The Q2 numbers are slightly better than expected. Telefonica has also upgraded its outlook for 2021.
The dividend cut of last year, the recent sale of its telecommunications towers division in Europe and in Latin America for €7.7bn to American Tower, the merger with Virgin in the UK, the reduction in net debt and a quite correct H1 performance should indeed help restore market confidence.
We maintain our opinion at Buy on the stock.
29 Jul 2021
A new group is taking shape
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A new group is taking shape
The Q2 numbers are slightly better than expected. Telefonica has also upgraded its outlook for 2021.
The dividend cut of last year, the recent sale of its telecommunications towers division in Europe and in Latin America for €7.7bn to American Tower, the merger with Virgin in the UK, the reduction in net debt and a quite correct H1 performance should indeed help restore market confidence.
We maintain our opinion at Buy on the stock.