DB Daily Fibre: Industry Update

Research evidence excerpt

DB Daily Fibre: Industry Update

Deutsche Bank

Research

Europe Industry Date

France 17 June 2026

Spain DB Daily Fibre

United Kingdom Industry Update

Telecommunications

Wireless Services

TEF - DIGITAL / ILD PRICING / ETL -

ANGOLA LEO / CLNX BBACK / ZEG

Robert Grindle, Ph.D.

TELEFONICA (Sell, last close EUR 3.74): According to El Confidencial, Telefonica

Research Analyst

has asked brand and marketing specialists to create a new image for the company, +44-20-754-58490

which is meant to reflect Telefonica as an innovative company in digital services,

linked to cloud, AI, cybersecurity and defence. The Telefonica Chairman and CEO John Karidis

reportedly wants to implement this before the end of year, with the hope that

+44-20-754-54610

Telefonica gets recognised for these services where companies trade on higher

multiples. The timing is also linked to trying to take advantage of the EC’s Keval Khiroya, CFA

investment in digital sovereignty and whilst he may be able to get support from the Research Analyst

Spanish government (elections in 2027). Separately, the paper adds that Telefonica +44-20-754-18164

is preparing for the potential loss of football content from 2030 as competition from Roshan Ranjit, CFA

DAZN and Amazon Prime is increasing. OVERALL: Whilst digital services are Research Analyst

important and with even small benefits also helpful in the context of Telefonica’s +44-20-754-52908

highly sensitive EFCF base, key will also be the margin profile of these revenues. On Vijay Saravanan

football content, Telefonica renewed the rights last year (Champions rights end with Research Associate

the 2030/31 season and La Liga 2031/32 season). There has been continued rights

inflation (which suggests competition for the rights) and Telefonica already shares Ankit Sharma