In a hard lockdown quarter, Q1 revenues were flat yoy, while EBITDA was better than expected, up by 5.5% despite the roaming drag.
The stock is still trading 5% below its pre-COVID-19 levels: this is undeserved and we maintain our Buy opinion. The dividend yield is 7.35% and remains very sure according to us (and is calibrated according a capex/sales ratio peak at 17-18% in 2021-22).
12 May 2021
An investment phase that weighs on the stock
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An investment phase that weighs on the stock
Telefonica Deutschland Holding AG (O2D:ETR) | 0 0 0.0%
- Published:
12 May 2021 -
Author:
Jean-Michel Salvador -
Pages:
3
In a hard lockdown quarter, Q1 revenues were flat yoy, while EBITDA was better than expected, up by 5.5% despite the roaming drag.
The stock is still trading 5% below its pre-COVID-19 levels: this is undeserved and we maintain our Buy opinion. The dividend yield is 7.35% and remains very sure according to us (and is calibrated according a capex/sales ratio peak at 17-18% in 2021-22).