Telefónica’s FY21 comms decrypted: anticipating a new, asset-light dawn

tfw162-tt-results

Source: Telefónica

Solid organic performance fuels management confidence in Telefónica’s ability to maintain growth and regain traditional swagger. New Spain and UK FibreCos to round off Group infrastructure monetisation programme. Near-term growth may still be dependent on inorganic activity in Brazil and JV success in UK.

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