European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

Extension of Spain's 'Anti-Takeover Shield' and Investor Concerns

SEPI/Telefonica: Acquisition of a 10% Stake

Asset Sales as a Catalyst for Share Price Recovery

Event-Driven

<ul>
<li>Telefónica is nearing completion of its Latin American divestment strategy, unlocking capital from low-margin markets and reducing geopolitical risk, with €2.5 billion equity value estimated for remaining Hispam units.</li>
<li>A conservative 4x EV/EBITDA multiple applied to Hispam subsidiaries yields a fair value of €5.06 per share, while a prudent €4.50 target reflects geopolitical and execution risk buffers.</li>
<li>Proceeds from disposals strengthen Telefónica’s balance sheet, support its 7% dividend yield, and enable reinvestment into high-growth segments like Tech and fibercos, enhancing long-term shareholder value and operating efficiency.</li>
</ul>


Telefónica is nearing completion of its Latin American divestment strategy, unlocking capital from low-margin markets and reducing geopolitical risk, with €2.5 billion equity value estimated for remaining Hispam units.
A conservative 4x EV/EBITDA multiple applied to Hispam subsidiaries yields a fair value of €5.06 per share, while a prudent €4.50 target reflects geopolitical and execution risk buffers.
Proceeds from disposals strengthen Telefónica’s balance sheet, support its 7% dividend yield, and enable reinvestment into high-growth segments like Tech and fibercos, enhancing long-term shareholder value and operating efficiency.


Telefónica: Execution and Valuation Update

Telefonica SA

Telefónica: Execution and Valuation Update