Latest Finance & Strategy Insight – Page 165
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M&ACould Telefónica hold key in Prisa power play?
Manoeuvring said to be taking place around Telefónica’s residual holding in media group. Group reportedly open to selling 9.4%-stake but not at any price.
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PremiumBT 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 gloom.
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Venturing & InvestmentsInnovation in the crosshairs: Wayra X and Wayra Builder launched
Wayra marks tenth birthday with launch of all-digital hub Wayra X. Innovation arm looking beyond Telefónica footprint. Wayra Builder released to target tie-ups with external investors for internal tech spin-outs.
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Suppliers & SCMBT seeks instant purchasing power with Suplari
Procurement function seeking “relevance” by addressing “huge legacy” of aging IT, and reliance on Excel. Calculating spend with individual suppliers was long-winded. Quick-fire info seen as increasingly important amid COVID-19 and Brexit disruption.
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PremiumSpending: 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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PremiumOutlook: 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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PremiumHeadline 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 & PerformanceTelefónica 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 Group positioned as ...
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Strategy & ChangeElsewhere in Telefónica Hispanoamérica: spectrum plans firm up
Novator challenge builds; Telcel Mexican dominance resisted; Peruvian fines upheld.
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Strategy & ChangeJansen floats potential for Openreach stake sale
“Open-minded” Jansen may see an Openreach stake sale as a way to relieve pressure on investor demands for a quicker transformation. While CEO’s tone more positive on an asset sale, the challenges of extricating elements of the Group for a sell-off may limit options.
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Strategy & ChangeSafaricom still keen on Ethiopia entry
Safaricom blocked from operating fintech service in Ethiopia, potentially making case for entry shakier, but operator reaffirms Ethiopian commitment and intention to enter bidding war. ECA offers spectrum auction update, amid escalating regional conflict.
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Strategy & ChangeElsewhere in Telefónica's core markets: Oi sights rescue party; O2 hits 4G targets
Path for Oi acquisition clears; German 4G catch-up continues; O2 UK picks up EE spectrum.
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M&AForthnet share shuffle puts United Group in charge
Pending takeover ends will-they-won’t-they saga of possible Vodafone and Wind buyout. Forthnet MVNO supported by Vodafone Greece yet to be launched commercially, but reflects competitive threat for OpCo to ponder. Move for Wind rumoured as next step for United.
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Public AffairsTelefónica Peru defends new city unit amid Twitter storm
Caught in political cross-fire, Peruvian operating business fends off flak over award of telecoms concession.
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Network & InfraOrange CEO open to pan-European TowerCo idea
Stéphane Richard sees “interesting opportunity” in possible tie-up with Deutsche Telekom or Vodafone. CEO wants to do “something smarter” with tower assets than selling masts to accumulator Cellnex.
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Strategy & ChangeElsewhere in Telefónica Group: Prisa stake options mooted
Prisa stake potentially in play; Cisco trumpets Telefónica sell-with relationship; next stop USA for content?
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Network & InfraDeutsche Telekom takes rain-check on full-fibre target
Rethink on mix of German next-gen deployment will see Group need a year more than expected to get up to full roll out speed.
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Strategy & ChangeElsewhere in Telefónica Infra-Tech: Cisco partnered for Galician 5G
ElevenPaths ups game in Galician region; Telefónica flags renewed connected-car focus.
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Products & ServicesTelefónica’s alarms JV turns up sales volume
Telefónica’s home security JV in Spain shows signs of customer growth after initial launch was hindered by pandemic.
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Network & InfraT-Mobile US’ Gulf voyage hits COVID squall
Maritime 4G partnership with RigNet feels brunt of coronavirus disruption, with reduced traffic slowing investment returns.