Analyst recommendation

As public consensus figures for Telefónica Deutschland mix IAS 17 and IFRS 16 estimates and are thus potentially misleading, we are collecting both sets for the full years 2019 and 2020 and will publish regular updates going forward. Please be aware that we have guided the financial year 2019 on an IAS 17 basis. Current consensus: Analyst Consensus Week 48 The quarterly consensus sets under both accounting standards are available under the financial publications section.

Analyst Consensus Archive 2019

Last updated	Institution	Analyst	Rating	Target price (EUR)
05.11.2019	JP Morgan	Akhil Dattani	Hold	3.40
05.11.2019	Credit Suisse	Jakob Bluestone	Hold	2.90
05.11.2019	Warburg Research	Jonas Blum	Hold	3.10
05.11.2019	BoAML	Frederic Boulan	Sell	2.60
04.11.2019	AlphaValue	Jean-Michel Salvador	Buy	3.86
28.10.2019	HSBC	Christian Fangmann	Hold	2.80
28.10.2019	Oddo BHF	Alexandre Iatrides	Sell	2.90
28.10.2019	Exane BNP Paribas	Joshua Mills	Buy	3.20
25.10.2019	Newstreet	James Ratzer	Hold	3.00
22.10.2019	UBS	Polo Tang	Buy	3.70
17.10.2019	Barclays	Mathieu Robilliard	Buy	3.30
11.10.2019	Redburn	Steve Malcom	Buy	2.57
11.10.2019	Societe General	Ottavio Adorisio	Hold	2.50
07.10.2019	Morgan Stanley	Emmet Kelly	Buy	4.00
19.09.2019	Deutsche Bank	Keval Khiroya	Buy	3.40
20.08.2019	Nord LB	Wolfgang Donie	Buy	3.50
29.07.2019	Mainfirst	Thibault De Coincy	Buy	2.90
26.07.2019	Citi	Georgios Ierodiaconou	Buy	4.50
25.07.2019	Goldman Sachs	Andrew Lee	Hold	3.50
11.07.2019	Kepler Cheuvreux	Martin Jungfleisch	Hold	2.60
08.07.2019	Bankhaus Lampe	Wolfgang Specht	Hold	2.40
27.06.2019	Jefferies	Ulrich Rathe	Hold	2.47
23.04.2019	Arete	Hannah Kleiven	Sell	2.40
21.03.2019	LBBW	Bettina Deuscher	Buy	3.80
20.02.2019	DZ Bank	Karsten Oblinger	Hold	3.10
14.02.2019	Commerzbank	Heike Pauls	Sell	2.80
02.11.2018	Hauck & Aufhäuser	Simon Bentlage	Hold	3.90

Investor Relations

For any questions related with the Telefónica Deutschland share please contact our Investor Relations-Team.