Telefonica SA

TEF: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€2.40	Lgmh	Wkzngjm

No Surprises in Telefonica Q2; Completes Debt Reduction; Shares Still Under Review

Javier Correonero

Jul 29, 2021

Telefonica’s second-quarter revenue grew organically by 3.4% but fell 3.6% on a reported basis due to accounting consolidation changes after the O2-Virgin Media deal. Our thesis and fair value estimate are under review, and we expect to publish our revised estimations soon.

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