Telefonica Still Looks Undervalued
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The European telecoms sector remains an underperformer, and one stock that has been particularly hard hit is Telefonica (NYSE:TEF). The market capitalization of the Madrid-based multinational is currently still more than a quarter less than immediately before the pandemic sell-off started, representing a significantly bigger discount to many of its rivals.
Data by YCharts
Telefonica now trades at a forward price-to-earnings ratio of 10.4, a much lower…
