This is eToro's comment on the approval of SEPI's acquisition of a 10% stake in Telefónica.
The operation represents “an important State strategy”: “it guarantees the stability of Telefónica's main shareholders, protects the company from market fluctuations and guarantees a solid and predictable shareholder base,” explains Javier Molina, senior market analyst at the platform.
“Investors should consider how this new ownership structure will impact the company's stability and future strategy, while paying close attention to share price trends and market sentiment,” he concludes.
Does everyone love Telefónica...except the final investors?
While the announcements of investments in Telefónica by different global players continue, the stock market operator's price stands out from the good trend of the Ibex, which rises close to 25%, experiencing revaluations that barely exceed 7% in the year .
Does this mean that the discount of expectations on the company's growth is at a minimum? Well, if we look at the interest of end investors in the stock market and that generated by certain global operators, there is no doubt that there are clear divergences.
The acquisition of up to 10% of Telefónica's shares by SEPI represents an important State strategy. This strategic move guarantees the stability of Telefónica's main shareholders, protects the company from market fluctuations and guarantees a solid and predictable shareholder base. The measure reflects efforts to protect national strategic interests, given its position in communications, innovation and security.
This intervention can also be seen as a defensive measure against the investments of the Saudi STC Fund, to maintain influence and national strategic control within the borders of Spain. This approach is not unique to Europe, as other governments also have stakes in companies that are strategic to their national interests.
For investors and the market, the acquisition of SEPI can be interpreted as an attempt to minimize the impact on share prices and align with the broader European trend of government investment in large companies. Making SEPI a major shareholder could increase the government's influence over Telefónica's corporate strategy, which could have a significant impact on the company's governance and future direction.
The entry of SEPI as a reference shareholder will restructure the ownership and governance of Telefónica, as it will surpass the participations of shareholders such as BBVA and BlackRock or the Saudi fund itself. This evolution allows Spain to balance its position with countries such as Germany and France, which own large stakes in Deutsche Telekom and Orange, respectively.
Investors should consider how this new ownership structure will impact the company's stability and future strategy, while paying close attention to share price trends and market sentiment.
The 4 euro zone is currently the granite wall to overcome. We will see if the force is with investors and the operator is able to reduce its distance from the Ibex-35 average.
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Source: Territorioblockchain.com
