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Original-Research: Telefonica Deutschland Holding AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Telefonica Deutschland Holding AG
First Berlin Equity Research on 23.10.2024 initiated coverage on Telefonica Deutschland Holding AG (ISIN: DE000A1J5RX9/Bloomberg: O2D GR). Analyst Kevin Sheil placed a BUY rating on the stock, with a EUR 3.00 price target. Abstract: We view the valuation impact on Telefónica Deutschland from the 1&1 contract loss as a temporary set-back. We expect it will gradually be offset by a stabilising German Telecoms market, improving industry capital productivity, and the completion of the last vestiges of rate of return-influenced segmental regulation. Based on a two-pronged valuation approach using DCF valuation and peer group comparison for 2026E, when we see the likely point of maximum impact of the 1&1 loss, we reach a target price of €3 per share, equal to 44% upside. We start coverage with a Buy rating. First Berlin Equity Research hat am 23.10.2024 die Coverage von Telefonica Deutschland Holding AG (ISIN: DE000A1J5RX9/Bloomberg: O2D GR) aufgenommen. Analyst Kevin Sheil stuft die Aktie mit einem BUY-Rating ein, bei einem Kursziel von EUR 3,00. Zusammenfassung: Wir betrachten die Auswirkung durch den Verlust des 1&1-Vertrags auf die Bewertung von Telefónica Deutschland als einen vorübergehenden Rückschlag. Wir gehen davon aus, dass er allmählich durch einen sich stabilisierenden deutschen Telekommunikationsmarkt, eine verbesserte Kapitalproduktivität in der Branche und die Beendigung der letzten Überbleibsel der renditeabhängigen Segmentregulierung ausgeglichen wird. Auf der Grundlage eines zweigleisigen Bewertungsansatzes mit DCF-Bewertung und Peer-Group-Vergleich für 2026E, das wir als das Jahr mit der wahrscheinlich maximalen Auswirkung des 1&1-Verlustes sehen, kommen wir zu einem Kursziel von €3 je Aktie, was einem Aufwärtspotenzial von 43% entspricht. Wir nehmen die Coverage mit einer Kaufempfehlung auf. Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/31101.pdf Contact for questions: First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com
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2014655 23.10.2024 CET/CEST
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