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 14 NOVEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACCIONA, ELECTRICITY AND GAS SECTOR, GRIFOLS, MERLIN PROPERTIES, METROVACESA, TALGO, TÉCNICAS REUNIDAS, TELEFÓNICA. MARKETS YESTERDAY AND TODAY The prospect of a trade agreement deteriorates The market reacted with drops to L. Kudlow’s message that the current tariffs would not be lowered before signing the phase I of the agreement with China. Thus, the time when investors favoured defensive and/or growth sectors returned to the market, with Banks and Media standing out as the worst performers in the Euro STOXX vs. Food and Real Estate that managed to maintain gains. On the m...

Research Department

INFORME DIARIO 14 NOVIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA. ACCIONA, MERLIN PROPERTIES, METROVACESA, SECTOR ELECTRICO, SECTOR GAS, TECNICAS REUNIDAS, TELEFONICA. EUROPA: ALLIANZ, AXA, UNILEVER. Se deteriora la perspectiva de un acuerdo comercial El mercado respondió con caídas a las palabras de L. Kudlow de que no se rebajarían los aranceles antes de firmar la fase I del acuerdo con China. Así, la bolsa volvió a los días en los que los inversores favorecían los sectores defensivos y/o growth destacando en el Euro STOXX, Bancos y Media como los peores frente a Alimentación e Inmobiliario que lograron mante...

Ng Adrian

Telefónica, S.A.

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 30 OCTUBRE A 06 NOVIEMBRE 2019 (ANÁLISIS BANCO SABADELL)

Cartera Modelo Europa Sale Danone y entra Kering. Subimos peso en Bayer y BNP Paribas. Cartera High Yield Europa Air Liquide, Allianz, Daimler, SAP y Vivendi Sin cambios esta semana. Cartera Modelo España Sin cambios esta semana. Cartera 5 Valores España ACS, Caixabank, Cellnex, Ferrovial y Telefónica Sin cambios esta semana. Cartera 5 valores High Yield España Iberdrola, Merlin, Repsol, Santander y Telefónica Sin cambios esta semana. Cartera Pequeñas y Medianas España Applus, CAF, Dominion, Enagás, Ence, Indra, Logista, Masmóvil, Sacyr y Unicaja Sin cambios esta semana.

Andres Bolumburu

TELEFÓNICA: MENSAJES DE LA CONFERENCE CALL RDOS. 9MESES'19 (ANÁLISIS BANCO SABADELL)

Destacamos los principales mensajes de la conference call de Rdos:  España: Afirman que el mercado se mantiene competitivo pero que es racional, sobre todo en el segmento mid/hig-end. En el segmento low-end es mas competitivo por las promos de Vodafoen/Masmovil y los OMVs. Consideran que el 3T’19 ha sido menos competitivo que el 3T’18, con promos menos agresivas en precio y menor duración. Consideran que su posicionamiento más centrado en clientes high-end les otorga cierto grado de protección. Con respecto al desglose de su base de clientes: actualmente un 30% de sus clientes convergentes s...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 05/11/2019 - MOL, Telefonica - EN

TP ICAP - Europe - Morning CreditUpdate 05/11/2019 - MOL, Telefonica - EN

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 05/11/2019 - MOL, Telefonica - FR

MOL (Achat) : Se renforce dans l’Upstream Telefonica (Achat hybrides) : Confirme ses objectifs pour 2019 avec un croissance attendue de l’EBITDA de +2% AIB Group (Achat) : Vente d’un portefeuille de NPL d’une valeur de €850m Teleperformance (Achat) : Relève ses objectifs 2019 et vise une croissance organique >10% Colgate-Palmolive : Emission de deux souches senior unsecured pour un montant total de €1 md Ferrari (Achat) - 9M-19 : EBITDA de €936m (+11%) Saint-Gobain (Achat) : Cède son activité de polystyrène expansé (PSE) PostNL...

Research Department

IBERIAN DAILY 14 NOVEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACCIONA, ELECTRICITY AND GAS SECTOR, GRIFOLS, MERLIN PROPERTIES, METROVACESA, TALGO, TÉCNICAS REUNIDAS, TELEFÓNICA. MARKETS YESTERDAY AND TODAY The prospect of a trade agreement deteriorates The market reacted with drops to L. Kudlow’s message that the current tariffs would not be lowered before signing the phase I of the agreement with China. Thus, the time when investors favoured defensive and/or growth sectors returned to the market, with Banks and Media standing out as the worst performers in the Euro STOXX vs. Food and Real Estate that managed to maintain gains. On the m...

