Difference in Telefonica stocks

Does anyone know yhd difference between the 2 Telefonica stocks on 212?



Other than share price the info & history finances are exactly the same.

If you look at their website they only list 3 locations for Telefonica shares: Lima, Madrid and New York.

It seems like their “german entity” is a separate holding.

Germany is definitely one of their main markets (with Spain, Brazil and the UK). From memory, the way they expanded into Germany is that they bought a german company, therefore I guess that they probably did not remove it from the market and have kept some of its german entity’s shares in the market.

If you look at Telefonica Deutschland’s shareholder structure you will see that 69% of its shares are indirectly held by Telefonica SA, see the graph and then footnote number 2.


In summary:

  • Its Madrid listing is the main company, encompassing primarily the 4 main areas (Spain, UK, Brazil and Germany) as well as some other areas of the business in South-America that it is in the processing of selling off to reduce debt even more.
  • The german listing seems to be ONLY the german subsidiary with a “free float” of around 30% of the shares.

Wow, I certainly didn’t expect this type of analysis. Very informative and thanks for taking the time to reply to my message.

I have recently bought the Madrid SA stock (TEF) so I’m thinking I’ve purchased the main stock.
It was only earlier today I came across the German fractional share and thought have I bought the wrong Telefonica. I purchased this stock on the back of its 9% dividend payout for my dividend pie.

Thanks again :+1:

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You are welcome.

I have been following Telefonica for quite a few years, initially very closely but lately much more loosely.
Unfortunately the EX date was last month, but it does give good a dividend. I think they mainly give it out as a scrip dividend, with the option of cash, which can lead to a moderate amount of dilution (large in the long term). I did not get the option to choose so I don’t know whether T212 default to cash or whether they will add a few shares onto my portfolio.

I invested about 30% of my intended amount before the EX dividend date, but I am kind of waiting for it to drop a bit more before investing the rest. I initially thought it might go down to 2.65 EUR, but I now think that it is unlikely for it to go lower than 3.50 EUR. Either way, I think that in the medium (2-3 years) and in the long term it will increase again, hopefully to around 10 euros.

It is also cheap in terms of P/E ratio compared to other European telecommunications companies. It has been heavily penalised due to its high debt, which it historically struggled to reduce, however in the last year or so it has announced divestments in Central-America, the sale of towers in Germany to a partially owned subsidiary and the merger of its UK unit with Virgin (Liberty Media) all of which should lead to a significant debt reduction over the next year or so.

It also issued debt around May-ish at a lower interest rate, to ensure that it had strong liquidity in case the current pandemic damaged its cashflow, which also lowers its overall interest rate.

There is a thread on the merger between 02 UK (Telefonica) and Virgin Media (Liberty Media) were we discussed it a bit.

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Thanks again for the run down of Telefonica and the thread.

I wasn’t aware of the ex div date but aware its paid twice yearly approx €0.40 p.a.

I guess I’ve 5 months to keep adding to the stock ( which I don’t mind) as long as I get some share appreciation in the short-medium term, but I’m in it for the longterm.

Also via the thread I already have Liberty Global in my watchlist but unfortunately don’t pay a div but has further growth potential via mobile market.


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Also waiting on the dividend I’d be happy with either stocks or cash dividend any ideas when the pay date will be?

According to dividendmax.com the pay date was last Friday (3rd of July).


It does take a few days for T212 to process it, so I guess we will be receiving it soon. I would say that either tomorrow or Friday.

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Thanks for the update.

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Seeing as we discussed the Telefonica dividend on here recently I thought I would provide an update for anyone following this.

It has not been paid yet due to the scrip payment but T212 are working on it and it should be with us in the next few days, probably let’s say a week to be safe :slight_smile:. It’s also good to know that even if companies pay in scrip (shares), T212 can only pay in cash, so I guess that we will always get cash. It keeps it simple for us :slight_smile: - though I may manually re-invest the dividend :wink: .

Link to post from Peter below: