Pair Trade: Long Telefonica - Short Deut. Telekom

Friday, January 18th 2013

Investment Case

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Companies Description

Analysts Recommendations:

Source: Bloomberg

Market Multiples

P/E EPS DY Net Debt

2013 2011/14 2013 /EBITDA

Est. CAGR Est. Est. 2013

TEF SM 8.8 -8.5% 6.6% 2.4

DTE GY 13.2 1.7% 6.2% 2.1

Source: Bloomberg

Market Price Data

Telefonica (TEF SM)

Last Price (€) 10.930

YTD Change 7.21%

Mkt Cap (€ bn) 49.720

Deutsche Telekom (DTE GY)

Last Price (€) 8.980

YTD Change 4.48%

Mkt Cap (€ bn) 38.805

Next Report Date & Events

TEF SM 2012 Annual Results Feb 28th, 2013

DTE GY 2012 Annual Results Feb 28th, 2013

Source: Companies information