Telefonica SA
TEF: XMAD (ESP)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€1.40 | Ylhbc | Ysvfxnkr |
No Surprises in Telefonica Q2; Completes Debt Reduction; Shares Still Under Review
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.