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Comments (2)

Nick Cox profile picture
Telefonica Spain ticks every box for investors to avoid-secular decline market-poor management-history of stock price depreciation-history of dividend cuts.
What is there no to like haha
Solid analysis, just two comments if I may:

- The reason I am invested in the TopCo is because of the exposure to Latin America, which is growing double digit in some markets. This is the future for Telefonica, rather than the stagnating European markets. How much growth can Telefonica chase in Germany, a satured market with aging population in decline? There's also a lot of competition (Deutsche Telekom has been on fire lately);
- Zero WHT on the German dividend is an astute point, and I understand it makes a difference to US investors, but for rest of the world, in most countries you have to tax dividend income when received as an individual. Taxation will differ per the target country where you are tax resident, but very unlikely to be 0%, unless you are hiding from the tax man in the Bahamas or the Cayman Islands. In most countries you get a credit to your local tax bill for the WHT incurred at source country, and so it's ultimately a wash for most (non-US) individual investors who are not resident in tax havens.
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