$TEF #Telefonica S.A. TELEFÓNICA: 1Q’20 ESTIMATES (ANÁLISIS BANCO SABADELL): We expect the 1Q’20 results to be penalised by the negative FX performance (BRL -14%; ARP -45%) and by one-offs seen in 1Q’19 (net impact of €~130 M on the… https://t.co/R2ZGLOW4K8 #equity #stocks