1245 GMT - Telefonica's turnaround needs to come quickly, as domestic competition is stepping up, ING says in a research note. This follows the replacement of long-standing chair Jose Maria Alvarez-Pallete with defense executive Marc Murtra. It is unknown if there was a clear trigger for the replacement but the Spanish telecom company's financial results have been lackluster, with Ebitda trending lower, the Dutch bank says. Its relatively weak cash generation and elevated leverage have also been concerning, it adds. MasOrange is becoming stronger, while Vodafone Spain and Digi are also relevant competitors, the bank says.(maitane.sardon@wsj.com)
(END) Dow Jones Newswires
January 20, 2025 07:45 ET (12:45 GMT)
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