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Telefonica Deutschland Meets FY Targets, Guides For Slow Rev Growth

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  • Looks like a slight beat on Q4 Revenue (+2.8% vs. EUR 2.23bn consensus) and Q4 OIBDA (+1.6% vs. EUR 684mn consensus). FY results in line with or better than FY23 guidance on Rev/OIBDA/CapEx.
  • FY FCF came in at EUR 1.3bn (vs. EUR 1.1bn in FY22 and consensus of EUR 1.25) with leverage of 1.2x (from 1.3x at FY22).
  • FY24 outlook is for slightly positive revenue growth (from +4.7% this year, impacted by lower mobile termination rates), low-to-mid single digit EBITDA growth (from +3.1% this year) and stable CapEx/Sales of 13% - 14% (from 13.2% this year).
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