Summary: Telefonica S.A.

Leading position in the fixed-line and mobile telecoms markets in Spain, Brazil, and other Latin and Central American countries, a leading mobile position in the U.K., and a solid mobile position in Germany. Well-recognized portfolio of brands and overall well-invested networks, including a very wide fiber-to-the-home (FTTH) footprint in Spain connecting about two-thirds of households. Large scale and extensive geographic and asset diversity across three countries in Europe and 14 in Central and Latin America. Meaningful exposure to country, currency, and regulatory risks in emerging markets in Latin and Central America. Very competitive Spanish telecom market with four national infrastructure-based operators and a regional cable player. Weaker operating margins in the U.K. and Germany, and a weaker, albeit improving, mobile

...Business Risk Financial Risk + Leading position in the fixed-line and mobile telecoms markets in Spain, Brazil, and other Latin and Central American countries, a leading mobile position in the U.K., and a solid mobile position in Germany. + Well-recognized portfolio of brands and overall well-invested networks, including a very wide fiber-to-the-home (FTTH) footprint in Spain connecting about two-thirds of households. + Large scale and extensive geographic and asset diversity across three countries in Europe and 14 in Central and Latin America. + Meaningful exposure to country, currency, and regulatory risks in emerging markets in Latin and Central America. + Very competitive Spanish telecom market with four national infrastructure-based operators and a regional cable player. + Weaker operating margins in the U.K. and Germany, and a weaker, albeit improving, mobile network and fixed-line proposition than Deutsche Telekom (DT) and Vodafone in Germany. + Adjusted debt-to-EBITDA ratio in the...

Summary