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

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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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