Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Bolsas y Mercados Espanoles  >  Telefonica S.A.    TEF   ES0178430E18

TELEFONICA S.A.

(TEF)
  Report
Real-time Estimate Quote. Real-time Estimate Tradegate - 01/18 03:48:08 pm
3.754 EUR   +0.11%
08:09aTELEFONICA DEUTSCHLAND : Buy rating from JP Morgan
MD
08:07aTELEFONICA SA : JP Morgan reiterates its Sell rating
MD
01/15TELEFONICA DEUTSCHLAND : UBS maintains a Buy rating
MD
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Telecom Italia's chief quits after strategy clash

10/03/2013 | 12:41pm EST
Franco Bernabe, Telecom Italia chairman and CEO, poses in his office in Rome

MILAN (Reuters) - Telecom Italia's (>> Telecom Italia SpA) executive chairman Franco Bernabe resigned on Thursday after losing the support of core shareholders, clearing the way for possible asset sales at the debt-laden former monopoly phone company.

MILAN (Reuters) - Telecom Italia's (>> Telecom Italia SpA) executive chairman Franco Bernabe resigned on Thursday after losing the support of core shareholders, clearing the way for possible asset sales at the debt-laden former monopoly phone company.

In a statement Telecom Italia thanked Bernabe for his contribution to the group but gave no reasons for his departure after six years at the helm.

The resignation of the urbane 65-year-old businessman follows what industry and market sources have said was a clash over strategy with the core shareholders Telefonica (>> Telefonica SA), Intesa (>> Intesa Sanpaolo SpA), Generali (>> Assicurazioni Generali SpA) and Mediobanca (>> Mediobanca Group).

These shareholders agreed two weeks ago to gradually give Spain's Telefonica full ownership of Telco, their investment vehicle which controls Telecom Italia via a 22.4 percent stake. Bernabe had opposed the deal, a number of the sources have said.

His replacement will face the task of cutting nearly 29 billion euros ($39 billion) of debt at Telecom Italia, one of Italy's largest private-sector employers, as well as reversing years of sluggish growth and boosting its share price.

Bernabe, an internationally-respected figure who is fluent in English and German, had led oil and gas giant Eni (>> Eni SpA), Italy's biggest company, between 1992 and 1998 before moving on to Telecom Italia.

He is likely to be replaced by the chief operating officer, Marco Patuano, as chief executive, while Poste Italiane head Massimo Sarmi could be named chairman, said a source familiar with the situation.

The appointments are unlikely to be made at Thursday's board meeting and will take a couple of weeks to be decided, the source said.

"The group has strong potential. I believe its current management is able to develop it," said board member Gaetano Micciche as he left the board meeting.

Analysts say a new leader increases the likelihood that Telecom Italia will put its Brazilian unit TIM Participacoes (>> TIM Participacoes SA) up for sale to help cut debt and fund badly-needed domestic investments.

Bernabe had opposed asset sales and had been seeking support for a share issue to raise as much as 5 billion euros ($6.8 billion) to avoid a credit rating downgrade to 'junk' status.

During his tenure Telecom Italia's debt was cut by 8 billion euros but almost 30 billion euros was wiped off its share market value, a 75 percent drop in the price.

Telecom Italia shares were up 1.7 percent at 0.64 euros by the 1630 GMT market close on Wednesday, down by 7 percent so far this year and over 17 percent on a year ago.

($1=0.7340 euros)

(Reporting by Stefano Rebaudo and Danilo Masoni; Editing by Sophie Walker and Greg Mahlich)


© Reuters 2013
Stocks mentioned in the article
ChangeLast1st jan.
ASSICURAZIONI GENERALI S.P.A. 0.66% 14.46 Delayed Quote.0.74%
ENI S.P.A. 0.28% 8.856 Delayed Quote.3.31%
FLUENT, INC. -12.82% 4.59 Delayed Quote.-13.56%
INTESA SANPAOLO S.P.A. 0.80% 1.9172 Delayed Quote.-0.55%
MEDIOBANCA S.P.A. 0.56% 7.512 Delayed Quote.-0.93%
TELECOM ITALIA S.P.A. -1.85% 0.3661 Delayed Quote.-1.17%
TELEFONICA S.A. -0.40% 3.735 Delayed Quote.15.56%
TIM PARTICIPAÇÕES S.A. -0.88% 13.46 End-of-day quote.0.00%
All news about TELEFONICA S.A.
08:09aTELEFONICA DEUTSCHLAND : Buy rating from JP Morgan
MD
08:07aTELEFONICA SA : JP Morgan reiterates its Sell rating
MD
01/15TELEFONICA DEUTSCHLAND : UBS maintains a Buy rating
MD
01/15TELEFONICA S A : Fitch Says Telefonica's $9.35 Billion Tower Deal To Play Key Ro..
MT
01/14European ADRs Climb Higher in Thursday Trading
MT
01/14TELEFÓNICA S A : Jefferies Downgrades Telefonica to Underperform From Hold
MT
01/14ENEA : 8 Trends Will Shape 5G Mobile Data in 2021
AQ
01/14TELEFONICA SA : Downgraded from Neutral to Sell by Jefferies
MD
01/13European ADRs Move Lower in Wednesday Trading
MT
01/13TELEFONICA DEUTSCHLAND : Kepler Cheuvreux downgrades from Neutral to Sell rating
MD
More news
Financials
Sales 2020 43 367 M 52 368 M 52 368 M
Net income 2020 1 834 M 2 215 M 2 215 M
Net Debt 2020 40 731 M 49 185 M 49 185 M
P/E ratio 2020 11,4x
Yield 2020 10,2%
Capitalization 20 540 M 24 806 M 24 803 M
EV / Sales 2020 1,41x
EV / Sales 2021 1,43x
Nbr of Employees 113 392
Free-Float 89,8%
Chart TELEFONICA S.A.
Duration : Period :
Telefonica S.A. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends TELEFONICA S.A.
Short TermMid-TermLong Term
TrendsBullishBullishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 31
Average target price 5,01 €
Last Close Price 3,75 €
Spread / Highest target 140%
Spread / Average Target 33,6%
Spread / Lowest Target -30,7%
EPS Revisions
Managers and Directors
NameTitle
José María Álvarez-Pallete López Executive Chairman & Chief Executive Officer
Ángel Vilá Vilá Boix Chief Operating Officer & Director
Laura Abasolo García de Baquedano Chief Financial & Control Officer
Alejandro Ramos Chief Information Security Officer
Isidro Fainé Casas Vice Chairman
Sector and Competitors
1st jan.Capitalization (M$)
TELEFONICA S.A.15.56%24 933
VERIZON COMMUNICATIONS INC.-2.33%237 444
CHARTER COMMUNICATIONS, INC.-4.93%125 703
NIPPON TELEGRAPH AND TELEPHONE CORPORATION3.48%97 297
DEUTSCHE TELEKOM AG0.64%86 303
SAUDI TELECOM COMPANY4.15%58 693