Telefónica’s shareholder structure continues to be led by SEPI, CriteriaCaixa and the Saudi telecoms firm STC.
By Bankinter
BBVA has reduced its stake in Telefónica to 1.965%, down from the 5.007% it previously held, following its departure from the board in March this year. Telefónica’s shareholder structure continues to be led by SEPI, CriteriaCaixa and the Saudi telecoms firm STC, each holding practically 10% of the capital.
Bankinter analysis team’s view:
Bad news for Telefónica, which is losing one of its key shareholders. Although much of the impact should already be priced in, following a 12% fall over the last month, we assign a high probability to BBVA selling the remaining c.2%, which could continue to weigh on the share price in the coming weeks.
We maintain our Neutral recommendation. Although at these levels the company offers a more attractive risk-return profile, interest rate rises could delay potential corporate transactions, one of the main catalysts previously offered by Telefónica.
