Telefonica SA
TEF: XMAD (ESP)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€4.30 | Dcr | Drkvjsdd |
Telefonica Earnings: Stable Performance Across the Board; Spanish Government Gets Board Seat
Telefónica reported a 0.9% year-on-year increase in revenue in the first quarter of the year, mainly driven by strong service revenue growth of 2.3%. EBITDA grew by 1.9% year over year thanks to revenue growth and control of operating expenses, which just increased by 0.5%. Shares have run by 20% since the lows recorded in February. We are maintaining our EUR 4.90 fair value estimate.