FRANKFURT (dpa-AFX) – The shares of Telefonica Deutschland suffered from profit-taking on Wednesday after the quarterly figures were presented. The telecommunications provider did not spark much euphoria among analysts with its figures and targets for 2023. Reference was also made to the already good performance of the shares.
In a weak market environment, the shares lost two and a half percent to EUR 2.843 around midday – that meant one of the bottom places in the MDAX. On Tuesday they had marked the highest level since June last year at EUR 2.919.
For the recent stock market year, there is still an increase of a little more than 23 percent, while the index of medium-sized German companies and the European industry index have each recovered by almost 13 percent. Since the lows in mid-October, the premium at Telefonica Germany has even been almost 42 percent.
According to Yemi Falana of the US investment bank Goldman Sachs, both the figures for the past quarter and the outlook were largely in line with expectations. UBS analyst Polo Tang, on the other hand, wrote that although the interim report was well above estimates, this was partly due to a positive special effect. In addition, the sales outlook is only the consensus estimate, implying slowing business momentum, even if considered conservative. Jefferies expert Jerry Dellis made a similar statement.
Falana and Tang agree that the share price has already priced in some positives before the figures were announced. A further increase depends on the outcome of the frequency auction in the coming year and the development of sales with the industry colleague and competitor 1&1, emphasized Tang.
In 2022, the subsidiary of the Spanish telecom group Telefonica made a substantial profit on its own for the first time in ten years. She attributes the almost ten percent increase in net earnings to billions in investments over the past three years and the resulting customer growth. The operating result adjusted for special effects (Oibda) increased by 5.3 percent and sales by 5.9 percent.
For 2023, however, Telefonica Deutschland expects slower growth: Sales are expected to increase in the low single-digit percentage range./gl/ck/stk
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