Telefonica S.A.

Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.
  • TickerTEF
  • ISINES0178430E18
  • ExchangeMadrid Stock Exchange
  • SectorFixed Line Telecommunications
  • CountrySpain

Analysts

For TELEFONICA SA, the environment deterioration entails a downgrade to Neutral

TELEFONICA SA (ES), a company active in the Integrated Telecommunications industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 4 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date June 21, 2019, the closing price was EUR 7.26 and its expected value was estimated at EUR 7.35.

Eduardo Garcia Arguelles

TELEFONICA - GERMANY. Spectrum auction

Michael Hodel

Morningstar | TEF Updated Star Rating from 27 May 2019

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., where it holds solid market share, but its position isn’t as strong. We don’t expect Telefonica will prod...

Michael Hodel

Telefonica Should Benefit From a Solid Network in Spain and Economic Growth in Latin America

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

Expert Corporate Governance Service (ECGS)

Telefonica -AGM 07 June 2019

The meeting is expected to be held on second call on 7 June 2019. The positions of Chairman and CEO were separated in practice in July 2017 through the appointment of Mr. Vilá Boix. Although the Company defines Mr. Álvarez-Pallete López as Chairman-CEO and Mr. Vilá Boix as COO, we note that the COO is responsible for the "highest executive functions over all the Company's business areas", which, in our opinion, are the typical responsibilities of a Chief Executive Officer.  This is why this report refers to Mr. Álvarez-Pallete López as Executive Chairman and Mr. Vilá Boix as CEO.  In any case...

Eduardo Garcia Arguelles

TELEFONICA - GERMANY. Spectrum auction

Michael Hodel

Morningstar | TEF Updated Star Rating from 27 May 2019

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., where it holds solid market share, but its position isn’t as strong. We don’t expect Telefonica will prod...

Michael Hodel

Telefonica Should Benefit From a Solid Network in Spain and Economic Growth in Latin America

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

Allan C. Nichols

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.

Allan C. Nichols

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....

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/10/2019

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/05/2019

...

Soomit Datta

Global TMT: China, ASML, INTEL, LILA/MIC, SBAC, VOD/TEF UK, New Oriental

Global TMT: China, ASML, INTEL, LILA/MIC, SBAC, VOD/TEF UK, New Oriental For further details, please contact Soomit Datta on 8 or email , or Charlie Gaynor 1 or email {MSG CHARLIE GAYNOR }

Ahmed Ben Salem ...
  • Alex Koagne
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/31/2018

...

Soomit Datta

Global TMT: TMUS, AMT, TEF, TEFB, TNET, Brazil, DoCoMo, Protelindo

Global TMT: TMUS, AMT, TEF, TEFB, TNET, Brazil, DoCoMo, Protelindo.

For TELEFONICA SA, the environment deterioration entails a downgrade to Neutral

TELEFONICA SA (ES), a company active in the Integrated Telecommunications industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 4 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date June 21, 2019, the closing price was EUR 7.26 and its expected value was estimated at EUR 7.35.

Ng Adrian

Telefonica

Ng Adrian

Telefonica

Ng Adrian

Telefonica

Ng Adrian

Telefonica

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

Coffee, Croissants & Credit/Telefónica to receive €702m tax refund

Telefónica (TELEFO) has received notification it will receive a tax refund of €702m. The amount relates to overpayments of corporate income taxes over 2008-11. Telefónica is currently evaluating its legal options against this notice, as the company believes it lacks, amongst others, the inclusion of delayed interest payments. Telefónica already said earlier this year it expected a tax refund, but was not able to quantify the exact amount at that time. The tax refund is supportive for the company's credit metrics. We continue to see value in Telefónica's bonds mainly from the medium part (3-yea...

ING
Hendrik Wiersma

Telefónica/Further deleveraging ahead; value on offer/PREFERRED

Telefónica reported a satisfactory set of 4Q18 numbers. The Spanish operations reported a solid sequential improvement in the service revenue development, supported by the company's convergence offer. Telefónica continued to reduce its net debt and is expected to strengthen its balance sheet further. We believe that Telefónica's bonds offer value versus Orange and Deutsche Telekom, most notably in maturities as of 3 years.

