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Last $15.19 USD
Change Today -0.16 / -1.04%
Volume 1.2M
TEF On Other Exchanges
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As of 8:04 PM 08/4/15 All times are local (Market data is delayed by at least 15 minutes).

telefonica sa-spon adr (TEF) Key Developments

Telefónica Deutschland Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2015

Telefónica Deutschland reported unaudited earnings results for the second quarter and six months ended June 30, 2015. For the six months, the company reported revenue of EUR 3,849 million, OIBDA was EUR 869 million and CapEx of EUR 1,658 million. For the quarter, the company reported revenue of EUR 1,949 million, OIBDA was EUR 461 million and CapEx of EUR 1,437 million.

Telefónica, S.A. Reiterates Dividend for 2015 and 2016; Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Revises Earnings Guidance for the Year 2015

Telefónica, S.A. reiterated the dividend for 2015 a EUR 0.35 per share in the form of a voluntary scrip dividend in the fourth quarter 2015 and EUR 0.40 per share in cash in the second quarter 2016. The company also reiterates the dividend for 2016 of EUR 0.75 per share in cash and will also propose at the 2016 AGM. The company announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company’s revenues stood at EUR 11,876 million and increased 4.4% year-on-year in organic terms (+12.4% reported), accelerating versus the previous quarter (+1.1 percentage points), on the back of better contribution from Telefónica España (+0.8 percentage points) and Telefónica Brasil (+0.3 percentage points). Profit from continuing operations stood at EUR 1,385 million and increased 16.9% year-on-year. Consolidated net income reached EUR 1,891 million in April-June 2015 (1.7 times higher year-on-year). This translated into basic earnings per share of EUR 0.37 in the quarter (+62.1% vs. the same period of the previous year). The operating cash-flow (OIBDA-CapEx) totaled EUR 289 million in the second quarter of 2015 (EUR 1,717 million excluding spectrum acquisitions) and fell 0.4% year-on-year organic (-83.4% reported). For the six months, revenues reached EUR 23,419 million, +3.9% year-on-year in organic terms (+12.5% reported). Profit from continuing operations reached EUR 1,841 million. Consolidated net income reached EUR 3,693 million in January-June. This translated into basic earnings per share of EUR 0.75 up to June (2 times year-on-year). CapEx in the first half of 2015 stood at EUR 5,094 million (+12.6% year-on-year organic). The operating cash-flow (OIBDA-CapEx) reached EUR 2,226 million (EUR 3,815 million excluding spectrum), 4.7% less than in the same period of 2014 in organic terms (-40.9% reported). Net financial debt stood at EUR 51,238 million as of June 2015 and increased EUR 5,611 million in the quarter, driven mainly by seasonal and non-recurrent extraordinary factors, such as net financial investments including changes in the perimeter of consolidation (acquisitions of GVT and DTS and Telco S.p.A. demerger); spectrum payments; and other factors which include the impact of the adoption of the exchange rate set at SIMADI for the conversion of positions in Venezuelan bolivars, among others. Profit from continuing operations reached EUR 1,864 million (+2.6% versus the same period of 2015). Operating income was EUR 3,068 million against EUR 3,641 million a year ago. Profit before tax was EUR 1,935 million against EUR 2,232 million a year ago. Profit for the period attributable to equity holders of the parent was EUR 3,693 million against EUR 1,903 million a year ago. Net cash flow provided by operating activities was EUR 5,759 million against EUR 5,582 million a year ago. Payments on investments in property, plant and equipment and intangible assets was EUR 5,587 million against EUR 3,803 million a year ago. OIBDA was EUR 7,320 million against EUR 7,251 million a year ago. For the year 2015, revenue guidance has been upgraded to >9.5 % (>7% previously), with the new dates for the incorporation of GVT and DTS in the consolidation perimeter adding 1.8 percentage point to growth. On the other hand, as a result of the impact of the new dates for the incorporation of GVT and DTS in the consolidation perimeter OIBDA margin limited erosion has been updated to around 1.2 p.p. (around 1 p.p. previously). Additionally, the CapEx/Sales excluding spectrum guidance is maintained at 17% for 2015.

MediaTek Inc. and Telefonica S.A. Announces Collaboration in Telefonica's Labs Initiative

MediaTek Inc. and Telefonica S.A. have announced their collaboration in Telefonica's Labs initiative. The agreement will allow for the development of a Lab, a temporary innovation cell co-hosted by MediaTek Labs, which will allow ten engineering students from leading Spanish universities to work at MediaTek's R&D offices in Cambridge, UK, from September through December of 2015. Members of the Lab will be coached through a number of tasks, including developing demonstrations for key tradeshows, working on new proof-of-concepts for IoT and Wearable devices built using MediaTek LinkIt development platforms, learning how to produce innovative Android applications using MediaTek's 3D graphics SDK, testing, technology benchmarking, and creating digital content in Spanish and English. This collaboration is an important milestone since it marks the first time in which a Lab will be held outside Spain. Labs are temporary innovation cells composed of multidisciplinary teams that work within companies and organizations on specific challenges posed by new technologies and the digital revolution.

Alcatel-Lucent and Telefonica Explore Implementation of NFV to Accelerate the Transformation of Networks

Alcatel-Lucent and Telefónica have signed a memorandum of understanding under which the companies will test NFV (network functions virtualization) technologies as part of the operator's strategy to evolve its networking infrastructure. The work will focus on enhancing network performance and efficiencies to support ever-growing demand for flexible connectivity. Telefónica has already tested Alcatel-Lucent's Virtualized Service Router in its NFV Reference Lab using the OpenMANO NFV orchestration stack. The results delivered were outstanding, reaching 100% line-rate performance which allowed data to be transported with zero losses. The companies will continue testing other elements of Alcatel-Lucent's NFV portfolio in the coming months. The new MoU renews and expands the companies' February 2014 agreement which announced the application of Alcatel-Lucent's CloudBand™ platform to advance NFV implementation. Under the new agreement, Alcatel-Lucent and Telefónica will investigate how mobile networks can be transformed to meet demands being placed on them by the Internet of Things, machine-to-machine communications and increased customer connectivity. NFV offers new efficiencies and automation to simplify network operations, allowing service providers to increase innovation and offer new revenue-generating services with a consistent high quality end-user experience, while lowering costs.

Telefonica and China Unicom Team Up to Acquire Smartphones

Telefonica and China Unicom have signed a strategic procurement collaboration agreement to select smartphones based on shared specifications at improved economies of scale. The aim is to help both companies deliver improved data services to a broader group of their customers in China, Latin America and Europe. The companies said the first joint project has been completed with the purchase of 4G smartphones from the manufacturers Lenovo and TCL, which will be made available in the second half of 2015 in China, Europe and Latin America.

 

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Industry Analysis

TEF

Industry Average

Valuation TEF Industry Range
Price/Earnings 22.1x
Price/Sales 1.4x
Price/Book 3.0x
Price/Cash Flow 4.9x
TEV/Sales NM Not Meaningful
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