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Financial & PerformanceTelefónica wobbles over 2020 finish line, targets stability
Revenue and OIBDA down 11% as COVID‑19 and currency fluctuations hit. Guidance on cash flow just about achieved; stabilisation a focus for 2021. Dividend down 25% as COVID‑19 challenges continue and 5G auctions loom. Infra picking up minority stakes in Group infrastructure; Tech growth solid. ...
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Financial & Performance
Telefónica raises €1bn through sustainable bond issue
Sustainability financing includes social impact and environmental targets. Proceeds to fund fibre networks and connectivity in unserved areas.
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Financial & Performance
BT Q3 FY20–21 results: gone today, (hopefully) here tomorrow
Nobody obviously interested in Q3, but shares down sharply. Calendar of optimism around pandemic bounce back and fresh starts. Jansen despairingly concedes transformation will take at least five years. BT doing best to railroad Ofcom on fibre-critical WFTMR.
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Financial & Performance
Go-to-market stasis hits Talkmobile numbers
Vodafone UK’s in‑house MVNO yet to report uplift from u‑turn on customer acquisition and implementation of new platform.
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Financial & Performance
Vi eyes $2bn cash injection
Reports suggest Vodafone’s Indian joint venture will announce funds from a consortium of investors imminently. Fundraising initiative began in September to ease Vi’s debt burden, with 4G expansion also expected to get a boost.
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Financial & Performance
Vodafone Q2 FY20–21
Cost-cutting props up performance during COVID‑19 -hit quarter and CFO indicates she is preparing to step up efficiency plans further. Lag in delivery of leadership’s “ Phase Two ” plans, including Tech 2025 , muddying attempts to assure stakeholders of a brighter future. Lots of ...
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Financial & Performance
Headline numbers: weathering the storm, for now
Key numbers relatively solid, reflecting telecoms sector’s cushioning from worst of pandemic disruption. Cost-cutting props up earnings, offsetting top-line weakness. Results preceded latest coronavirus response measures, which will have exacerbated drag on roaming revenue. Government support measures and resumption of international travel cited as key ...
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Financial & Performance
Guidance: tightly-wound numbers obscure future
On a like-for-like basis, Vodafone Group is holding its own in the pandemic so far and leadership appears confident regarding short-term outlook. Longer-term prospects remain a question mark, however, especially as cost-cutting — rather than the top‑line growth — is keeping the Group on a steady course. ...
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Financial & Performance
Spend: Della Valle dials it up on COVID cost-cutting
CFO flags acceleration of savings push during H1, and possibility of a further expansion of ambitions for the post- COVID era. Planned developments at Vodafone Procurement Company briefly mooted. Stark Retail and Shared Services cutbacks detailed.
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Financial & Performance
Europe: Read stresses asset line-up is not settled
Vodafone leadership considering next phase of Group strategy, and indicates M A moves could form part of new medium-term plan. Group open to solutions in markets not generating sufficient return on capital employed. Germany’s importance to Vodafone on display again; commitment to other markets less obvious. ...
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Financial & Performance
Africa: resilient SA helps Vodacom through crisis
Vodacom continues to perform well despite regulatory and macro pressures across its regional footprint. However, unfavourable currency trends remain fly in the ointment when Group’s results are translated to Vodafone’s P L. No sign yet that Vodafone management is going cool on its commitment to Africa, despite ...
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Financial & Performance
Headline data: bulked-up DT busting out of old suit
Double-figure and triple-figure milestones nearing for expanded Group on sales and earnings. TMUS the star, again, but DT’s network of European telcos holding firm during highly problematic FY. Top management unclear on picture at T‑Sys as orders slump.
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Financial & Performance
Guidance: beefed-up DT puts on a show
Up-sized Group uprates earnings again. America providing the main grunt, but Europe also chipping in. Stakeholders still queasy around cash generation, despite Group’s rude health at EBITDA level.
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Financial & Performance
Deutsche Telekom Group Q3 FY20
Twin-track Group resilient in Europe while continuing to achieve strong growth in the USA. Mismatch between prospects and sentiment in two regions has become a key challenge for management. Attention turning to next strategic cycle, and how DT will seek to reinvigorate Europe-side businesses in stodgy political ...
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Financial & Performance
BT Enterprise dials down on B2B costs
BT Enterprise flags more cost-cutting measures are being implemented as COVID‑19 disruption adds to the broader challenges it faces in the digital era. As ever, partner and supplier consolidation and change is part of the plan. CEO Jansen presents enterprise 5G as bright spot amid ...
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Financial & Performance
Spending: cost controls “here to stay”
Current crisis said to have engendered long‑term change for the Group, with claims that costs are being permanently cut, and not just deferred. Further confirmation provided that the peak of capex is behind the Group.
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Financial & Performance
Outlook: Cash is king
Telefónica appears just about on track to meet guidance on operating cash flow during this uncertain year. The weak share price is adding to worries on debt, but generating more free cash flow is the Group’s preferred response to pressure. Management tight‑lipped on future dividend payments. ...
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Financial & Performance
Headline data: Another quarter of belt‑tightening and falling revenue for Telefónica
Telefónica’s narrative of core market strength yet to fully win over doubters. Restructuring remains work-in-progress in Hispam, Tech, and Infra.
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Financial & Performance
Telefónica Group Q3 FY20
Worries persist about Group debt, a tanking share price, and continued exposure to troubled LatAm markets, but Telefónica insists that €100bn of assets on the balance sheet that could be monetised should calm nerves. “ Double dip ” challenge of pandemic and FX fluctuations acknowledged by management, but ...
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Financial & Performance
BT Group Q2 FY20–21
Revenue and profit keep falling in pandemic. COVID‑19 creates noise and uncertainty, but BT is pushing its transformation story, asking for patience as stakeholders get twitchy. Openreach a lone bright spot, although Global may be benefitting from long‑term recovery strategy. An improved earnings forecast at ...
