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Original-Research: Telefónica Deutschland Holding AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Telefónica Deutschland Holding AG
First Berlin Equity Research hat ein Research Update zu Telefonica Deutschland Holding AG (ISIN: DE000A1J5RX9) veröffentlicht. Analyst Kevin Sheil bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 3,00. Zusammenfassung: Telefónica SA, die Muttergesellschaft der Telefónica Deutschland Holding AG, hat letzte Woche die Ergebnisse für Q3/24 veröffentlicht. Die Hauptkennzahlen für das Deutschlandgeschäft zeigen weiterhin eine robuste operative Performance mit einer soliden AEBITDA-Marge von 33%. Angetrieben von einer soliden Performance der Eigenmarken entsprach der Umsatz in Deutschland mit €2,10 Mrd. (-1,6 % J/J) unseren Schätzungen (€2,13 Mrd.; -1,5%). Der Umsatz wurde jedoch aufgrund der Halbierung der Mobile Termination Rates (MTR) ab Januar 2024 auf €0,20 und die Änderungen des 1&1-Vertrags beeinträchtigt. Unserer Ansicht nach bleibt die Marke O2 in Deutschland in einem weiterhin rationalen Telekommunikationsmarkt stark. Wir stufen Telefónica Deutschland Holding weiterhin mit Kaufen und einem Kursziel von €3 ein. First Berlin Equity Research has published a research update on Telefonica Deutschland Holding AG (ISIN: DE000A1J5RX9). Analyst Kevin Sheil reiterated his BUY rating and maintained his EUR 3.00 price target. Abstract: Telefónica SA, the parent of Telefónica Deutschland Holding AG, published Q3/24 results last week. Headline numbers for the Germany business continued to show robust operating performance with a solid 33% AEBITDA margin. Driven by solid own brand performance, German revenue of €2.10bn (-1.6% Y/Y) was in-line with FBe (€2.13bn; -1.5%). However, the topline figure was offset by headwinds, due to the halving of mobile termination rates (MTR) from January 2024 to €0.20 and the changes to the 1&1 contract. In our view, the O2 brand remains strong in Germany in what continues to be a rational telecommunications market. We maintain our Buy rating and €3 target price. Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: http://www.more-ir.de/d/31273.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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2027267 11.11.2024 CET/CEST
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