#23225
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#23226
Re: ¿Qué le pasa a Telefónica (TEF)?
Las telecos van a vender las torres de comunicación, y al final se asociarán. En el corto pueden tener un rebote principalmente Orange.
#23227
Informe de Bank of America sobre los cambios anunciados por Telefónica
Key takeaways
Major restructuring; operational focus on SP/UK/DE/BR, TEF Tech to boost digi growth,TEF infra unit, Hispam spin-off.
Unlikely short-term catalyst: Much to do, short-term share price more exposed to competitive deterioration SP/UK, exposed DE.
Complexity still a drag until Hispam rationalisation and Infra value unlock. Changes are more aggregation, than execution.
Major restructuring, but core challenges remain
TEF has announced a major restructuring of its operations as it looks to optimise growth, efficiency and ultimate ROCE. Change was much needed, per its lagging share price, however TEF's plan leaves some strategic questions unanswered in our view, while measures to simplify its portfolio and monetise assets are not materially new and face major execution risk in any case.
While we applaud the company's longer-term vision and social responsibility, its near-term share price is more exposed to mounting competition and exposure in three of four core markets (Brazil now recovering) and pressures are unlikely to abate in the coming 12m. Reiterate Neutral.
5 strategic decisions as part of the plan
TEF has defined and categorised the following major changes:
1) Focus investment and growth in the most important markets of the company: Spain, Brazil, the UK and Germany (c. 80% of OpFCF).
2) Operational spin-off of Hispanoamérica in a single unit; with a review of its portfolio to modulate exposure to the region, creating the conditions to maximize its value via growth, consolidation and possible corporate transactions.
3) Creation of Telefónica Tech; bringing together digital units to deliver the value proposition that the commercial teams of each country will offer to customers.
4) Creation of Telefónica Infra; combining tower, datacentres and other infra assets (not fibre) with an open mind to agreements and shareholder structures (majority or minority), and to find the best partners for each type of asset.
TEF has defined and categorised the following major changes:
1) Focus investment and growth in the most important markets of the company: Spain, Brazil, the UK and Germany (c. 80% of OpFCF).
2) Operational spin-off of Hispanoamérica in a single unit; with a review of its portfolio tomodulate exposure to the region, creating the conditions to maximize its value via growth, consolidation and possible corporate transactions.
3) Creation of Telefónica Tech; bringing together digital units to deliver the value proposition that the commercial teams of each country will offer to customers.
4) Creation of Telefónica Infra; combining tower, datacentres and other infra assets (not fibre) with an open mind to agreements and shareholder structures (majority or minority), and to find the best partners for each type of asset.
5) Redefinition of the company's corporate centre; exploiting scale, adding agility.
Telefonica SA (TEFOF / TEF) Our price objective of EUR 7.1 per share (US$7.83/ADR) is calculated using a Sum-of- the-Parts analysis comprising a mixture of DCF valuations for the larger units and market multiples for the Latam base. We adopt our DCF-derived BofAML valuation for the asset in Germany (WACC of 7.0%, perpetuity growth rate of 1%). Domestic valuation is based on DCF with 7.0% WACC and 0% terminal growth.
Major restructuring; operational focus on SP/UK/DE/BR, TEF Tech to boost digi growth,TEF infra unit, Hispam spin-off.
Unlikely short-term catalyst: Much to do, short-term share price more exposed to competitive deterioration SP/UK, exposed DE.
Complexity still a drag until Hispam rationalisation and Infra value unlock. Changes are more aggregation, than execution.
Major restructuring, but core challenges remain
TEF has announced a major restructuring of its operations as it looks to optimise growth, efficiency and ultimate ROCE. Change was much needed, per its lagging share price, however TEF's plan leaves some strategic questions unanswered in our view, while measures to simplify its portfolio and monetise assets are not materially new and face major execution risk in any case.
