Telefonica’s (TEF) latest five-point strategic update was a much-needed game-changer for the European telco; the plan clearly defines the core markets, unveils targeted operational efficiencies as well as incremental revenues, and sets in motion a plan to unlock the value of its infra telco assets. The stock has, rightly in my view, reacted positively to the news, however, a key piece of the puzzle remains missing - deleveraging. Until the debt load is addressed, I would not put much stock in the dividend.
Telefonica enters a new era
Telefonica recently published a new