Original-Research: Telefónica Deutschland Holding AG (von First Berlin Equity Research GmbH): Kaufen
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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
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 | |
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 |
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Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,18 | 0,18 | 0,00 | 0,00% |
| 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 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -0,57% | -4,39% | -10,87% | -11,06% | -62,68% |
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