Telefónica: more accounts than expected and feedback on Ibex 35

The operator’s shares fell more than 4.5% following the presentation of the results, before rebounding the next day. The company’s growth in 12 months is 12.1%.

This week, Telefónica has presented its results for the first quarter of the year, which show how the company, headed by José María Álvarez-Palet, achieved a profit of 298 million in that period, compared to the same period last year. has practically 58% less. ,

The operator’s revenue increased by 6.7% to 10,045 million euros compared to the first quarter of 2022. However, factors such as increase in tax contribution explain the reduction in its benefits. Telefónica reported that it paid more taxes this year between January and March than in the same period last year. Specifically 68 million euros more.

In the early stages of Thursday, after the publication of its accounts, the company left almost 3% on the stock market, closing the day with a percentage of losses in Ibex of more than 4.5%, thus leading to the collapse of the day. Ibex 35. On Friday morning, in contrast, Telefónica’s shares rose by more than 1.40%, being one of the most rising selective values.

The annual accumulation of the company in Ibex 35 reaches 15.24%. according to him Technical Analysis by Jose Antonio GonzalezThe telco “develops a medium- or medium-term rising high-low structure that has recently been gaining traction due to an upward cut between its medium and long-term moving averages. In this sense, its next objective is €4.22/month.” is established around €4.198 per share, an area that is close to the 61.8% Fibonacci retracement of the entire bearish process starting from last year’s 2022 high.

Elena Fernandez-Trepila, Bankinter analyst, confirms The company’s results “slightly” exceeded expectations, Furthermore, it adds that “in organic terms, revenue and recurring OIBDA maintained positive growth for the eighth consecutive quarter, although OIBDA is slower than figures for the last quarter of 2022”.

“The results position the group to meet the year’s guidance for low single-digit growth in revenue and OIBDA,” he continues. From Bankinter, the recommendation is maintained at “Neutral” and they give the company a target price of €4.2

Iván San Félix Carbajo, from Renta4, develops his analysis along the same lines. He assured that “the results exceeded forecasts by a significant amount”. The telephone company’s shares have a target price of EUR 4.6 with an “overweight” recommendation for Renta 4.

For him Reuters analyst consensusTelefonica shares have a target price of 4.36 euros, representing a decrease of 2.9% from last February, and reached a 12 month capacity 12.1%,

Among experts covering the company, 39% recommend the operator’s titles to “buy”, 47% decide to “hold” and the remaining 14% prefer to sell them.

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Regarding the reactions of other analysts, Bank of America shed light on Telefónica “records generally good results”, From the US unit he says that “It is encouraging that EBITDA continues to improve despite cost headwinds in the first quarter. Hence the ambition to make positive progress in the second half”.

City believes the Spanish company’s results are “in line” with what the market expected, “with a modest improvement of between 3.1% and 2.4% in revenue and in underlying EBITDA if the 22 million euro exceptional in Hispam is taken into account Go”.

The EPS (Earnings Per Share) is 0.32. The current PVC (Price to Book Value) is 0.99. for his part, dividend yield This is more than three times the Spanish bond and double the CPI figure, standing at 11.6%. This is the highest figure in the sector, followed by companies such as Vodafone and Orange, which offer dividend yields of 8.5% and 6.1%, respectively.

He Telefonica has a copy of 12.51, well above the Ibex average, which currently stands at 9.78. Comparing the data with other companies, Orange currently has a PER of 15.78, Vodafone 14.22, and Deutsche Telekom 14.19, so Telefónica is cheaper than other entities in the sector.