While we applaud the company's longer-term vision and social responsibility, its near-term share price is more exposed to mounting competition and exposure in three of four core markets (Brazil now recovering) and pressures are unlikely to abate in the coming 12m. Reiterate Neutral.
5 strategic decisions as part of the plan
TEF has defined and categorised the following major changes:
1) Focus investment and growth in the most important markets of the company: Spain, Brazil, the UK and Germany (c. 80% of OpFCF).
2) Operational spin-off of Hispanoamérica in a single unit; with a review of its portfolio to modulate exposure to the region, creating the conditions to maximize its value via growth, consolidation and possible corporate transactions.
3) Creation of Telefónica Tech; bringing together digital units to deliver the value proposition that the commercial teams of each country will offer to customers.
4) Creation of Telefónica Infra; combining tower, datacentres and other infra assets (not fibre) with an open mind to agreements and shareholder structures (majority or minority), and to find the best partners for each type of asset.
TEF has defined and categorised the following major changes:
1) Focus investment and growth in the most important markets of the company: Spain, Brazil, the UK and Germany (c. 80% of OpFCF).
2) Operational spin-off of Hispanoamérica in a single unit; with a review of its portfolio tomodulate exposure to the region, creating the conditions to maximize its value via growth, consolidation and possible corporate transactions.
3) Creation of Telefónica Tech; bringing together digital units to deliver the value proposition that the commercial teams of each country will offer to customers.
4) Creation of Telefónica Infra; combining tower, datacentres and other infra assets (not fibre) with an open mind to agreements and shareholder structures (majority or minority), and to find the best partners for each type of asset.
5) Redefinition of the company's corporate centre; exploiting scale, adding agility.
Telefonica SA (TEFOF / TEF) Our price objective of EUR 7.1 per share (US$7.83/ADR) is calculated using a Sum-of- the-Parts analysis comprising a mixture of DCF valuations for the larger units and market multiples for the Latam base. We adopt our DCF-derived BofAML valuation for the asset in Germany (WACC of 7.0%, perpetuity growth rate of 1%). Domestic valuation is based on DCF with 7.0% WACC and 0% terminal growth.
Upside risks to our PO are better-than-expected price trends in Spain, and better synergy delivery in Germany and Brazil following mergers. Macro pressures in Emerging markets are volatile and could be a source for upside. Meanwhile any additional actions to repair TEF's Balance Sheet could provide upside.
Downside risks to our PO are increasing competitive pressures in Spain, weaker positioning in Germany as operators move toward convergent offerings, deterioration of performance in Brazil in the face of macroeconomic volatility.
#23228
Re: ¿Qué le pasa a Telefónica (TEF)?
https://cincodias.elpais.com/cincodias/2019/11/28/companias/1574971947_103844.html el órdago ... Lo que quiere el mercado ventas...
#23229
Re: ¿Qué le pasa a Telefónica (TEF)?
https://konzapata.com/movil/noticia/72704/konfidenciales/y-si-telefonica-vende-la-filial-de-venezuela-quien-se-atreve-a-comprarla.html los rankieros ja ja. Es el fondo de pensiones a cincuenta años...
#23230
Re: ¿Qué le pasa a Telefónica (TEF)?
Venezuela es uno de los mejores activos (por potencial de revalorización) que tiene TEF.
Freedom is driven by determination
#23231
Re: ¿Qué le pasa a Telefónica (TEF)?
Hola,
https://www.expansion.com/empresas/tecnologia/2019/11/30/5de24411e5fdea76218b46a1.html según este artículo su valoración actual sería de 15 m... Venezuela.
https://www.expansion.com/empresas/tecnologia/2019/11/30/5de24411e5fdea76218b46a1.html según este artículo su valoración actual sería de 15 m... Venezuela.
#23232
Re: ¿Qué le pasa a Telefónica (TEF)?
https://www.bbc.com/mundo/noticias-america-latina-50594401 las razones de segregar hispan .