Telefonica SA

TEF: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€1.30	Jhnw	Gjhzvjh

Placing Telefonica Under Review

Javier Correonero

Jul 5, 2021

We are placing Telefonica under review as we transfer coverage to a new analyst and reassess our investment thesis and long-term economic drivers as the company has undergone significant changes over the past two years. We expect to adjust our forecasts, which will likely result in a reduction of our fair value estimate for the firm. We anticipate relaunching coverage shortly.

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