A telecommunications group that provides a range of services in Spain and Latin America. Provider of fixed-line public voice telephone services, wireless communications services, Internet access services and data transmission services.
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If you think Spain will find a way through it's debt crisis, TEF looks to be a good way to bet on the recovery. I liked it at $18, love it at $12. The double-digit dividend compensates you for some of the risk. Free cash flow looks solid. ROE for the last three years was about 30%. To keep the dividend sustainable, they have begun to pay out a portion of the dividend in shares (while still paying a portion in cash). There is speculation they will sell their German operations to help pay down their debt.Oh, and 50% of earnings come from Latin America, which helps de-emphasize the European risk a bit, too.