Recently Telefonica (ES0178430E18) has significantly dropped. However, a half of this drop was due to a generous dividend pay-off (dividend yield is about 6.5%). Also the P/E about 14 looks attractively (compare it with P/E of Deutsche Telekom (DE0005557508), which is equal to 16.5).
Currently Telefonica’s stocks are traded by €8. A “brave” investor can buy now, a risk-averse one should set a buy limit-order at €7.77 (yes, I like nice numbers).