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Research - Telefonica S.A. (TEF.MC)

As of 28-Jun-05

Research Summary

Number of brokers recommending as: Strong Buy 11 Moderate Buy 12 Hold 8 Moderate Sell 1 Strong Sell 1

Average Recommendation (Strong Buy) 1.00 - 5.00 (Strong Sell) This Week 2.06 Last Week 2.03 Change 1.48% Covering Brokers

Earnings Per Share Last Reported Year 31 Dec 2004 0.56 Surprise -3.45 % Consensus Estimates Forecast Year 1 (31 Dec 2005) 0.77 Forecast Year 2 (31 Dec 2006) 0.93

Earnings Estimates & Recommendations

EPS figures in Euro	Forecast Year 1 (31 Dec 2005)	Forecast Year 2 (31 Dec 2006)		Number of brokers recommending as: Months Ago 0 1 2 3 Strong Buy Moderate Buy Hold Moderate Sell Strong Sell Mean* 11 12 8 1 1 2.06 11 10 6 1 1 2.00 11 9 6 1 1 2.00 13 10 5 2 0 1.87 * (strong buy) 1.00 - 5.00 (strong sell) Industry:Communications Services, Ranked 1 of 3 Next Earnings (Approx.): 28 Feb 2006
Earnings Estimates Consensus Number of Analysts Low Estimate High Estimate Year Ago EPS EPS Growth	0.77 16 0.59 0.92 0.74 37.50	0.93 14 0.76 1.07 0.92 20.78
Consensus EPS Trend Current 7 Days Ago 30 Days Ago 60 Days Ago 90 Days Ago	0.77 0.77 0.75 0.75 0.75	0.93 0.92 0.90 0.91 0.91

Earnings Growth

	Last 3 Years	Forecast Year 1 (31 Dec 2005)	Forecast Year 2 (31 Dec 2006)	Last Reported Year - Forecast Year 2 (31 Dec 2006)	Price/Earn (31 Dec 2005)	PEG Ratio (31 Dec 2005)
Telefonica S.A. Communications Services, Country Aggregate	33.33 N/A N/A	37.5 5.13 9.3	20.78 18.29 14.29	66.07 24.36 24.91	17.4 14.43 13.97	0.46 N/A N/A

Earnings History

	31 Dec 2003	31 Dec 2004
Estimate Actual Difference % Surprise	-0.89 0.42 1.31 147.69	0.58 0.56 -0.02 -3.45

Covering Brokers

Merrill Lynch,Deutsche Bank Securities Inc.,ABN AMRO Global Research,HSBC,Credit Suisse First Boston - United States,Natexis Bleichroeder Inc.,Exane BNP Paribas,Morgan Stanley,Nomura International PLC,Broker Name Withheld,Commerzbank Securities,Delta Lloyd Securities,JPMorgan Asia/EMEA,Bear Stearns & Co. Inc.,Banco Portugues de Investimento,Nomura Asian Equity Research,Sanford Bernstein,Credit Lyonnais Securities - Europe,SG Securities (Europe),Ibersecurities,Broker Name Withheld,Sal. Oppenheim jr. & Cie,Broker Name Withheld,BSCH Bolsa SV SA,Espirito Santo Dealer,CA Cheuvreux,WestLB Equity Markets,BBVA Bancomer,Oddo Securities,CM-CIC Securities,Fortis Bank IB,Broker Name Withheld,HypoVereinsbank,UBS Equities,Ahorro Corporacion Financiera S.V.B,Ixis Securities,DZ Bank,ING FM,Eurosafei SVB, SA,Bayerische Landesbank Girozentrale,Jyske Bank