Telefonica Deutschland Holdings

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.
  • TickerA1J5RX
  • ISINDE000A1J5RX9
  • SectorMobile Telecommunications
  • CountryGermany

Analysts

Alexandre Iatrides ...
  • Florent Laroche-Joubert
  • Johanna Jourdain
  • Matthias Desmarais
  • Rémi Adam
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/27/2018

Buy recommendation reiterated based on the company’s repositioning which is now paying off (performances = peers), the expected continuation of solid profit growth (3-year EPS CAGR = +10%) and highly attractive valuation multiples (2019e P/E = 9x). Our target price of € 125 offers 50% upside. - Cf. equity report published last evening - ...

Alexandre Iatrides ...
  • Rémi Adam

ODDO : BNetzA not rolling out the red carpet and looking to extend coverage

>Germany’s priority is 4G coverage. 5G to come later - The German telecoms regulator (Bundesnetzagentur or BnetzA) yesterday validated its rules concerning the auctions for 2Ghz and 3.6 Ghz spectrum which are to take place in the spring of 2019. The document was identical to the draft that was published on Friday 16 November. The emphasis has been placed on coverage, the obligation to negotiate and the regulator’s role as an arbitrator:The auctioning of 120Mhz of...

Alexandre Iatrides ...
  • Florent Laroche-Joubert
  • Johanna Jourdain
  • Matthias Desmarais
  • Rémi Adam
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/11/2018

Recommandation Achat réitérée sur la base d’un repositionnement qui porte ses fruits (performances = comparables), de la poursuite attendue d’une solide progression des profits (TMVA BPA 3 ans = +10%) et de multiples de valorisation particulièrement attractifs (PE 2019e = 9x). Notre objectif de cours de 125 € offre un potentiel de 50%. - Cf. étude publiée hier soir. - ...

Alexandre Iatrides ...
  • Rémi Adam

ODDO : La BNetzA ne déroule pas de tapis rouge et veut étendre la couverture

>L’Allemagne pense d’abord à la couverture 4G. La 5G viendra plus tard - Le conseil de l’autorité des télécommunications (Bundesnetzagentur ou BnetzA) a validé hier les règles de l’organisation des enchères de spectre 2 et 3.6Ghz qui auront lieu au printemps. Le document est à la virgule près conforme au brouillon publié vendredi 16. L’accent est mis sur la couverture du territoire, l’obligation de négocier et le rôle d’arbitre du régulateur :Mise aux enchères de...

Alexandre Iatrides ...
  • Aurelien Sivignon
  • Fatma Agnès Hamdani
  • Johanna Jourdain
  • Martial Descoutures
  • Olivier Lebrun
  • Pierre Corby
  • Rémi Adam

ODDO BHF Small & MIDCAP MORNING NEWS - 11/23/2018

...

Alexandre Iatrides ...
  • Rémi Adam

ODDO : BNetzA not rolling out the red carpet and looking to extend coverage

>Germany’s priority is 4G coverage. 5G to come later - The German telecoms regulator (Bundesnetzagentur or BnetzA) yesterday validated its rules concerning the auctions for 2Ghz and 3.6 Ghz spectrum which are to take place in the spring of 2019. The document was identical to the draft that was published on Friday 16 November. The emphasis has been placed on coverage, the obligation to negotiate and the regulator’s role as an arbitrator:The auctioning of 120Mhz of...

Alexandre Iatrides ...
  • Rémi Adam

ODDO : La BNetzA ne déroule pas de tapis rouge et veut étendre la couverture

>L’Allemagne pense d’abord à la couverture 4G. La 5G viendra plus tard - Le conseil de l’autorité des télécommunications (Bundesnetzagentur ou BnetzA) a validé hier les règles de l’organisation des enchères de spectre 2 et 3.6Ghz qui auront lieu au printemps. Le document est à la virgule près conforme au brouillon publié vendredi 16. L’accent est mis sur la couverture du territoire, l’obligation de négocier et le rôle d’arbitre du régulateur :Mise aux enchères de...

Alexandre Iatrides ...
  • Aurelien Sivignon
  • Fatma Agnès Hamdani
  • Johanna Jourdain
  • Martial Descoutures
  • Olivier Lebrun
  • Pierre Corby
  • Rémi Adam

ODDO BHF Small & MIDCAP MORNING NEWS - 11/23/2018

...

Alexandre Iatrides ...
  • Rémi Adam

ODDO : Next Monday, the key will be the legal framework (binding?) for negotiations between operators

>What counterweight to Deutsche Telekom for coverage sharing? - With the strengthening of coverage obligations for mobile operators published last week in its final draft, the Federal Network Agency (BnetzA) has responded to joint injunctions from politicians and manufacturers, particularly those in the automotive sector who are sensitive to 5G promises. Despite the operators' protests, we take these conditions for granted for next Monday (see details on next page). T...

Alexandre Iatrides ...
  • Rémi Adam

ODDO : Lundi prochain, la clé sera le cadre juridique (contraignant ?) des négociations entre opérateurs

>Quel contrepoids à Deutsche Telekom pour le partage de couverture ? - Avec le renforcement des obligations de couverture pour les opérateurs mobiles publié la semaine dernière dans son brouillon final, l’agence fédérale des réseaux (BnetzA) a répondu aux injonctions conjointes des politiques et des industriels, en particulier ceux de l’automobile sensibles aux promesses de la 5G. Malgré les protestations des opérateurs, nous estimons ces conditions comme acquises pou...

1 director bought

A director at Telefónica Deutschland Holding AG bought 14,236 shares at 3.466EUR and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. ...

