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July 2015
Market Profile
Share Price (20/07/2015)
52-Week Price Range ()
Outstanding Shares (mn)
Market Cap. (mn)
Free Float (%)
15.13
10.64 13.95
4,938.42
68,002
2.26
Source: Reuters
Stock Performance
20
10
5
8000
6000
4000
IBEX 35
2000
Apr-15
Dec-14
Nov-14
Oct-14
Sep-14
Jul-14
Aug-14
Jun-14
May-14
10000
Telefonica
12000
IBEX
Mar-15
15
Jan-15
14000
Telefonica
IBEX 35
Feb-15
Business
Stock Performance
80
BT Group PLC
70
60
BT Group PLC
50
Vodafone
30
40
20
10
0
America Movil
Vodafone
America Movil
Telefonica
Aires.
The companys main brands, with worldwide recognition, are
Telefnica, Movistar, O2 and Vivo.
10,00%
5,00%
0,00%
-5,00%
-10,00%
Revenues
GDP
-15,00%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
2013
118,86
2014
122,30
2015F
121,85
2016F
116,48
2017F
118,43
2018F
120,34
2019F
122,24
WACC
8.98%
Goodwill
27,96
23,43
25,11
25,11
25,11
25,11
25,11
25,11
Beta
1.2
Intangible
22,08
18,55
22,35
22,35
22,35
22,35
22,35
22,35
7%
Fixed Assets
35,02
31,04
33,34
33,34
27,76
29,50
31,25
33,00
3.17%
Net Financials
13,68
12,32
13,51
13,51
13,51
13,51
13,51
13,51
D/V
33%
Inventory
1,19
0,99
0,93
0,92
0,96
1,01
1,05
1,09
Recievables
10,71
9,64
10,61
10,71
10,88
11,04
11,16
11,27
Kd
4.92%
9,85
9,98
6,53
6,00
6,00
6,00
6,00
6,00
Ke
11.58%
Others
9,29
12,92
9,91
9,91
9,91
9,91
9,91
9,91
Equity
27,66
27,48
30,29
31,68
35,91
39,20
42,60
46,00
Total Liabilities
102,11
91,38
92,01
90,17
80,56
79,23
77,74
76,24
M/L Liabilities
70,6
62,23
62,31
59,48
56,73
53,98
51,22
48,46
56,61
51,17
50,69
48,55
46,41
44,28
42,14
40,00
M/L others
13,99
11,06
11,62
10,93
10,31
9,70
9,08
8,46
S Liabilities
31,52
29,15
29,69
30,69
23,85
25,25
26,52
27,78
S Debt
10,25
9,53
9,09
10,69
3,51
4,60
5,63
6,65
Payables
4,18
4,40
3,66
3,66
3,66
3,66
3,66
3,66
Others
17,09
15,22
16,94
16,34
16,68
16,99
17,23
17,47
2012
62,36
2013
57,06
2014
50,38
2015F
51,99
2016F
54,07
2017F
56,19
2018F
58,15
2019F
60,20
Operational Costs
(41,13)
(37,98)
(34,86)
(35,23)
(35,23)
(37,80)
(38,93)
(40,12)
EBITDA
Margin
21,23
34,0%
19,08
33,4%
15,52
30,8%
16,76
32,2%
18,84
34,8%
18,39
32,7%
19,22
33,1%
20,08
33,4%
Depreciations
(10,43)
(9,63)
(8,55)
(8,74)
(8,04)
(8,50)
(8,97)
(9,45)
EBIT
10,80
17,3%
9,45
16,6%
6,97
13,8%
8,02
15,4%
10,8
20%
9,89
17,6%
10,25
17,6%
10,63
17,7%
(1,28)
(0,30)
(0,51)
(3,66)
(2,87)
(2,82)
(3,79)
(2,80)
(2,48)
(2,16)
(1,85)
EBT
5,86
6,28
3,64
4,23
7,41
8,09
8,78
Taxes
(1,46)
(1,31)
(0,38)
(0,58)
(1,31)
(1,43)
(1,79)
(2,20)
Net Profit
4,40
4,97
3,25
3,65
6,69
5,98
6,30
6,58
Margin
Multiples
Margins
30
50%
25
40%
20
30%
15
20%
10
5
10%
0%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Imparities
in thousand
EBITDA (M)
EBITDA Mg
News