Financials Telefónica, S.A.

Equities

TEF

ES0178430E18

Integrated Telecommunications Services

Real-time Estimate Tradegate Other stock markets 09:41:50 2024-05-15 am EDT			5-day change	1st Jan Change
4.171 ^EUR	+0.90%		-0.43%	+18.00%

01:31pm	BGH emphasizes strict requirements for radio cell searches	DP
08:02am	Amazon Web Services plans $8.4 billion cloud investment in Germany	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	31,924	17,845	22,113	19,336	20,038	23,313	-	-
Enterprise Value (EV) ¹	69,668	53,073	48,145	46,023	47,387	58,761	56,517	54,008
P/E ratio	36.6 x	13.5 x	2.79 x	10.9 x	-17.7 x	13.3 x	12.8 x	12.6 x
Yield	6.42%	12.3%	9.09%	8.86%	8.49%	7.3%	7.33%	7.32%
Capitalization / Revenue	0.66 x	0.41 x	0.56 x	0.48 x	0.49 x	0.57 x	0.56 x	0.56 x
EV / Revenue	1.44 x	1.23 x	1.23 x	1.15 x	1.17 x	1.43 x	1.37 x	1.3 x
EV / EBITDA	4.61 x	3.93 x	2.19 x	3.58 x	4.16 x	4.44 x	4.22 x	4.02 x
EV / FCF	11.8 x	8.59 x	18.2 x	10.1 x	8.17 x	17 x	15.7 x	14.5 x
FCF Yield	8.49%	11.6%	5.5%	9.92%	12.2%	5.88%	6.37%	6.92%
Price to Book	1.86 x	1.57 x	0.98 x	0.77 x	0.92 x	0.93 x	0.99 x	0.95 x
Nbr of stocks (in thousands)	5,126,636	5,499,270	5,740,607	5,712,115	5,670,162	5,639,359	-	-
Reference price ²	6.227	3.245	3.852	3.385	3.534	4.134	4.134	4.134
Announcement Date	2/20/20	2/25/21	2/24/22	2/23/23	2/22/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	48,422	43,076	39,277	39,993	40,652	41,054	41,334	41,700
EBITDA ¹	15,119	13,498	21,983	12,852	11,390	13,222	13,388	13,439
EBIT ¹	4,537	4,139	13,586	4,056	2,593	4,361	4,693	4,707
Operating Margin	9.37%	9.61%	34.59%	10.14%	6.38%	10.62%	11.35%	11.29%
Earnings before Tax (EBT) ¹	2,718	2,583	12,095	2,960	-1,473	2,725	2,994	3,126
Net income ¹	1,142	1,582	8,137	2,011	-892	1,787	1,898	1,966
Net margin	2.36%	3.67%	20.72%	5.03%	-2.19%	4.35%	4.59%	4.71%
EPS ²	0.1700	0.2400	1.380	0.3100	-0.2000	0.3106	0.3239	0.3285
Free Cash Flow ¹	5,912	6,176	2,648	4,566	5,798	3,456	3,603	3,735
FCF margin	12.21%	14.34%	6.74%	11.42%	14.26%	8.42%	8.72%	8.96%
FCF Conversion (EBITDA)	39.1%	45.75%	12.05%	35.53%	50.9%	26.14%	26.91%	27.79%
FCF Conversion (Net income)	517.69%	390.39%	32.54%	227.05%	-	193.39%	189.81%	189.98%
Dividend per Share ²	0.4000	0.4000	0.3500	0.3000	0.3000	0.3018	0.3032	0.3025
Announcement Date	2/20/20	2/25/21	2/24/22	2/23/23	2/22/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	20,305	9,298	9,674	9,410	10,040	-	10,343	10,200	10,045	10,133	10,321	10,153	10,140	9,949	10,135	10,795
EBITDA ¹	16,886	3,734	1,363	3,199	3,146	-	3,249	3,259	3,121	3,144	3,330	1,795	3,205	3,147	3,274	3,377
EBIT ¹	12,747	1,579	-740	1,090	919	2,009	914	1,132	970	948	1,057	-382	1,042	1,199	1,251	1,217
Operating Margin	62.78%	16.98%	-7.65%	11.58%	9.15%	-	8.84%	11.1%	9.66%	9.36%	10.24%	-3.76%	10.28%	12.05%	12.35%	11.27%
Earnings before Tax (EBT) ¹	12,127	1,203	-1,235	870	584	1,454	557	949	-	598	347	-2,933	728	653.3	735.5	894.4
Net income ¹	8,629	706	-1,198	706	320	1,026	460	525	-	-	502	-2,154	532	475.7	525.9	649
Net margin	42.5%	7.59%	-12.38%	7.5%	3.19%	-	4.45%	5.15%	-	-	4.86%	-21.22%	5.25%	4.78%	5.19%	6.01%
EPS ²	-	0.1200	-0.2200	0.1200	-	-	0.0700	0.0800	0.0400	0.0700	0.0800	-0.3900	0.0800	0.0840	0.0928	0.1146
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	0.1500	-	0.1500	-	0.1500
Announcement Date	7/29/21	11/4/21	2/24/22	5/12/22	7/28/22	7/28/22	11/4/22	2/23/23	5/11/23	7/27/23	11/8/23	2/22/24	5/9/24	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	37,744	35,228	26,032	26,687	27,349	35,448	33,204	30,695
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.496 x	2.61 x	1.184 x	2.076 x	2.401 x	2.681 x	2.48 x	2.284 x
Free Cash Flow ¹	5,912	6,176	2,648	4,566	5,798	3,456	3,603	3,735
ROE (net income / shareholders' equity)	6.51%	11.2%	48.7%	8.5%	-3.8%	7.48%	8.29%	8.65%
ROA (Net income/ Total Assets)	0.98%	1.41%	7.6%	1.84%	-0.83%	1.4%	1.8%	1.95%
Assets ¹	116,459	111,964	107,132	109,430	106,983	127,649	105,684	100,744
Book Value Per Share ²	3.350	2.070	3.940	4.370	3.860	4.420	4.190	4.360
Cash Flow per Share ²	2.930	2.410	1.790	2.050	2.040	1.350	1.700	1.760
Capex ¹	8,784	7,020	6,164	5,508	5,851	5,389	5,272	5,157
Capex / Sales	18.14%	16.3%	15.69%	13.77%	14.39%	13.13%	12.75%	12.37%
Announcement Date	2/20/20	2/25/21	2/24/22	2/23/23	2/22/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Telefónica, S.A.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4.134 EUR

Average target price

4.259 EUR

Spread / Average Target

+3.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
TELEFÓNICA, S.A.	+18.17%	25.22B
CHINA MOBILE LIMITED	+13.73%	206B
VERIZON COMMUNICATIONS	+7.40%	170B
DEUTSCHE TELEKOM AG	+1.79%	118B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-9.05%	85.74B
CHINA TELECOM CORPORATION LIMITED	+18.45%	71.41B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+6.73%	61.6B
SAUDI TELECOM COMPANY	-5.69%	50.57B
CHARTER COMMUNICATIONS, INC.	-28.44%	40.06B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-17.52%	39.07B

Other Integrated Telecommunications Services