Telefonica released a solid Q3 with 3.8% yoy organic revenue growth and EBITDA up by 3.1% yoy.
Telefonica is still a Spanish story, with high potential in the UK and Brazil, plus solid assets in Germany. The dividend yield is 8.5% despite a steady increase in FCF in the future. We maintain our strong Buy on the stock (which lost 25% in Sept-Oct and has recovered by 7.5% in the past week).
04 Nov 2022
Solid Q3 and dividend confirmed
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Solid Q3 and dividend confirmed
Telefonica released a solid Q3 with 3.8% yoy organic revenue growth and EBITDA up by 3.1% yoy.
Telefonica is still a Spanish story, with high potential in the UK and Brazil, plus solid assets in Germany. The dividend yield is 8.5% despite a steady increase in FCF in the future. We maintain our strong Buy on the stock (which lost 25% in Sept-Oct and has recovered by 7.5% in the past week).