Financials Telefónica, S.A. Nyse

Equities

TEF

US8793822086

Integrated Telecommunications Services

Market Closed - Nyse Other stock markets 04:00:02 2024-04-26 pm EDT			5-day change	1st Jan Change
4.5 ^USD	+1.81%		+5.39%	+15.38%

Apr. 25	STC to bid for Cellnex's Austrian unit, El Economista reports	RE
Apr. 23	Telefónica Amasses Majority Stake in Telefónica Deutschland at Close of Delisting Offer	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	31,924	17,845	22,113	19,336	20,038	23,809	-	-
Enterprise Value (EV) ¹	69,668	53,073	48,145	46,023	47,387	56,708	57,184	54,877
P/E ratio	36.6 x	13.5 x	2.79 x	10.9 x	-17.7 x	14.3 x	12.9 x	13.2 x
Yield	6.42%	12.3%	9.09%	8.86%	8.49%	7.11%	7.18%	7.18%
Capitalization / Revenue	0.66 x	0.41 x	0.56 x	0.48 x	0.49 x	0.58 x	0.58 x	0.57 x
EV / Revenue	1.44 x	1.23 x	1.23 x	1.15 x	1.17 x	1.38 x	1.38 x	1.32 x
EV / EBITDA	4.61 x	3.93 x	2.19 x	3.58 x	4.16 x	4.29 x	4.28 x	4.08 x
EV / FCF	11.8 x	8.59 x	18.2 x	10.1 x	8.17 x	15.4 x	16.3 x	15 x
FCF Yield	8.49%	11.6%	5.5%	9.92%	12.2%	6.5%	6.12%	6.68%
Price to Book	1.86 x	1.57 x	0.98 x	0.77 x	0.92 x	1.07 x	1 x	0.94 x
Nbr of stocks (in thousands)	5,126,636	5,499,270	5,740,607	5,712,115	5,670,162	5,639,359	-	-
Reference price ²	6.227	3.245	3.852	3.385	3.534	4.222	4.222	4.222
Announcement Date	2/20/20	2/25/21	2/24/22	2/23/23	2/22/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	48,422	43,076	39,277	39,993	40,652	41,022	41,317	41,663
EBITDA ¹	15,119	13,498	21,983	12,852	11,390	13,216	13,376	13,455
EBIT ¹	4,537	4,139	13,586	4,056	2,593	4,456	4,682	4,729
Operating Margin	9.37%	9.61%	34.59%	10.14%	6.38%	10.86%	11.33%	11.35%
Earnings before Tax (EBT) ¹	2,718	2,583	12,095	2,960	-1,473	2,755	2,994	3,055
Net income ¹	1,142	1,582	8,137	2,011	-892	1,749	1,908	1,939
Net margin	2.36%	3.67%	20.72%	5.03%	-2.19%	4.26%	4.62%	4.65%
EPS ²	0.1700	0.2400	1.380	0.3100	-0.2000	0.2957	0.3276	0.3191
Free Cash Flow ¹	5,912	6,176	2,648	4,566	5,798	3,684	3,501	3,665
FCF margin	12.21%	14.34%	6.74%	11.42%	14.26%	8.98%	8.47%	8.8%
FCF Conversion (EBITDA)	39.1%	45.75%	12.05%	35.53%	50.9%	27.87%	26.18%	27.24%
FCF Conversion (Net income)	517.69%	390.39%	32.54%	227.05%	-	210.6%	183.47%	189.04%
Dividend per Share ²	0.4000	0.4000	0.3500	0.3000	0.3000	0.3000	0.3032	0.3030
Announcement Date	2/20/20	2/25/21	2/24/22	2/23/23	2/22/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	20,305	9,298	9,674	9,410	10,040	-	10,343	10,200	10,045	10,133	10,321	10,153	10,096	9,949	10,135	10,795
EBITDA ¹	16,886	3,734	1,363	3,199	3,146	-	3,249	3,259	3,121	3,144	3,330	1,795	3,163	3,147	3,274	3,377
EBIT ¹	12,747	1,579	-740	1,090	919	2,009	914	1,132	970	948	1,057	-382	1,083	1,129	1,145	1,221
Operating Margin	62.78%	16.98%	-7.65%	11.58%	9.15%	-	8.84%	11.1%	9.66%	9.36%	10.24%	-3.76%	10.73%	11.35%	11.3%	11.31%
Earnings before Tax (EBT) ¹	12,127	1,203	-1,235	870	584	1,454	557	949	-	598	347	-2,933	725.2	653.3	735.5	894.4
Net income ¹	8,629	706	-1,198	706	320	1,026	460	525	-	-	502	-2,154	510.1	475.7	525.9	649
Net margin	42.5%	7.59%	-12.38%	7.5%	3.19%	-	4.45%	5.15%	-	-	4.86%	-21.22%	5.05%	4.78%	5.19%	6.01%
EPS ²	-	0.1200	-0.2200	0.1200	-	-	0.0700	0.0800	0.0400	0.0700	0.0800	-0.3900	0.0901	0.0840	0.0928	0.1146
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	0.1500	-	0.1500	-	0.1500
Announcement Date	7/29/21	11/4/21	2/24/22	5/12/22	7/28/22	7/28/22	11/4/22	2/23/23	5/11/23	7/27/23	11/8/23	2/22/24	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	37,744	35,228	26,032	26,687	27,349	32,899	33,375	31,068
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.496 x	2.61 x	1.184 x	2.076 x	2.401 x	2.489 x	2.495 x	2.309 x
Free Cash Flow ¹	5,912	6,176	2,648	4,566	5,798	3,684	3,501	3,665
ROE (net income / shareholders' equity)	6.51%	11.2%	48.7%	8.5%	-3.8%	7.69%	8.27%	8.38%
ROA (Net income/ Total Assets)	0.98%	1.41%	7.6%	1.84%	-0.83%	1.53%	1.83%	1.75%
Assets ¹	116,459	111,964	107,132	109,430	106,983	114,030	104,412	110,784
Book Value Per Share ²	3.350	2.070	3.940	4.370	3.860	3.960	4.220	4.470
Cash Flow per Share ²	2.930	2.410	1.790	2.050	2.040	1.590	1.700	1.600
Capex ¹	8,784	7,020	6,164	5,508	5,851	5,297	5,240	5,046
Capex / Sales	18.14%	16.3%	15.69%	13.77%	14.39%	12.91%	12.68%	12.11%
Announcement Date	2/20/20	2/25/21	2/24/22	2/23/23	2/22/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Telefónica, S.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4.222 EUR

Average target price

4.259 EUR

Spread / Average Target

+0.87%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
CHINA MOBILE LIMITED	+9.65%	199B
VERIZON COMMUNICATIONS	+5.25%	167B
DEUTSCHE TELEKOM AG	+0.46%	116B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-2.38%	89.84B
CHINA TELECOM CORPORATION LIMITED	+17.65%	72.93B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+2.80%	58.42B
SAUDI TELECOM COMPANY	-5.07%	50.97B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-13.54%	40.2B
CHARTER COMMUNICATIONS, INC.	-34.49%	36.67B

Other Integrated Telecommunications Services