Deutsche Telekom : Consensus

Consensus Details Q1 and FY 2020 - 2024

Disclaimer

This document has been issued by Deutsche Telekom AG for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding our revenues, earnings and business developments. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Deutsche Telekom gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.

Haftungsausschluss

Dieses Dokument wurde von der Deutschen Telekom AG ausschließlich zu Informationszwecken erstellt und dient keinesfalls der Anlageberatung. Es beruht auf der Bewertung der bisherigen und Einschätzung der zukünftigen Umsatz-, Gewinn- und Geschäftsentwicklung durch verschiedene Börsenanalysten. Die Bewertungen und Einschätzungen sind wegen ihres subjektiven Charakters einer unabhängigen Verifizierung nicht zugänglich. Trotz sorgfältiger Prüfung kann die Deutsche Telekom AG keine Garantie, Zusicherung oder Gewährleistung für die Vollständigkeit und Richtigkeit abgeben; eine Verantwortlichkeit und Haftung ist folglich insoweit ausgeschlossen.

	Q1
DE	5.370
MSR growth YoY in %	1,4%
Mobile Contract Net Adds (own-branded) ['000]	73
Retail Line Losses ['000]	150
BB retail Net Adds DT ['000]	41
TMUS (gross revs in €)	10.448
Gross revs in $	11.488
Service revs in $	8.666
FX-Rate: 1 Euro for ...	1,10
EU	2.892
Poland	351
Czechs	264
Austria	309
Greece	707
Hungary	442
Slovakia	187
Croatia	219
Romania	214
Group Development	701
Netherlands	470
GD Towers	241
T-Systems	1.630
GHS	649
Reconciliation	-1.519
Group Revenues	20.142
Net Revenues

of estimates	High
#	5.487
17
16	1,8%
8	102

1. 173
2. 69

17	10.640
15	11.724
15	8.833
15	1,12
17	2.970
16	360
16	273
16	320
14	725
16	470
16	191
16	225
14	234
17	771
14	516
13	248
17	1.654
17	664

1. -1.481
2. 20.563

Low	Average
5.278	5.368
0,8%	1,3%
50	77

1. 146

1. 42

9.967	10.402
10.964	11.466
8.501	8.668
0,92	1,09
2.836	2.889
335	349
243	263
303	310
675	704
420	444
185	188
214	219
177	213
662	703

1. 475

1. 238

1.597 1.629

618 644

-1.570-1.521

19.555 20.115

FY

20

21.796

1,2%

272

646

150

42.692

47.210

35.740

1,09

11.961

1.456

1.076

1.282

2.917

1.805

789

935

963

2.861

1.937

973

6.672

2.568 -6.108 82.534

of estimates	High
#	22.163
17
16	2,0%
10	600

1. 936
2. 273

1. 44.437

1. 49.745

1. 39.232

1. 1,12

1. 12.406

16	1.520
16	1.174
16	1.311
14	3.003
16	1.910
16	810
16	979
14	1.058
17	3.363
14	2.361
13	1.003
17	6.905
17	2.620

1. -5.944
2. 85.071

Low Average

20.452 21.707

-0,9% 0,7%

-456 239

500 644

-211 121

39.560 42.489

43.516 46.797

34.816 35.920

1,08 1,10

11.585 11.987

1.332 1.448

994 1.082

1.237 1.281

2.860 2.927

1.719 1.802

771 792

1. 939

1. 947

2.688 2.869

1.773 1.953

843 960

5.541 6.606

2.489 2.567

-6.358-6.152

79.261 82.389

FY

21

22.046

1,3%

425

513

162

44.966

49.288

37.437

1,09

12.038

1.466

1.091

1.297

2.959

1.836

801

948

965

2.943

1.988

988

6.630

2.541 -6.092 85.278

of estimates	High	Low
#	22.480	20.483
17
16	4,8%	-3,3%
10	544	125
14	900	200
15	300	81
12	45.814	42.485
11	51.023	45.818
10	40.773	36.163
14	1,12	1,08
17	12.563	11.664
16	1.540	1.285
16	1.205	1.025
16	1.317	1.245
14	3.059	2.873
16	1.919	1.713
16	852	773
16	979	905
14	1.051	744
17	3.514	2.692
14	2.501	1.776
13	1.037	826
17	6.878	5.597
17	2.646	2.365
11	-5.841	-6.494
12	86.557	81.934

