A quite correct set of results for Q3 in organic terms but the continued deterioration in the Brazilian real and the collapse of the Argentine peso have severely impacted the reported accounts. This is still limiting any real recovery of the stock. Note, however, that the Argentine business which represented 6.5% of Telefonica’s business a year ago now represents only 2%. NB The Brazilian real is currently up by 15% from its lows of September. We maintain our Add recommendation.
05 Nov 2018
Argentinia now represents only 2% of Telefonica's business
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Argentinia now represents only 2% of Telefonica's business
A quite correct set of results for Q3 in organic terms but the continued deterioration in the Brazilian real and the collapse of the Argentine peso have severely impacted the reported accounts. This is still limiting any real recovery of the stock. Note, however, that the Argentine business which represented 6.5% of Telefonica’s business a year ago now represents only 2%. NB The Brazilian real is currently up by 15% from its lows of September. We maintain our Add recommendation.