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

Coffee, Croissants & Credit/Pernod, Telefónica and January credit rally

Elliott Advisors has issued a statement following yesterday's 1H18/19 earnings release by Pernod Ricard (RIFP), saying that these confirmed Pernod's strong growth potential. Nevertheless, it views the company's 3yr strategic plan, which envisages organic top line growth in the 4% to 7% range, €100m in cost savings and an annual increase in the operating margin of 50-60bp, as lacking ambition, given the 5ppt operating margin discrepancy with Diageo. The plan also needs to be more clear and specific, according to Elliott. Yesterday's earnings release did not seem to suggest any measures to fend ...

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

Coffee, Croissants & Credit/UBS, Telefónica, Orange and EDP

UBS (UBS) reported soft earnings due to adverse market conditions for 4Q18. The bank's risk based capital ratios also weakened QoQ. We consider the sluggish performance slightly credit negative. The bank's risk based capital metrics weakened with a CET1 ratio at 13.1% in 4Q18, down from 13.5% in 3Q18. The total capital ratio was 17.7% at end-2018, down from 17.9% the quarter before. The leverage ratio instead somewhat improved to 5.2%, up from 5.0% driven by lower denominator.

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

Coffee, Croissants & Credit/Deutsche Bank, Telefónica and Metro

The German government is intensifying efforts to help fix Deutsche Bank (DB) by studying ways to make it easier to merge the bank with Commerzbank (CMZB) according to Bloomberg citing people familiar with the matter. The steps being investigated include changing some tax laws to make a merger of the two less costly, especially by easing tax consequences of changing the company structure to a holding company structure. Deutsche Bank still considers creating a holding company to simplify any merger process according to the article. In our view, a creation of a holding company for Deutsche Bank c...

MarketLine Department

Orange SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

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MarketLine Department

Atos SE - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Atos SE Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Atos SE since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights This re...

MarketLine Department

United Internet AG - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's United Internet AG Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by United Internet AG since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. K...

MarketLine Department

Sky plc - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Sky plc Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Sky plc since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights This re...

MarketLine Department

OTE Group - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's OTE Group Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by OTE Group since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights Thi...

Expert Corporate Governance Service (ECGS)

Telefonica -AGM 07 June 2019

The meeting is expected to be held on second call on 7 June 2019. The positions of Chairman and CEO were separated in practice in July 2017 through the appointment of Mr. Vilá Boix. Although the Company defines Mr. Álvarez-Pallete López as Chairman-CEO and Mr. Vilá Boix as COO, we note that the COO is responsible for the "highest executive functions over all the Company's business areas", which, in our opinion, are the typical responsibilities of a Chief Executive Officer.  This is why this report refers to Mr. Álvarez-Pallete López as Executive Chairman and Mr. Vilá Boix as CEO.  In any case...

Telefonica – 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)

Proxy Report - 08/06/2018

We have serious concerns over the remuneration paid by the Group to the Lead Independent Director Mr. de Paz Mancho (€ 564'000 in 2017, € 485'000 in 2016 and € 500'000 in 2015), which seriously risks to compromise his independence. Therefore, we recommend that shareholders oppose his reappointment in item 3.2. We also have concerns on the overrepresentation of the shareholders BBVA and CaixaBank, which are represented by 12% of Directors each with only 5% of the share capital. Therefore, we recommend that shareholders oppose the reappointment of Mr. Abril Pérez (item 3.3) and the appointment ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global indexes approaching major resistance Broad global indexes are bumping up against logical downtrend resistance. As a result, our outlook remains cautious and our baseline expectation for continued downward pressure on global equities remains intact. At the same time, we are seeing signs that the worst of the declines may be behind us as global cyclical Sectors show RS improvements while defensive Sectors display early signs of RS deterioration. • Regional/Country Overview. The U.S., Europe, and Japan all remain in downtrends from a price perspective, though major resistance levels are...

Jérôme VINERIER

Short term view - TELEFONICA : The trend is uncertain.

The trend is uncertain. Stochastics are at the overbought level. prices could fall again to €6.664.

Jérôme VINERIER

Analyse court terme - TELEFONICA : La tendance est incertaine.

La tendance est incertaine. Les Stochastiques sont en zone de surachat. Les cours pourraient se replier jusqu'à 6,664 €.

Jérôme VINERIER

Analyse court terme - TELEFONICA : La reprise est une consolidation.

La tendance est baissière. La reprise est une consolidation. La baisse risque de reprendre jusqu'à 6,664 €. La tendance de fond serait remise en cause en cas de franchissement de 7,800 €.

Jérôme VINERIER

Short term view - TELEFONICA : The recovery is a consolidation.

The trend is bearish. The recovery is a consolidation. The fall might resume toward €6.664. The background trend would be questioned should prices rise above €7.800.

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