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

Research Department

IBERIAN DAILY 11 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: BANKING SECTOR, CELLNEX, SANTANDER, TELEFÓNICA MARKETS YESTERDAY AND TODAY Rotation of sectors The strength of the defensive sectors and the profit taking ahead of the ECB meeting continued to bring some rotation on the Euro Stoxx. Thus, the highest gains once again came in cyclical sectors most linked to external trade, such as Basic Materials and Banks, whereas two of the best-performing sectors this year, Consumer Goods and Technology, ended with the biggest losses. On the macro side, in Spain the advocate general of the ECJ left the door open to the judges deciding on the...

Research Department

INFORME DIARIO 11 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: CELLNEX, SANTANDER, SECTOR BANCARIO ESPAÑA, TELEFÓNICA. Jornada de rotación sectorial Los elevados niveles de valoración de parte de los defensivos y la toma de beneficios que están sufirendo antes del BCE sigue provocando cierta rotación en el Euro STOXX. Así ayer terminaron nuevamente con las mayores subidas los cíclicos más vinculados al comercio exterior como R. Básicos y Bancos mientras que dos de los ganadores del año como C. Personal y Tecnología terminaron con las mayores caídas. Por el lado macro, en España el abogado general del TJUE d...

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

Coffee, Croissants & Credit/Telefónica and EDF

TMT: Telefónica to reorganize workforce and monetize more towers; TELEFO1.495 9/25 and TELEFO1.447 1/27 preferred

Research Department

IBERIAN DAILY 10 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: IAG, REPSOL, TELEFÓNICA MARKETS YESTERDAY AND TODAY A week of important events European stock markets remained flat, awaiting the ECB meeting and important macro data like inflation data in the US. In the Euro Stoxx, the best-performing sectors were the most cyclical, such as Banks and Autos, with drops in defensive sectors like Pharma and Utilities. On the macro side, in Germany exports beat expectations, rising unexpectedly in July, whereas the press is once again stating it is possible that the Govt. aims to raise public spending above restrictions, although the minister o...

Research Department

INFORME DIARIO 10 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: IAG, REPSOL, TELEFÓNICA. EUROPA: BMW, INTESA SANPAOLO. Semana de citas importantes Las bolsas se mantuvieron planas, a la espera de la reunión del BCE y datos importantes como la inflación en EE.UU. En el Euro STOXX los mejores sectores fueron los más cíclicos como Bancos y Autos frente a las pérdidas de defensivos como Farma y Utilities. Por el lado macro, en Alemania las exportaciones sorprendieron repuntando en julio de forma imprevista mientras que la prensa volvió a insistir en la posibilidad de un incremento del gasto público por encima de ...

Research Department

IBERIAN DAILY 11 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: BANKING SECTOR, CELLNEX, SANTANDER, TELEFÓNICA MARKETS YESTERDAY AND TODAY Rotation of sectors The strength of the defensive sectors and the profit taking ahead of the ECB meeting continued to bring some rotation on the Euro Stoxx. Thus, the highest gains once again came in cyclical sectors most linked to external trade, such as Basic Materials and Banks, whereas two of the best-performing sectors this year, Consumer Goods and Technology, ended with the biggest losses. On the macro side, in Spain the advocate general of the ECJ left the door open to the judges deciding on the...

Research Department

INFORME DIARIO 11 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: CELLNEX, SANTANDER, SECTOR BANCARIO ESPAÑA, TELEFÓNICA. Jornada de rotación sectorial Los elevados niveles de valoración de parte de los defensivos y la toma de beneficios que están sufirendo antes del BCE sigue provocando cierta rotación en el Euro STOXX. Así ayer terminaron nuevamente con las mayores subidas los cíclicos más vinculados al comercio exterior como R. Básicos y Bancos mientras que dos de los ganadores del año como C. Personal y Tecnología terminaron con las mayores caídas. Por el lado macro, en España el abogado general del TJUE d...

Research Department

IBERIAN DAILY 10 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: IAG, REPSOL, TELEFÓNICA MARKETS YESTERDAY AND TODAY A week of important events European stock markets remained flat, awaiting the ECB meeting and important macro data like inflation data in the US. In the Euro Stoxx, the best-performing sectors were the most cyclical, such as Banks and Autos, with drops in defensive sectors like Pharma and Utilities. On the macro side, in Germany exports beat expectations, rising unexpectedly in July, whereas the press is once again stating it is possible that the Govt. aims to raise public spending above restrictions, although the minister o...

Research Department

INFORME DIARIO 10 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: IAG, REPSOL, TELEFÓNICA. EUROPA: BMW, INTESA SANPAOLO. Semana de citas importantes Las bolsas se mantuvieron planas, a la espera de la reunión del BCE y datos importantes como la inflación en EE.UU. En el Euro STOXX los mejores sectores fueron los más cíclicos como Bancos y Autos frente a las pérdidas de defensivos como Farma y Utilities. Por el lado macro, en Alemania las exportaciones sorprendieron repuntando en julio de forma imprevista mientras que la prensa volvió a insistir en la posibilidad de un incremento del gasto público por encima de ...

Research Department

IBERIAN DAILY 06 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: BANKING SECTOR, BBVA, DURO FELGUERA, ELECTRICITY AND GAS SECTOR, INDRA, TELEFÓNICA. MARKETS YESTERDAY AND TODAY Optimism on trade negotiations The resumption of talks at the beginning of October between China and the US, along with the solid non-manufacturing ISM data in the US led to gains on global stock markets. In the Euro Stoxx, with almost all the sectors posting gains, we highlight hose of Banks and Autos vs. the drops in Utilities and Real Estate. On the macro side, in Germany July’s factory orders fell more than expected. In Spain, the Treasury will cut the volume o...

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.

Ng Adrian

Telefonica

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

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

Coffee, Croissants & Credit/Telefónica and EDF

TMT: Telefónica to reorganize workforce and monetize more towers; TELEFO1.495 9/25 and TELEFO1.447 1/27 preferred

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.

Alvaro del Pozo ...
  • Andres Bolumburu

SECTOR TELECOMUNICACIONES EUROPA: TRIDENTE DEFENSIVO (ANÁLISIS BANCO SABADELL)

SECTOR TELECOMUNICACIONES EUROPA: TRIDENTE DEFENSIVO (ANÁLISIS BANCO SABADELL)

Andres Bolumburu

TELECOMMUNICATIONS SECTOR: APPEALING, EVEN WITHOUT CONSOLIDATION (ANÁLISIS BANCO SABADELL)

TELECOMMUNICATIONS SECTOR: APPEALING, EVEN WITHOUT CONSOLIDATION (ANÁLISIS BANCO SABADELL)

MarketLine Department

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

Summary Marketline's Orange SA 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 Orange SA 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...

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

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...

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 ...

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

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 €.

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