FY

Average 22

21.938 22.145

1,2% 1,6%

377 304

1. 500

1. 167

44.628 46.078

49.118 50.522

37.537 38.827

1,10 1,09

12.077 12.133

1.448 1.471

1.097 1.103

1.292 1.310

2.970 2.981

1.822 1.853

804 805

1. 950

1. 974

2.954 2.999

2.024 2.013

9781.005

6.588 6.710

2.533 2.503

-6.176-6.088

84.814 86.379

of estimates	High	Low
#	22.800	20.259
16
15	3,0%	-1,0%
10	500	50
13	899	275
15	400	2
11	47.885	43.257
10	53.122	46.651
9	39.472	36.993
13	1,12	1,08
16	12.696	11.701
15	1.561	1.318
15	1.214	1.039
15	1.334	1.258
13	3.119	2.934
15	1.938	1.739
15	862	761
15	983	897
13	1.076	739
16	3.148	2.724
13	2.339	1.809
12	1.078	809
16	6.942	5.652
16	2.673	2.246
10	-5.751	-6.624
11	88.986	82.630

FY

Average 23

22.041 22.241

1,4% 1,3%

320 300

1. 500

1. 115

45.993 47.309

50.538 51.548

38.589 40.068

1,10 1,10

12.159 12.276

1.460 1.491

1.105 1.113

1.303 1.317

3.008 3.022

1.835 1.882

812 815

1. 958

1. 975

2.973 3.069

2.023 2.067

9911.028

6.609 6.610

2.497 2.501

-6.179-6.117

86.383 87.357

of estimates	High	Low
#	23.111	20.048
15
14	2,7%	0,0%
9	500	50
11	650	246
13	256	-1
10	49.402	43.785
9	55.288	47.220
8	41.082	37.566
12	1,14	1,08
15	12.832	11.754
14	1.582	1.285
14	1.251	1.047
14	1.351	1.265
12	3.179	2.873
14	1.977	1.759
14	889	791
14	993	885
12	1.098	734
15	3.514	2.765
12	2.501	1.850
11	1.115	793
15	6.908	5.709
15	2.699	2.206
9	-5.669	-6.737
10	91.218	83.011

FY

Average 24

22.119 22.699

1,3% 1,4%

1. 300

1. 488

1. 114

46.962 48.441

51.742 53.631

39.785 41.097

1,10 1,09

12.245 12.435

1.455 1.509

1.125 1.125

1.314 1.332

3.035 3.086

1.858 1.885

1. 830

1. 967

1. 984

3.066 3.141

2.097 2.105

1.011 1.064

6.603 6.742

2.474 2.462-6.217-6.16687.55789.423

of estimates	High	Low
#	23.421	19.694
13
12	2,9%	-2,1%
8	500	50
9	565	246
12	259	-4
8	51.180	46.080
7	57.278	51.975
6	42.544	39.224
10	1,12	1,08
13	12.963	11.811
12	1.600	1.315
12	1.288	1.054
12	1.370	1.271
10	3.241	2.971
12	2.017	1.774
12	917	801
12	1.005	873
10	1.187	731
13	3.241	2.807
10	2.436	1.892
9	1.151	777
13	7.036	5.766
13	2.726	2.114
7	-6.001	-6.843
8	93.298	87.499

CAGR

Average 19/23

22.337 1,0%

1,3% 3,9%

296

1. -6,8%

1. -6,6%

48.730 3,2%

53.882 3,2%

41.084 3,6%

1,10 0,0%

12.383 1,0%

1.485 0,9%

1.136 1,1%

1.326 1,0%

3.096 1,4%

1.870 1,1%

1. 1,3%

1. 0,8%

1. 0,5%

3.099 2,4%

2.100 2,1%

1.030 2,3%

6.659 0,3%

2.450 -1,0%

-6.376 0,2%

89.784 2,0%

DE	5.053
TMUS	10.393
EU	2.809
Group Development	532
T-Systems	1.280
GHS	48
Adj. EBITDA AL

