Telefónica Chile SA posted some decent earnings, but shareholders didn't react strongly. We think that they might be concerned about some underlying details that our analysis found. In order to understand the potential for per share returns, it is essential to consider how much a company is diluting shareholders. In fact, Telefónica Chile increased the number of shares on issue by 6.2% over the last twelve months by issuing new shares. As a result, its net income is now split between a greater number of shares.
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