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    TEF   ES0178430E18

TELEFÓNICA, S.A.

(TEF)
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Telefonica Raises Fiscal Year Guidance After 2Q Net Profit Rose

07/29/2021 | 02:21am EDT

By Dominic Chopping

Telefonica SA on Thursday raised its full-year guidance after a rise in second quarter net profit on the back of some exceptional gains.

The Spanish telecommunication company said second-quarter net profit climbed to 7.74 billion euros ($9.15 billion) from EUR425 million a year earlier, after booking around EUR7.4 billion of gains from divestments and a joint venture.

Quarterly revenue slipped to EUR9.96 billion from EUR10.34 billion, mainly due to foreign exchange trends, it said.

Analysts polled by FactSet had seen net profit at EUR5.7 billion on sales of EUR9.6 billion.

Telefonica's underlying operating income before depreciation and amortization, or Oibda, fell to EUR3.27 billion from EUR3.43 billion, with its corresponding margin flat on the year at 33.1%, the company said.

The company said its first-half performance met or slightly surpassed financial targets for 2021 and due to the positive outlook for the second-half in all of its core geographies, allows it to upgrade 2021 financial targets.

Telefonica had expected a stabilization of revenue and Oibda this year, but said Thursday it now expects to see stable to slight growth in organic year-on-year revenue and Oibda.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

07-29-21 0220ET

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Analyst Recommendations on TELEFÓNICA, S.A.
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Financials
Sales 2021 39 196 M 45 961 M 45 961 M
Net income 2021 9 878 M 11 583 M 11 583 M
Net Debt 2021 33 778 M 39 608 M 39 608 M
P/E ratio 2021 2,49x
Yield 2021 7,19%
Capitalization 23 359 M 27 420 M 27 391 M
EV / Sales 2021 1,46x
EV / Sales 2022 1,47x
Nbr of Employees 111 490
Free-Float 89,3%
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Mean consensus OUTPERFORM
Number of Analysts 30
Last Close Price 4,17 €
Average target price 4,66 €
Spread / Average Target 11,8%
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Managers and Directors
José María Álvarez-Pallete López Executive Chairman & Chief Executive Officer
Laura Abasolo García de Baquedano Chief Financial & Control Officer
Alejandro Ramos Chief Information Security Officer
Ángel Vilá Vilá Boix Chief Operating Officer & Director
Peter Erskine Independent Non-Executive Director
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