11	5.158
11	10.627
11	2.831
11	596
11	1.309
11	62

4.962 5.045

9.967 10.331

2.778 2.804

508 539

1.252 1.276

44 50

20.608

42.625

11.638

2.201

5.308

194

1. 20.813

1. 43.498

11	11.840
11	2.400
11	5.466
11	270

20.083 20.524

39.560 42.101

11.385 11.631

2.108 2.209

4.862 5.242

178 201

20.757

44.757

11.675

2.262

5.295

194

11	20.951	20.236	20.709	20.859	11	21.164	20.170	20.824	21.015	9	21.344	20.036	20.921	21.400	7	21.541	20.274	21.209	0,9%
9	45.814	42.485	44.428	46.078	9	47.885	43.257	45.811	47.169	7	49.402	43.785	46.784	48.181	5	51.180	46.080	48.751	3,1%
11	12.018	11.401	11.721	11.760	11	12.200	11.478	11.795	11.892	9	12.400	11.556	11.873	12.064	7	12.604	11.635	12.057	0,9%
11	2.530	2.146	2.282	2.330	11	2.665	2.117	2.327	2.370	9	2.826	2.117	2.389	2.406	7	2.545	2.013	2.365	2,3%
11	5.466	4.911	5.255	5.289	11	5.522	4.960	5.282	5.208	9	5.614	5.010	5.282	5.432	7	5.733	5.060	5.382	0,6%
11	270	177	201	194	11	270	176	200	180	9	251	175	192	194	7	250	176	196	0,0%

DE	2.148
TMUS	2.937
$ (IFRS)	3.279
$ Ex handset leasing	3.142
EU	962
Poland	93
Czechs	109
Austria	121
Greece	292
Hungary	117
Slovakia	83
Croatia	83
Romania	28
Group Development	266
Netherlands	132
GD Towers	142
T-Systems	112
GHS	-137
Reconciliation	-5
Group adj. EBITDA AL	6.276
ex US EBITDA AL	3.358
Group adj. EBITDA	7.275

17	2.195	2.111	2.150
17	3.031	2.812	2.935
15	3.512	2.748	3.268
6	3.360	3.065	3.188
17	989	928	960
15	103	88	93
15	115	98	109
15	129	111	121
13	305	280	291
15	137	111	121
15	87	78	83
15	99	81	84
13	35	23	28
17	277	257	267
13	154	124	133
13	147	122	140
17	147	80	111
17	-104	-183	-137
13	-2	-20	-8
17	6.404	6.176	6.279
16	3.388	3.277	3.345
11	7.434	6.911	7.247

8.857

12.034

13.509

13.313

3.992

375

446

485

1.213

523

332

356

139

1.083

530

573

528 -654-28 25.842 13.794 29.545

17	8.953	8.627	8.835
12	12.301	11.518	11.958
10	14.254	11.167	13.401
4	13.456	12.422	13.126
17	4.135	3.761	3.985
15	422	359	382
15	511	423	447
15	525	425	481
13	1.251	1.167	1.218
15	599	502	538
15	348	325	332
15	396	342	360
13	154	116	137
17	1.137	1.038	1.086
14	614	497	535
14	596	489	572
17	613	423	527
17	-565	-751	-662
9	-20	-129	-38
12	26.130	25.251	25.752
16	14.072	13.237	13.734
7	30.160	28.995	29.593

