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 ...
  • Benoit Valleaux
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Harald Eggeling
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/24/2019

...

Alexandre Iatrides ...
  • Rémi Adam

ODDO : End of 5G auctions: one source of uncertainty less for DTE, VOD and TEFD, picture still fuzzy for DRI

>Record bids, the incumbents do well - After a record 497 rounds, 5G auctions in Germany concluded on Wednesday evening with total bids of € 6.55bn, close to our estimate of € 6.7bn.From round 187, bids for the 2.1 GHz spectrum were generally frozen: DTE and VOD ended with 40 MHz each, while TEFD and DRI secured 20 Mhz. In the case of 1&1 Drillisch, the blocks will be made available in 2026, which implies that: 1/ payment will be due on 30 June 2024 at the latest...

Alexandre Iatrides ...
  • Rémi Adam

ODDO : Fin des enchères 5G : une incertitude en moins pour DTE, VOD et TEFD, le flou reste entier pour DRI

>Des enchères record, les acteurs historiques s’en sortent bien - Après une durée record de 497 rounds, les enchères 5G en Allemagne se sont conclues mercredi soir avec une dépense globale de 6.55 Md€, proche de notre estimation de 6.7 Md€.Dès le round 187, les enchères sur le spectre 2.1 Ghz étaient globalement figées : DTE et VOD terminent avec 40 Mhz chacun, tandis que TEFD et DRI repartent avec 20 Mhz. Dans le cas de 1&1 Drillisch, ces blocs seront mis à disp...

Denise Molina

Morningstar | Updated Telefonica Deutschland

We believe Telefonica Deutschland's acquisition of E-Plus was a strong strategic move. Rather than fighting each other and mobile virtual network operators, or MVNOs, at the low end of the price range, the combined firm is now focusing on adding higher-value customers. It now has more subscribers than Deutsche Telekom or Vodafone and has significantly improved its spectrum position. E-Plus was in a particularly weak position, as it received no spectrum in the 800 megahertz auction in 2012, although to counter this loss, it acquired significant amounts at 2,100 MHz. After the deal, a much broad...

Denise Molina

Updated Telefonica Deutschland

Telefonica Deutschland reported mixed first-quarter results with better revenue growth but lower EBITDA margins. However, these were both primarily driven by strong sales of low-margin handsets, so we don’t anticipate any significant changes to our EUR 4 per share fair value estimate. We continue to believe the company has no moat and the stock is undervalued. Reported revenue grew 0.7% year over year versus our full-year projection of a 0.6% decline. However, this gain was almost all due to a 1...

Allan C. Nichols

Morningstar | Telefonica Deutschland Reported Mixed 1Q Results with Better Revenue Growth but Weaker Margins

Telefonica Deutschland reported mixed first-quarter results with better revenue growth but lower EBITDA margins. However, these were both primarily driven by strong sales of low-margin handsets, so we don’t anticipate any significant changes to our EUR 4 per share fair value estimate. We continue to believe the company has no moat and the stock is undervalued. Reported revenue grew 0.7% year over year versus our full-year projection of a 0.6% decline. However, this gain was almost all due to a 12.6% jump in handset revenue. Wireless service revenue declined 0.5%. While the firm added 306,000 ...

1 director bought

A director at Telefónica Deutschland Holding AG bought 69,999 shares at 2.968EUR and the significance rating of the trade was 71/100. 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 ...
  • Benoit Valleaux
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Harald Eggeling
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/24/2019

...

Alain William ...
  • Alexandre Iatrides
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Harald Eggeling
  • Jean Sassus
  • Johanna Jourdain
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Olivier Lebrun
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/09/2019

...

Alain William ...
  • Alexandre Iatrides
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Harald Eggeling
  • Jean Sassus
  • Johanna Jourdain
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Olivier Lebrun
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/05/2019

...

James Ratzer

Global TMT: Recession Special, O2D, China, ATUS, MTN, NBN, Axiata, 5G Conference

Global TMT: Recession Special, O2D, China, ATUS, MTN, NBN, Axiata, 5G Conference James Ratzer 5

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Olfa Taamallah
  • Rémi Adam
  • Stephane Houri
  • Veysel Taze
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/25/2019

On 30 January, Atos is to host a CMD at which we expect management to adopt an upbeat stance on targets for growth, margins and FCF to beat expectations which have been very low since October 2018. The levers to achieve these targets are credible, in our view. Cf. report published today. - ...

TELEFONICA DTL.HLDG.AG with less fundamental stars is reduced to Neutral

TELEFONICA DTL.HLDG.AG (DE), a company active in the Integrated Telecommunications industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date January 4, 2019, the closing price was EUR 3.39 and its expected value was es...

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

Telefonica Deutschland – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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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