Fincor—Sociedade Corretora, S.A. provides services of reception, execution, and transmission of orders. The contents men- tioned in this document do not constitute (nor should they be interpreted as to form) any kind of counselling, or investment recommendation, or a record of our trading prices, or an offer or solicitation to trade in any financial instrument. Fincor—Sociedade Corretora, S.A. Will not accept any responsibility resulting from any use referring to said content or about any resulting effect that could have occurred.

1. Pair Trade: Long Telefonica - Short Deut. Telekom
Friday, January 18th 2013
Companies Description Investment Case
Market Price Data
Telefonica (TEF SM)
Last Price (€) 10.930
YTD Change 7.21%
Mkt Cap (€ bn) 49.720
Deutsche Telekom (DTE GY)
Last Price (€) 8.980
YTD Change 4.48%
Mkt Cap (€ bn) 38.805
Analysts Recommendations:
Technical Comment
Source: Bloomberg
Market Multiples
P/E EPS DY Net Debt
2013 2011/14 2013 /EBITDA
Est. CAGR Est. Est. 2013
TEF SM 8.8 -8.5% 6.6% 2.4
DTE GY 13.2 1.7% 6.2% 2.1
Source: Bloomberg
Next Report Date & Events
TEF SM 2012 Annual Results Feb 28th, 2013
DTE GY 2012 Annual Results Feb 28th, 2013
Source: Companies information
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Announcement: Fincor—Sociedade Corretora, S.A. provides services of reception, execution, and transmission of orders. The contents men-
tioned in this document do not constitute (nor should they be interpreted as to form) any kind of counselling, or investment recommendation, or a
record of our trading prices, or an offer or solicitation to trade in any financial instrument. Fincor—Sociedade Corretora, S.A. Will not accept any
responsibility resulting from any use referring to said content or about any resulting effect that could have occurred.