The Álvarez-Pallete leaves Telefónica It took almost 3% of the action this Monday to 3.86 euros, the lowest in March of last year. The market penalizes the company for the change within the leadership of the ‘teleco’, which would imply losses for SEPI of more than 5% if it decided today to close its participation. Not even the collection of the last dividend cushions the capital losses that do allow the other two large shareholders to limit Telefónica’s decline in the year.
It is not that the State, through the State Society of Industrial Participations (SEPI) wants to liquidate its position within the value of the Ibex 35 that captures the attention of investors this Monday. But the acceptance of the company’s main shareholders to change the presidency takes Telefónica’s stock far from the 4,072 euros for which SEPI bought (weighted price of the multiple operations that culminated in May of last year) that raised its participation to 10%.
Since the last assault by the public company on Telefónica, a dividend of 0.15 euros per share was collected, which adds additional profitability to the evolution of the share price. However, even with this payment SEPI continues to accumulate losses of almost 1.5%. On the other hand, Criteria Caixa would escape losses thanks to the performance of the last dividend distributed by Telefónica, as its average purchase price was below 4 euros per share.
Saudi Telecom Company, STCis currently the third largest shareholder within Telefónica. Linked to the Saudi Arabian pension fund, the company has 4.9% of the Spanish ‘teleco’ in direct shares plus 5% in derivatives. To date, the Saudi group has stated that its participation in Telefónica responds only to a financial operation. If I decided to leave Telefónica today, I would still get a 2.9% return to its operation that would escalate to almost 7% if the December dividend is added.
In a day in which the market is recalibrating its strategies in Telefónica, the market consensus collected by FactSet recommends maintaining positions, although it is true that there are several firms that recently changed their advice to sell due to the period of uncertainty that is opening in the company and by the reading carried out by various analysis firms of the political interference when making the decision to dismiss Álvarez-Pallete. All in all, Telefónica’s target price is 4.3 euros, which would imply a potential of 11.7%.
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