This Thursday, November 7, Telefónica presents the results of 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 government approval to increase its weight in the shareholding. at 9.9%.
Bloomberg Market Consensus Expects Operator to Win 362 million euros in the third quarterwhich would mean a drop of 27.89% compared to 502 million euros for the same period a year earlier.
If we add this estimate of 362 million 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% higher than in the same period last year when the profit was 1,262 million.
Furthermore, this consensus of Bloomberg analysts estimates revenues 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 operator’s results presentation comes as Saudi STC awaits government approval to increase its shareholding weight up to 9.9%.
On September 5, 2023, STC informed the National Securities Market Commission (CNMV) that it acquired 4.9% of the shares representing the capital of Telefónica and financial instruments above 5%.
The conversion of these financial instruments would lead it to increase its stake in the Spanish telecommunications 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 obtained, but which awaits 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 has once again triggered the rumors of a possible imminent response.
This meeting joined the paths meetings held a month earlier between the management of STC with the Minister of Economy, Carlos Corpo, and with the Minister of Digital Transformation, Óscar López.
This request for increase in participation The acquisition of STC in Telefónica also comes in the midst of a reconfiguration of the telecommunications sector in Spain after the merger of MasOrange, approved at the end of March, and the sale of Vodafone Spain to the British fund Zegona by the Vodafone group.
Telefónica shareholders
After STC’s communication a little over a year ago about your participation In the telecommunications company there have been several movements in the shareholding of Telefónica.
On the one hand, the National Society of Industrial Participations (SEPI) became the main shareholder of the telecommunications company, after having completed in May the execution of the Telefónica share purchase operation ordered by the Council of ministers and thus becoming with 10% of the company’s capital 2,284.8 million euros.
SEPI indicated at the time that its entry into Telefónica had “a permanent vocation” and offered a “greater shareholder stability” the company to achieve its objectives, in addition to contributing to the protection of its strategic capabilities.
For his part, Caixa criteriathe holding company that manages the assets of the La Caixa Foundation, informed the CNMV at the end of June that it had reached a stake of 9.99% in the shareholding of Telefónica, which is practically equivalent to the position acquired by the government through SEPI.
Some changes in shareholding which were also reflected in the company’s board of directors, where Carlos Ocaña entered after being proposed by the State Company of Industrial Participations (SEPI) as its representative within this governing body.
