This Thursday, November 7, Telefónica presents results for the third quarter of the year for which the consensus of Bloomberg analysts estimates a profit of 362 million euros, while the Saudi operator STC awaits possible approval from the Government to increase its weight in the shareholding up to 9.9%.
Bloomberg market consensus expects the operator to win 362 million euros in the third quarterwhich would mean a decline of 27.89% compared to the 502 million euros in the same period a year earlier.
If this estimate of 362 million is added to the profits of 979 million euros of Telefónica in the first half, the figure would rise to 1,341 million euros in the first nine months of the year, which would be 5.7% above that in the same period a year ago when the profit was 1,262 million .
Furthermore, this consensus of Bloomberg analysts estimates income of 9,983 million euros between July and September compared to 10,321 million in the same period a year ago.
STC awaits authorization
The presentation of the operator’s results occurs while the Saudi STC awaits the approval of the Government to increase its weight in the shareholding up to 9.9%.
On September 5, 2023, STC informed the National Securities Market Commission (CNMV) that it acquired 4.9% of shares representing the capital of Telefónica and financial instruments over 5%.
The conversion of these financial instruments would lead it to increase its participation in the Spanish telecom company to 9.9%, but to do so requires government authorizationgiven that Telefónica carries out activities related to national defense, an authorization that has already been carried out, but is awaiting a response.
In recent days, the meeting held between the Minister of Defense, Margarita Robles, and the minister of the same branch of Saudi Arabia once again triggered the rumors about a possible imminent response.
This meeting joined paths meetings held a month earlier between the STC management with the Minister of Economy, Carlos Corpo, and with the Minister of Digital Transformation, Óscar López.
This request for increase in participation of STC in Telefónica also occurs in the midst of the reconfiguration of the telecommunications sector in Spain after the merger of MasOrange, which was approved at the end of March, and the sale of Vodafone Spain to the British fund Zegona by the Vodafone group.
Telefónica’s shareholders
After the communication from STC a little over a year ago about your participation In the telecommunications company, there have been several movements in Telefónica’s shareholding.
On the one hand, the State Society of Industrial Participations (SEPI) became the main shareholder of the telecommunications company, after having completed in May the execution of the purchase operation of Telefónica shares ordered by the Council of Ministers and thus becoming with 10% of the company’s capital 2,284.8 million euros.
The SEPI reported at that time that its entry into Telefónica has “a vocation for permanence”, and provides a “greater shareholder stability” the company to achieve its objectives, in addition to contributing to the protection of its strategic capabilities.
For its part, Criteria Caixathe holding company that manages the business assets of the La Caixa Foundation, informed the CNMV at the end of June that it had reached a 9.99% stake in Telefónica’s shareholding, which practically equaled the position acquired by the Government through SEPI.
Some changes in the shareholders that have also been reflected in the company’s board of directors, where Carlos Ocaña entered after being proposed by the State Society of Industrial Participations (SEPI) as its representative in this governing body.
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