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

TELEFONICA S.A.

(TEF)
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Telefonica S A : Vodafone to put stake in UK towers unit into Vantage Towers

01/11/2021 | 02:56am EST
FILE PHOTO: Different types of 4G, 5G and data radio relay antennas for mobile phone networks are pictured on a relay mast operated by Vodafone in Berlin

LONDON (Reuters) - Vodafone said it would put its 50% stake in Cornerstone, its UK towers joint venture with Telefonica, into its new European infrastructure unit Vantage Towers after reaching a new commercial agreement with the Spanish company.

Cornerstone will be the preferred supplier of new tower sites for the two mobile operators' UK units for an initial eight years from the start of this month with three eight-year renewal periods under the new deal, Vodafone said on Monday.

Vodafone spun out its European towers last year to take advantage of investor appetite for infrastructure assets, which offer a long-term secured income stream.

It plans to list the unit in Frankfurt in the coming months, and will use the proceeds to reduce its debt.

Vodafone's 50% stake in Cornerstone would add 62 million euros ($75.5 million) to Vantage Towers' pro forma financial year 2020 adjusted core earnings after leases, Vodafone said.

($1 = 0.8208 euros)

(Reporting by Paul Sandle; Editing by William Schomberg and Kate Holton)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
TELEFONICA S.A. -1.03% 3.637 Delayed Quote.12.08%
VODAFONE GROUP PLC -0.45% 127.34 Delayed Quote.5.29%
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Financials
Sales 2020 43 354 M 52 757 M 52 757 M
Net income 2020 1 821 M 2 216 M 2 216 M
Net Debt 2020 41 836 M 50 911 M 50 911 M
P/E ratio 2020 11,1x
Yield 2020 10,5%
Capitalization 20 001 M 24 347 M 24 339 M
EV / Sales 2020 1,43x
EV / Sales 2021 1,42x
Nbr of Employees 113 392
Free-Float 89,8%
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Mean consensus OUTPERFORM
Number of Analysts 31
Average target price 5,02 €
Last Close Price 3,64 €
Spread / Highest target 147%
Spread / Average Target 38,0%
Spread / Lowest Target -28,5%
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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
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