Telefonica Deutschland Holding AG
ISIN: DE000A1J5RX9
WKN: A1J5RX
01 November 2024 09:31PM

Original-Research: Telefonica Deutschland Holding AG (von First Berlin Equity Research GmbH): Buy

Telefonica Deutschland Holding AG · ISIN: DE000A1J5RX9 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 21165

Original-Research: Telefonica Deutschland Holding AG - from First Berlin Equity Research GmbH

01.11.2024 / 21:30 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.


Classification of First Berlin Equity Research GmbH to Telefonica Deutschland Holding AG

Company Name: Telefonica Deutschland Holding AG
ISIN: DE000A1J5RX9
 
Reason for the research: Special situation
Recommendation: Buy
from: 23.10.2024
Target price: €3.00
Target price on sight of: 12 months
Last rating change: -
Analyst: Kevin Sheil

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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2021223  01.11.2024 CET/CEST

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Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.

The most important financial data at a glance
  2018 2019 2020 2021 2022 2023 2024e
Sales1 7.320,00 7.399,00 7.532,00 7.765,00 8.224,00 8.614,00 8.680,00
EBITDA1,2 1.797,00 2.292,00 2.683,00 2.653,00 2.523,00 2.601,00 2.730,00
EBITDA-Margin3 24,55 30,98 35,62 34,17 30,68 30,20 31,45
EBIT1,4 -190,00 -124,00 314,00 272,00 240,00 291,00 0,00
EBIT-Margin5 -2,60 -1,68 4,17 3,50 2,92 3,38 0,00
Net Profit (Loss)1 -230,00 -212,00 328,00 211,00 232,00 273,00 0,00
Net-Margin6 -3,14 -2,87 4,36 2,72 2,82 3,17 0,00
Cashflow1,7 1.690,00 2.015,00 2.134,00 2.133,00 2.471,00 2.426,00 0,00
Earnings per share8 -0,08 -0,07 0,11 0,07 0,08 0,09 0,10
Dividend per share8 0,27 0,17 0,18 0,18 0,18 0,18 0,00
Quelle: boersengefluester.de and Company information
Explanation

1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de

Auditor: PricewaterhouseCoopers

All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.

INVESTOR-INFORMATION
©boersengefluester.de
Telefónica Deutschland
WKN ISIN Legal Type Marketcap IPO Recommendation Plus Code
A1J5RX DE000A1J5RX9 AG 6.216,82 Mio € 30.10.2012 Halten 8FWH5GGM+P3
* * *
PE 2025e PE 10Y-Ø BGFL-Ratio Shiller-PE PB PCF KUV
26,13 26,24 1,00 -1.045,00 1,24 2,56 0,72
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,18 0,18 0,00 0,00%
Financial calendar
Annual General Meeting Q1-figures Q2-figures Q3-figures Annual press conference
18.06.2024 08.05.2024 30.07.2024 06.11.2024 28.02.2024
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
-0,85%
2,09 €
ATH 6,51 €
-0,57% -4,39% -10,87% -11,06% -62,68%

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