Vladimír Urbánek (Kurzy.cz)
World markets  |  October 08, 2012 11:25:00

Telefónica SA wants to sell shares in the German daughters above the average valuation of the sector


Spain's Telefonica SA plans to offer in the form of IPO shares of its German daughter O2 Germany. According to an unnamed source, the parent company sold shares love of his daughter valuation corresponding to the lower end of the range around 5.5-6 times estimated EBITDA profit for the year 2013, and 6.5-to 7 times the upper price range.
The sector average for European companies přirom currently stands at 5.8 times estimated EBITDA next year.

Parent Telefónica still does not want to officially comment on the parameters of the planned IPO.
According to date "leaked" information could offer a package 20% O2 Germany shares at a price of around 1.5 mld.EUR, which would have recognized the whole company at about 7.5 mld.EUR. German daughter currently has a debt of 1.1 mld.EUR.

Most of the reactions outlined the valuation is rather negative, when you consider some of the Portfolio Manager inflated and warn that if the demand price is too high, this could be reflected in little or no interest in the subscription.

Shares Telfónica SA this year, losing 21%, the current market capitalization is about 47.9 mld.EUR.

Related news: HC2: Spanish Telefónica O2 Germany will hold IPO
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Telefónica SA chce prodat akcie německé dcery nad průměrem ocenění celého sektoru

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