If a bell went off when a stock becomes a screaming value we'd all be rich. In the case of TEF it would seem that an awful lot of worst case scenarios for Euro Zone are priced in. I'll put a divy cut at a 50-50 proposition... more uncertainty already discounted. And it seems the decent chunk of market share in the fast growing South American sector is being totally overlooked. All factors creating a cheap share price relative to several key metrics, least of which free cash flow generation. Are there better bets out there right now than TEF? possibly Are there worse bets out there than TEF? without a doubt.