Alexandre Iatrides ...
  • Florent Laroche-Joubert
  • Johanna Jourdain
  • Matthias Desmarais
  • Rémi Adam
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/27/2018

Buy recommendation reiterated based on the company’s repositioning which is now paying off (performances = peers), the expected continuation of solid profit growth (3-year EPS CAGR = +10%) and highly attractive valuation multiples (2019e P/E = 9x). Our target price of € 125 offers 50% upside. - Cf. equity report published last evening - ...

Alexandre Iatrides ...
  • Florent Laroche-Joubert
  • Johanna Jourdain
  • Matthias Desmarais
  • Rémi Adam
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/11/2018

Recommandation Achat réitérée sur la base d’un repositionnement qui porte ses fruits (performances = comparables), de la poursuite attendue d’une solide progression des profits (TMVA BPA 3 ans = +10%) et de multiples de valorisation particulièrement attractifs (PE 2019e = 9x). Notre objectif de cours de 125 € offre un potentiel de 50%. - Cf. étude publiée hier soir. - ...

Alexandre Iatrides ...
  • Fatma Agnès Hamdani
  • Martial Descoutures
  • Olivier Lebrun
  • Pierre Corby
  • Rémi Adam

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/23/2018

At the CMD we expect AccorHotels to update its medium-term guidance for EBITDA (including M&A already undertaken). The risk of disappointment appears limited, with consensus forecasts suggesting RevPAR growth of 0.5% per annum for 2019-2021. Cf report published this morning. - ...

Alexandre Iatrides ...
  • Fatma Agnès Hamdani
  • Martial Descoutures
  • Olivier Lebrun
  • Pierre Corby
  • Rémi Adam

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/11/2018

Lors du CMD, AccorHotels devrait mettre à jour la guidance d’EBITDA moyen terme (incluant le M&A réalisé). Le risque de déception nous semble limité, les attentes du consensus suggérant une croissance des RevPAR de 0.5% par an sur 2019/2021. Cf étude publiée ce matin. - ...

James Ratzer

O2D (Reduce): Q3 18 - Next year’s EBITDA now looking riskier

O2D (Reduce): Q3 18 - Next year’s EBITDA now looking riskier James Ratzer 5

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/ Strategy, Telefónica and Telecom Italia

CSPP announced almost €1bn was added to programme last week, very decent in terms of volume and they were active in no less than 13 new ISINs, 11 of them were new (SGOFP, HEIANA, ELIASO etc.), which represented €7bn in eligible debt. The back of the envelope 10% allocation would mean that once again they targeted about €300m in secondary over the week. The central banks are thus still copying the investor needs, targeting primary when available leaving secondary to benefit as supply falls. A short-term positive.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier

Coffee, Croissants & Credit/KPN, Telefónica, Orange, Suez, Terna and TenneT

KPN (KPN) reported solid 2Q18 numbers this morning. Total adjusted sales declined 1.5% to €1.4bn, or +0.5% when excluding the negative effect from regulation. Adjusted EBITDA climbed 1.3% to €577m. Ignoring the regulatory drag, the adjusted EBITDA result would have been 2.3% higher. Overall, we view this report card a supportive to spreads. (For full Story, please download report)

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier

Coffee, Croissants & Credit/Telefónica, ENI

Moody's views Telefónica's (TELEFO) recent acquisition of the soccer rights for the UEFA Champions League and Europa League and the Spanish LaLiga for a total of €4bn for the next 3 seasons as credit positive, as it will enable Telefónica to maintain its competitive advantage in the domestic residential market. The rating agency considers the soccer rights as a “must have” for the company's convergence strategy and it gives Telefónica the most complete sports offer in Spain. This should support further ARPU increases, most notable in the high-value segment of the market, according to the agenc...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier

Coffee, Croissants & Credit/Deutsche Bank fails test, DSM, BP, Telefónica

The Fed released the results of the second part of the bank stress tests on US banks and European banks' US subsidiaries. The second part is also a qualitative assessment that allows the Fed to conclude whether banks may pay distributions as they have planned. Deutsche Bank's (DB) US subsidiary DB USA Corporation was the only institution to whose capital plan Fed objected to. In addition, Goldman Sachs, Morgan Stanley and State Street received a conditional non-objection to capital plan, for the first two based on qualitative grounds and the last one based on quantitative grounds. The other E...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier

Coffee, Croissants & Credit/Telefónica, Telecom Italia, Engie, Credit Suisse

Telefónica (TELEFO) has won the rights to broadcast LaLiga soccer matches in the residential market. For the 3 seasons covering 2019 to 2022, the company pays €980m for each of the seasons. COO Angel Vila previously indicated the company would be very rational when bidding for soccer rights, based on a strict cost/benefit analysis. For instance with respect to the Champions League rights, he indicated earlier that there was a distinct possibility that Telefónica would not renew the contract if the price is too high. Spread neutral.

W. Europe Mobile Tariff Tracker - Aug 2018: Italian pricing bifurcates

W. Europe Mobile Tariff Tracker - Aug 2018: Italian pricing bifurcates. David-Mickael Lopes 7

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 9/05/2017

General: The Company has chosen the legal option to opt-out from individual disclosure of Management Board members' remuneration. The AGM 2012 (before the Company's IPO) approved this resolution with an undisclosed majority of votes FOR. The approval is valid for a period of five years and then needs to be renewed. As the Company has not put forth a respective proposal again at this year's AGM, from financial year 2017 onwards Management Board members' remuneration will therefore have to be disclosed individually.Item 2: We recommend opposing the dividend proposal. ECGS believes that dividends...

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