Telefonica SA

TEF: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€1.70	Chlx	Lymnwqsl

Telefonica Earnings: Stable Performance Across the Board; Spanish Government Gets Board Seat

Javier Correonero

May 10, 2024

Telefónica reported a 0.9% year-on-year increase in revenue in the first quarter of the year, mainly driven by strong service revenue growth of 2.3%. EBITDA grew by 1.9% year over year thanks to revenue growth and control of operating expenses, which just increased by 0.5%. Shares have run by 20% since the lows recorded in February. We are maintaining our EUR 4.90 fair value estimate.

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