Telefonica SA

TEF: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Telefonica: Unconvincing Strategic Plan Falls Short on Cost Ambition, With Margin Expansion Unlikely

Javier Correonero

Nov 4, 2025

We were underwhelmed by Telefonica’s 2030 strategic plan and assign low credibility to management’s long-term forecasts.

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Telefonica SA

Telefonica: Unconvincing Strategic Plan Falls Short on Cost Ambition, With Margin Expansion Unlikely

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