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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 has published a correction of the research update on Telefonica Deutschland (ISIN: DE000A1J5RX9) originally published on 23 October. Analyst Kevin Sheil maintained his EUR 3.00 price target. Abstract: We view the valuation impact on Telefonica 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 43% upside. We start coverage with a Buy rating. First Berlin Equity Research hat eine Korrektur des ursprünglich am 23. Oktober veröffentlichten Research Updates zu Telefonica Deutschland (ISIN: DE000A1J5RX9) veröffentlicht. Analyst Kevin Sheil bestätigt das Kursziel von €3,00. Zusammenfassung: Wir betrachten die Auswirkung durch den Verlust des 1&1-Vertrags auf die Bewertung von Telefonica 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/31165.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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