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    Georgios Ierodiaconou

    Managing Director and Senior Equity Analyst at Citigroup Inc.

    Georgios Ierodiaconou is a Managing Director and Senior Equity Analyst at Citigroup, specializing in the European telecommunications sector with extensive coverage of major companies such as Liberty Global and Orange. He is known for his rigorous stock analysis and has set influential price targets, including recent updates for Liberty Global and Orange where his investment recommendations have notably impacted market perceptions. With over a decade of experience at Citi, Georgios has built a reputation for providing in-depth sector insight and has contributed to major Citi research publications, reflecting both leadership and analytical excellence. He holds professional credentials as a registered securities analyst and is recognized for his expertise in telecom equity research across European markets.

    Georgios Ierodiaconou's questions to TELEFONICA S A (TEF) leadership

    Georgios Ierodiaconou's questions to TELEFONICA S A (TEF) leadership • Q1 2024

    Question

    Georgios Ierodiaconou of Citigroup followed up on the Digi deal, asking about the potential impact of network sharing arrangements on Telefonica's own OpEx and lease costs. He also inquired about the timing and process for initiating new wholesale FTTH agreements in Spain's formerly non-competitive areas.

    Answer

    Chief Operating Officer Ángel Vilá Boix stated he could not share specifics on the pending Digi deal but suggested any related lease obligations would likely be on Digi's side. On FTTH wholesale, he confirmed that conversations with the newly merged MásOrange have already begun and that Telefonica is open to discussions with Zegona/Vodafone once their transaction closes. He added that these are commercial agreements that do not require regulatory review.

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    Georgios Ierodiaconou's questions to KKPNY leadership

    Georgios Ierodiaconou's questions to KKPNY leadership • Q1 2024

    Question

    Followed up on the wholesale broadband base, asking about any impact from Odido's partnerships, and questioned the promotional behavior of competitors like Ziggo in response to price increases.

    Answer

    The wholesale broadband issue stems from smaller players struggling, not from active customer migration to competitors like Odido. Regarding promotions, KPN acknowledges that its fiber strategy pressures competitors like Ziggo, who have been aggressive with discounts. KPN is now signaling a focus on base loyalty to help 'cool down' the promotional intensity in the market.

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    Georgios Ierodiaconou's questions to VODAFONE GROUP PUBLIC LTD (VOD) leadership

    Georgios Ierodiaconou's questions to VODAFONE GROUP PUBLIC LTD (VOD) leadership • Q2 2024

    Question

    Asked about the strategic review in Italy, including the prospects for in-market consolidation and the impact of new legislation on promotions. He also requested clarification on cost reductions in 'common functions' and the impact of the Spain sale on that division.

    Answer

    Margherita Della Valle stated that Vodafone will continue to explore consolidation in Italy, as the market needs action. Luka Mucic explained that the reduction in common function costs was due to both savings and more even phasing. The sale of Spain is driving a transformation of shared operations into a more commercial model to maintain scale efficiencies by serving JVs and partners.

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