Telefonica SA

TEF: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Telefonica Earnings: Launches Vague Guidance and New Strategic Review in 2025

Javier Correonero

Feb 27, 2025

Telefonica’s fourth-quarter results were a mixed bag, with revenue of EUR 10.7 billion ahead of company-compiled consensus but EBITDA of EUR 3.5 billion behind. Guidance for 2025 was elusive, with management guiding for “organic growth” in revenue and EBITDA but without committing to any targets. Free cash flow and the dividend are expected at the same absolute level as 2024, at EUR 2.6 billion and EUR 0.30 per share, respectively. This quarter marks the start of Marc Murtra as chair and CEO after replacing José María Álvarez-Pallete. We are maintaining our EUR 4.70/$5 fair value estimate and no-moat rating.

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Telefonica SA

Telefonica Earnings: Launches Vague Guidance and New Strategic Review in 2025

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