Research Department

INFORME DIARIO 14 NOVIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA. ACCIONA, MERLIN PROPERTIES, METROVACESA, SECTOR ELECTRICO, SECTOR GAS, TECNICAS REUNIDAS, TELEFONICA. EUROPA: ALLIANZ, AXA, UNILEVER. Se deteriora la perspectiva de un acuerdo comercial El mercado respondió con caídas a las palabras de L. Kudlow de que no se rebajarían los aranceles antes de firmar la fase I del acuerdo con China. Así, la bolsa volvió a los días en los que los inversores favorecían los sectores defensivos y/o growth destacando en el Euro STOXX, Bancos y Media como los peores frente a Alimentación e Inmobiliario que lograron mante...

Ng Adrian

Telefónica, S.A.

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 30 OCTUBRE A 06 NOVIEMBRE 2019 (ANÁLISIS BANCO SABADELL)

Cartera Modelo Europa Sale Danone y entra Kering. Subimos peso en Bayer y BNP Paribas. Cartera High Yield Europa Air Liquide, Allianz, Daimler, SAP y Vivendi Sin cambios esta semana. Cartera Modelo España Sin cambios esta semana. Cartera 5 Valores España ACS, Caixabank, Cellnex, Ferrovial y Telefónica Sin cambios esta semana. Cartera 5 valores High Yield España Iberdrola, Merlin, Repsol, Santander y Telefónica Sin cambios esta semana. Cartera Pequeñas y Medianas España Applus, CAF, Dominion, Enagás, Ence, Indra, Logista, Masmóvil, Sacyr y Unicaja Sin cambios esta semana.

Andres Bolumburu

TELEFÓNICA: MENSAJES DE LA CONFERENCE CALL RDOS. 9MESES'19 (ANÁLISIS BANCO SABADELL)

Destacamos los principales mensajes de la conference call de Rdos:  España: Afirman que el mercado se mantiene competitivo pero que es racional, sobre todo en el segmento mid/hig-end. En el segmento low-end es mas competitivo por las promos de Vodafoen/Masmovil y los OMVs. Consideran que el 3T’19 ha sido menos competitivo que el 3T’18, con promos menos agresivas en precio y menor duración. Consideran que su posicionamiento más centrado en clientes high-end les otorga cierto grado de protección. Con respecto al desglose de su base de clientes: actualmente un 30% de sus clientes convergentes s...

Alexandre Iatrides ...
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Rémi Adam

ODDO BHF Small & MIDCAP MORNING NEWS - 10/25/2019

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/25/2019

...

Alexandre Iatrides ...
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Hela Zarrouk
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Rémi Adam

ODDO BHF Small & MIDCAP MORNING NEWS - 25/10/2019

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Rémi Adam
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/10/2019

...

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 – DETAILED COMMENTS 05/10/2019

...

With a more favourable environment, TELEFONICA SA improves to Slightly Positive

TELEFONICA SA (ES), a company active in the Integrated Telecommunications industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date October 1, 2019, the closing price was EUR 6.95 and its potential was estimated at EUR 7.37.

Ng Adrian

Telefonica

Ng Adrian

Telefonica

Ng Adrian

Telefonica

Ng Adrian

Telefonica

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Telefónica and Telecom Italia

Telefónica and TIM consider pact to buy OI

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

Coffee, Croissants & Credit/Telefónica, EDF and Fedex

TMT: Telefónica makes small acquisition; TELEFO1.495 9/25 and TELEFO1.447 1/27 still preferred

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

Coffee, Croissants & Credit/Telefónica and TenneT

TMT: Telefónica mulling partial acquisition of OI; TELEFO1.495 9/25 and TELEFO1.447 1/27 favoured

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...

MarketLine Department

Orange SA - Strategy, SWOT and Corporate Finance Report

Summary Orange SA - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Orange SA (Orange or "the group") is a provider of telecommunication services. The group offers fixed telephony and mobile telecommunications, data transmission, internet and multimedia, and other value-added services to consumers, businesses and other telecommunications operators. It also provides...

MarketLine Department

TIM Participacoes SA - Strategy, SWOT and Corporate Finance Report

Summary TIM Participacoes SA - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights TIM Participacoes SA (TIM) is a telecommunications company. The company’s product portfolio comprises mobile voice and data services and broadband internet access. It provides fixed and long distance telephony and data transmission services and third generation (3G) and fourth generation...

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...

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

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 23 TO 30 OCTOBER 2019 (ANÁLISIS BANCO SABADELL)

European Portfolio We lower Volkswagen’s weight and raise that of Airbus. European High Yield Portfolio Air Liquide, Allianz, Daimler, SAP & Vivendi No changes this week. Spanish Recommended Portfolio No changes this week. 5-Stock Recommended Portfolio ACS, Caixabank, Cellnex, Ferrovial & Telefónica No changes this week. 5 High-Yield Stock Portfolio Iberdrola, Merlin, Repsol, Santander & Telefónica No changes this week. Mid&Small Recommended Portfolio Applus, CAF, Dominion, Enagás, Ence, Indra, Logista, Másmóvil, Sacyr & Unicaja No changes this week.

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

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)

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