivals, Orange and Vodafone. In Latin America (more than 40% of revenue), Telefonica is, along with America Movil, one of two dominant operators. The remainder of the business resides in Germany and the U.K., whe...

Telefonica Should Benefit From a Solid Network in Spain and Economic G...

We are placing our fair value estimate for Telefonica under review. We will publish an updated report and valuation by May 27....

Morningstar | Telefonica Under Review

We are placing our fair value estimate for Telefonica under review. We will publish an updated report and valuation by May 27.

Telefonica Under Review

We are placing our fair value estimate for Telefonica under review. We will publish an updated report and valuation by May 27....

Morningstar | Telefonica Generates Solid Organic Revenue Growth, Hurt ...

In the first quarter, Telefonica once again reported solid organic revenue growth (+3.8%), but saw this gain negated by currency movements. Thus, reported revenue declined 1.7% year over year. The culprits were primarily the Brazilian real, and the Argentine peso. Our full-year revenue growth projection of 0.7% assumed weaker currencies, but not this much. However, we don’t expect any significant changes to our EUR 13 per local share fair value estimate. Our narrow moat rating remains intact, ...

Telefonica Generates Solid Organic Revenue Growth, Hurt by Fjoreign Ex...

In the first quarter, Telefonica once again reported solid organic revenue growth (+3.8%), but saw this gain negated by currency movements. Thus, reported revenue declined 1.7% year over year. The culprits were primarily the Brazilian real, and the Argentine peso. Our full-year revenue growth projection of 0.7% assumed weaker currencies, but not this much. However, we don’t expect any significant changes to our EUR 13 per local share fair value estimate. Our narrow moat rating remains intact, ...

Morningstar | TEF Updated Forecasts and Estimates from 05 Mar 2019

Telefonica is the incumbent telephone operator in Spain and, along with America Movil, one of two dominant operators in Latin America. Thanks to its acquisition of E-Plus in Germany, it is the largest wireless operator by number of subscribers in the country. It is also the second-largest wireless operator in the U.K. Beyond its size, which provides Telefonica with scale by spreading its fixed costs over a large number of subscribers, we like the company's move into converged services, bundling ...

Morningstar | Telefonica Agrees to Sell Central American Operations to...

Telefonica is the incumbent telephone operator in Spain and, along with America Movil, one of two dominant operators in Latin America. Thanks to its acquisition of E-Plus in Germany, it is the largest wireless operator by number of subscribers in the country. It is also the second-largest wireless operator in the U.K. Beyond its size, which provides Telefonica with scale by spreading its fixed costs over a large number of subscribers, we like the company's move into converged services, bundling ...

Telefonica Agrees to Sell Central American Operations to Help Reduce D...

Currency movements hurt Telefonica’s 2018 results more than we had anticipated, but current exchange rates remain near those we had already assumed for 2019. Thus, we don’t anticipate significant changes to our 2019 expectations or our EUR 13 per local share fair value estimate. Reported revenue fell 6% year over year, versus our expectation of a decline of 3%. However, revenue grew 2% on an organic basis. While organic revenue guidance for 2019 is for 2% growth, we are modeling a reported d...

Morningstar | Currency Weakness Hit Telefonica Hard in 2018; Shares Si...

Currency movements hurt Telefonica’s 2018 results more than we had anticipated, but current exchange rates remain near those we had already assumed for 2019. Thus, we don’t anticipate significant changes to our 2019 expectations or our EUR 13 per local share fair value estimate. Reported revenue fell 6% year over year, versus our expectation of a decline of 3%. However, revenue grew 2% on an organic basis. While organic revenue guidance for 2019 is for 2% growth, we are modeling a reported d...

Currency Weakness Hit Telefonica Hard in 2018; Shares Significantly Un...

Currency movements hurt Telefonica’s 2018 results more than we had anticipated, but current exchange rates remain near those we had already assumed for 2019. Thus, we don’t anticipate significant changes to our 2019 expectations or our EUR 13 per local share fair value estimate. Reported revenue fell 6% year over year, versus our expectation of a decline of 3%. However, revenue grew 2% on an organic basis. While organic revenue guidance for 2019 is for 2% growth, we are modeling a reported d...

Morningstar | Millicom Agrees to Acquire Telefonica’s Operations in ...

Millicom announced on Feb. 20 that it agreed to acquire Telefonica’s operations in Panama, Costa Rica, and Nicaragua for $1.65 billion, or 6.8 times 2018 EBITDA. Strategically, we believe this is a great acquisition at a fair price. These are the three countries where Millicom was a fixed-line telecom operator only, and Telefonica’s assets are all wireless, making Millicom a converged operator in all of its Latin American operations. Telefonica is the largest operator in Panama and Nicaragua...

Millicom Agrees to Acquire Telefonica’s Operations in Panama, Costa ...

Millicom announced on Feb. 20 that it agreed to acquire Telefonica’s operations in Panama, Costa Rica, and Nicaragua for $1.65 billion, or 6.8 times 2018 EBITDA. Strategically, we believe this is a great acquisition at a fair price. These are the three countries where Millicom was a fixed-line telecom operator only, and Telefonica’s assets are all wireless, making Millicom a converged operator in all of its Latin American operations. Telefonica is the largest operator in Panama and Nicaragua...

Morningstar | Telefonica's Revenue in Local Currency Terms Improving

Telefonica is the incumbent telephone operator in Spain and, along with America Movil, one of two dominant operators in Latin America. Thanks to its acquisition of E-Plus in Germany, it is the largest wireless operator by number of subscribers in the country. It is also the second-largest wireless operator in the U.K. Beyond its size, which provides Telefonica with scale by spreading its fixed costs over a large number of subscribers, we like the company's move into converged services, bundling ...

Telefonica's Revenue in Local Currency Terms Improving

Telefonica reported solid organic third-quarter results that were overwhelmed by negative currency movements. However, we expect to maintain our EUR 13 per local share fair value estimate and narrow-moat rating. We believe the shares are significantly undervalued. The firm's reported revenue fell 7.9% year over year. However, in local currency terms, revenue increased 2.7%, which was sufficient for management to upgrade its local currency revenue guidance to around 2% for the year from around 1%...