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Publicação
Telefónica Deutschland an equity research
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| 2.72 MB | Adobe PDF |
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Resumo(s)
Driven by a promising market environment and strong improvements in KPIs, we begin the coverage of Telefónica Deutschland (TEF DE) with a Buy recommendation at a target price of €3.98. Despite intense competition, especially with the entry of a fourth MNO, 1&1, from 2022, we consider the strategic realignment of Telefónica Deutschland with reduced dividend payments and increased CAPEX to be solid and therefore see the company positively positioned for the future.
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Telefónica Deutschland 5G Valuation Telecommunication