Telefonica SA

TEF: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€9.40	Jdyn	Phcsctfc

Telefonica Earnings: Progressing Steadily Through the Year; Holds Talks to Sell Colombia Business

Javier Correonero

Jul 31, 2024

No-moat Telefonica’s second quarter was stable across the board with revenue growth of 1.2% and EBITDA growth of 1.8%, reaching EUR 10.26 billion and EUR 3.22 billion, respectively. Timid revenue growth together with slight cost reductions are placing Telefonica on track to reach its yearly target of 1%-2% growth in EBITDA, which stood at 1.9% in the first half of the year. We maintain our EUR 4.70 fair value estimate.

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