Financials Telefónica, S.A. Nyse

Equities

TEF

US8793822086

Integrated Telecommunications Services

Market Closed - Nyse Other stock markets 16:00:01 2024-05-09 EDT			5-day change	1st Jan Change
4.43 ^USD	-0.23%		-1.56%	+13.59%

05-09	Telefonica Q1 Adjusted Earnings, Revenue Advance	MT
05-09	Telefonica tops forecast with 79% surge in Q1 profit	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	31,924	17,845	22,113	19,336	20,038	23,454	-	-
Enterprise Value (EV) ¹	69,668	53,073	48,145	46,023	47,387	57,280	56,552	54,856
P/E ratio	36.6 x	13.5 x	2.79 x	10.9 x	-17.7 x	13.4 x	12.7 x	12.6 x
Yield	6.42%	12.3%	9.09%	8.86%	8.49%	7.23%	7.25%	7.27%
Capitalization / Revenue	0.66 x	0.41 x	0.56 x	0.48 x	0.49 x	0.57 x	0.57 x	0.56 x
EV / Revenue	1.44 x	1.23 x	1.23 x	1.15 x	1.17 x	1.39 x	1.37 x	1.31 x
EV / EBITDA	4.61 x	3.93 x	2.19 x	3.58 x	4.16 x	4.33 x	4.21 x	4.09 x
EV / FCF	11.8 x	8.59 x	18.2 x	10.1 x	8.17 x	15.5 x	16.2 x	14.5 x
FCF Yield	8.49%	11.6%	5.5%	9.92%	12.2%	6.43%	6.19%	6.89%
Price to Book	1.86 x	1.57 x	0.98 x	0.77 x	0.92 x	1.02 x	0.99 x	0.95 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	4.159	4.159	4.159
Announcement Date	20-02-20	21-02-25	22-02-24	23-02-23	24-02-22	-	-	-

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	41,079	41,405	41,734
EBITDA ¹	15,119	13,498	21,983	12,852	11,390	13,240	13,426	13,428
EBIT ¹	4,537	4,139	13,586	4,056	2,593	4,466	4,711	4,707
Operating Margin	9.37%	9.61%	34.59%	10.14%	6.38%	10.87%	11.38%	11.28%
Earnings before Tax (EBT) ¹	2,718	2,583	12,095	2,960	-1,473	2,751	2,983	3,068
Net income ¹	1,142	1,582	8,137	2,011	-892	1,801	1,923	1,960
Net margin	2.36%	3.67%	20.72%	5.03%	-2.19%	4.38%	4.64%	4.7%
EPS ²	0.1700	0.2400	1.380	0.3100	-0.2000	0.3093	0.3281	0.3292
Free Cash Flow ¹	5,912	6,176	2,648	4,566	5,798	3,684	3,501	3,780
FCF margin	12.21%	14.34%	6.74%	11.42%	14.26%	8.97%	8.46%	9.06%
FCF Conversion (EBITDA)	39.1%	45.75%	12.05%	35.53%	50.9%	27.82%	26.08%	28.15%
FCF Conversion (Net income)	517.69%	390.39%	32.54%	227.05%	-	204.54%	182.11%	192.82%
Dividend per Share ²	0.4000	0.4000	0.3500	0.3000	0.3000	0.3008	0.3017	0.3025
Announcement Date	20-02-20	21-02-25	22-02-24	23-02-23	24-02-22	-	-	-

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	10,140	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	3,205	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	1,042	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%	10.28%	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	728	653.3	735.5	894.4
Net income ¹	8,629	706	-1,198	706	320	1,026	460	525	-	-	502	-2,154	532	-	-	-
Net margin	42.5%	7.59%	-12.38%	7.5%	3.19%	-	4.45%	5.15%	-	-	4.86%	-21.22%	5.25%	-	-	-
EPS ²	-	0.1200	-0.2200	0.1200	-	-	0.0700	0.0800	0.0400	0.0700	0.0800	-0.3900	0.0800	0.0840	0.0928	0.1146
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	0.1500	-	0.1500	-	0.1500
Announcement Date	21-07-29	21-11-04	22-02-24	22-05-12	22-07-28	22-07-28	22-11-04	23-02-23	23-05-11	23-07-27	23-11-08	24-02-22	24-05-09	-	-	-

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	33,826	33,097	31,402
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.496 x	2.61 x	1.184 x	2.076 x	2.401 x	2.555 x	2.465 x	2.339 x
Free Cash Flow ¹	5,912	6,176	2,648	4,566	5,798	3,684	3,501	3,780
ROE (net income / shareholders' equity)	6.51%	11.2%	48.7%	8.5%	-3.8%	7.89%	8.29%	8.65%
ROA (Net income/ Total Assets)	0.98%	1.41%	7.6%	1.84%	-0.83%	1.73%	1.8%	1.95%
Assets ¹	116,459	111,964	107,132	109,430	106,983	104,098	107,039	100,437
Book Value Per Share ²	3.350	2.070	3.940	4.370	3.860	4.080	4.190	4.360
Cash Flow per Share ²	2.930	2.410	1.790	2.050	2.040	1.720	1.700	1.760
Capex ¹	8,784	7,020	6,164	5,508	5,851	5,316	5,213	5,064
Capex / Sales	18.14%	16.3%	15.69%	13.77%	14.39%	12.94%	12.59%	12.13%
Announcement Date	20-02-20	21-02-25	22-02-24	23-02-23	24-02-22	-	-	-

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

4.159 EUR

Average target price

4.259 EUR

Spread / Average Target

+2.40%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
CHINA MOBILE LIMITED	+8.95%	197B
VERIZON COMMUNICATIONS	+5.54%	166B
DEUTSCHE TELEKOM AG	+0.69%	115B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-1.33%	90.85B
CHINA TELECOM CORPORATION LIMITED	+15.51%	71.71B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+5.84%	60.95B
SAUDI TELECOM COMPANY	-4.83%	50.74B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-14.56%	39.97B
CHARTER COMMUNICATIONS, INC.	-32.08%	39.29B

Other Integrated Telecommunications Services