Significant impact on Telefónica if energy costs double: -6% on Ebitda margin and -11% on the opFCF margin
Morgan Stanley | The figures are not available in all areas but we estimate that the telecos’ exposure to the spike in energy costs for the marjority of the stocks is around 1-2% of sales (on average). To give a more complete view, using as a reference the margins and Capex, for an operator with an EBITDA margin of 38% and Capex of 19%, a cost of energy x2 would…