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 ...
  • Rémi Adam

ODDO : Preview for United Internet, Drillisch: little at stake pending the results of the auctions...in several weeks

>Starting pistol for the auction cycle despite the appeals - As scheduled, the BundesNetzAgentur (BNetzA) today opens the auctions for 5G spectrum in Germany. As was the case for last three sessions, in 2000, 2010 and 2015, the many appeals from participants and governmental attempts to influence the calendar have failed to alter the set up. Like the previous sessions of, respectively, 18, 38 and 23 working days (premises open from 8.00 a.m. to 5.30 p.m.), the process...

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. ...

Allan C. Nichols

Lowering Telefonica Deutschland's FVE Due to Lower Future Expected Cost Savings

Telefonica Deutschland reported 2018 results that were ahead of our expectations. However, management’s comments regarding additional margin expansion potential are less than we expected. Thus, despite better 2018 results, we expect to reduce our fair value estimate to EUR 4 per share from EUR 4.50. We continue to believe the company has no moat, but even with the lower fair value estimate, the shares are undervalued. That said, we would prefer to own Telefonica, its parent company’s stock. Tele...

Allan C. Nichols

Morningstar | Telefonica Deutschland Reported Better 2018 Results, but Provided Weak Guidance; Lowering Our FVE

Telefonica Deutschland reported 2018 results that were ahead of our expectations. However, management’s comments regarding additional margin expansion potential are less than we expected. Thus, despite better 2018 results, we expect to reduce our fair value estimate to EUR 4 per share from EUR 4.50. We continue to believe the company has no moat, but even with the lower fair value estimate, the shares are undervalued. That said, we would prefer to own Telefonica, its parent company’s stock. Telefonica Deutschland reported revenue growth of 3.2% year over year in the fourth quarter, which push...

James Ratzer

O2D Q4 18 - Still pressures on own-brand

O2D Q4 18 - Still pressures on own-brand James Ratzer 5

Alexandre Iatrides ...
  • Rémi Adam

ODDO : Preview for United Internet, Drillisch: little at stake pending the results of the auctions...in several weeks

>Starting pistol for the auction cycle despite the appeals - As scheduled, the BundesNetzAgentur (BNetzA) today opens the auctions for 5G spectrum in Germany. As was the case for last three sessions, in 2000, 2010 and 2015, the many appeals from participants and governmental attempts to influence the calendar have failed to alter the set up. Like the previous sessions of, respectively, 18, 38 and 23 working days (premises open from 8.00 a.m. to 5.30 p.m.), the process...

Allan C. Nichols

Lowering Telefonica Deutschland's FVE Due to Lower Future Expected Cost Savings

Telefonica Deutschland reported 2018 results that were ahead of our expectations. However, management’s comments regarding additional margin expansion potential are less than we expected. Thus, despite better 2018 results, we expect to reduce our fair value estimate to EUR 4 per share from EUR 4.50. We continue to believe the company has no moat, but even with the lower fair value estimate, the shares are undervalued. That said, we would prefer to own Telefonica, its parent company’s stock. Tele...

Allan C. Nichols

Morningstar | Telefonica Deutschland Reported Better 2018 Results, but Provided Weak Guidance; Lowering Our FVE

Telefonica Deutschland reported 2018 results that were ahead of our expectations. However, management’s comments regarding additional margin expansion potential are less than we expected. Thus, despite better 2018 results, we expect to reduce our fair value estimate to EUR 4 per share from EUR 4.50. We continue to believe the company has no moat, but even with the lower fair value estimate, the shares are undervalued. That said, we would prefer to own Telefonica, its parent company’s stock. Telefonica Deutschland reported revenue growth of 3.2% year over year in the fourth quarter, which push...

James Ratzer

O2D Q4 18 - Still pressures on own-brand

O2D Q4 18 - Still pressures on own-brand James Ratzer 5

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Delphine Brault
  • Emira Sagaama
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Pierre Tegner
  • Pierre Corby
  • Rémi Adam
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/02/2019

Le parcours de Bouygues témoigne, selon nous, d’un sentiment injustement dégradé : 1/ perspectives en construction occultées par un warning surjoué (1.9 Md€ effacés pour 123 M€ de one-off) ; 2/ résilience des télécoms et relai de croissance en B2B; 3/ généreux dividende d’Alstom dans l’année (6.5 €e/titre) ; 4/ TF1 à ses plus bas. Avec 9% de FCF yield et 5.8% de rendement, l’affaire est bonne et l’occasion rare. Achat réitéré, OC 44 €. Cf. étude publiée ce jour. - ...

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

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/01/2019

Le 30 janvier, le management d’Atos devrait mener un CMD offensif et proposer des objectifs de croissance, de marge et de FCF supérieurs aux attentes, qui ont bien baissé depuis octobre dernier. Et les leviers à actionner nous semblent crédibles. Cf. étude publiée ce jour. - ...

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. - ...

Alexandre Iatrides ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Louis Boujard
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Sven Edelfelt
  • Veysel Taze
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/30/2018

For the moment, 5G has generated more anxiety than real enthusiasm among investors. Our analysis suggests a smooth transition for capex, but that the incident with the spectrum auctions might weigh on sentiment. We favour the German market if the absence of a fourth player is confirmed on 26 November. Deutsche Telekom (Buy, target price € 17.7) is our Top Pick. Cf. sector report published last evening. - ...

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/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...

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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