9.075

12.712

14.434

14.270

4.026

381

446

499

1.243

538

336

359

142

1.140

574

588

528 -651-28 26.783 14.044 30.783

17	9.265	8.562	8.997	9.175	17	9.548	8.570	9.120	9.236	15	9.805	8.507	9.247	9.408	13	10.031	8.475	9.445	1,5%
12	13.183	12.108	12.664	13.348	12	13.823	12.293	13.306	13.747	10	14.683	12.444	13.801	14.647	8	15.483	13.363	14.492	5,0%
10	14.995	12.023	14.140	15.077	10	15.807	12.794	14.833	15.700	8	16.651	13.278	15.280	16.806	6	17.468	13.556	16.109	5,6%
4	14.316	12.528	13.846	14.906	4	15.212	12.728	14.438	15.313	3	15.964	12.892	14.723	16.161	2	16.611	15.711	16.161	5,0%
17	4.230	3.673	4.032	4.087	17	4.275	3.714	4.083	4.156	15	4.341	3.755	4.141	4.245	13	4.387	3.796	4.218	1,5%
15	433	346	385	382	15	435	334	386	385	13	437	322	388	386	11	440	349	398	0,7%
15	538	418	451	449	15	566	418	458	461	13	583	430	469	468	11	601	433	475	1,2%
15	526	431	492	510	15	545	435	501	519	13	557	438	506	526	11	567	462	518	2,0%
13	1.290	1.175	1.237	1.242	13	1.331	1.180	1.253	1.287	11	1.360	1.185	1.273	1.310	9	1.391	1.185	1.308	1,9%
15	611	499	542	545	15	619	501	550	552	13	623	525	561	558	11	627	531	570	1,6%
15	359	326	337	341	15	370	322	341	351	13	382	326	347	357	11	394	334	355	1,8%
15	396	349	362	362	15	396	346	364	365	13	396	344	366	367	11	396	342	368	0,8%
13	152	116	139	144	13	161	117	142	147	11	176	117	146	149	9	190	118	152	1,8%
17	1.255	1.060	1.145	1.176	17	1.371	1.078	1.185	1.217	15	1.403	1.098	1.218	1.231	13	1.436	1.117	1.253	3,3%
14	682	528	580	592	14	716	544	601	605	12	733	560	616	619	10	742	574	629	4,0%
14	626	487	587	611	14	663	486	603	627	12	707	484	620	652	10	755	482	644	3,3%
17	667	448	541	538	17	740	460	554	548	15	813	454	564	557	13	820	487	576	1,3%
17	-554	-744	-657	-651	17	-543	-737	-652	-651	15	-532	-735	-650	-651	13	-521	-768	-653	-0,1%
9	-20	-135	-59	-29	9	-20	-140	-69	-64	8	-20	-146	-85	54	6	-20	-151	-82
12	27.444	25.431	26.764	27.696	12	28.703	25.622	27.634	28.456	10	29.960	25.744	28.386	29.525	8	31.091	27.974	29.524	3,4%
16	14.517	13.116	13.999	14.267	16	14.908	13.256	14.221	14.442	14	15.277	13.300	14.435	14.844	12	15.608	13.280	14.757	1,9%
7	31.552	29.565	30.606	31.562	7	32.732	29.807	31.429	32.022	5	33.761	29.964	31.998	32.678	4	34.678	32.518	33.138	2,6%

As of April 28, 2020

1

Consensus Details Q1 and FY 2020 - 2024

		Q1	# of estimates				FY	# of estimates				FY	# of estimates				FY	# of estimates				FY	# of estimates				FY	# of estimates				CAGR
					20				21				22				23				24
		High	Low	Average	High	Low	Average	High	Low	Average	High	Low	Average	High	Low	Average	High	Low	Average	19/23
	Cash Capex (w/o Spectrum)	1.154					4.200					4.244					4.301					4.300					4.243
	DE	16	1.220	1.003	1.129	17	4.339	3.669	4.178	17	4.400	3.658	4.219	17	4.643	4.080	4.300	15	4.700	3.900	4.302	13	4.820	3.800	4.312	0,3%
	TMUS	1.532	16	1.686	1.270	1.499	5.561	12	6.273	5.158	5.526	5.708	12	6.033	5.235	5.639	5.722	12	6.369	5.364	5.766	5.819	10	6.500	5.367	5.877	5.877	8	6.660	5.641	6.020	1,4%
	$	1.704	14	1.860	1.469	1.674	6.084	10	6.353	5.733	6.051	6.256	10	6.806	5.900	6.250	6.304	10	7.475	5.900	6.388	6.418	8	7.619	5.818	6.525	6.474	6	7.796	6.072	6.718	1,6%
	EU	436	16	557	376	450	1.779	17	2.515	1.526	1.830	1.752	17	2.220	1.642	1.790	1.800	17	2.220	1.608	1.800	1.796	15	1.944	1.584	1.773	1.809	13	1.916	1.089	1.734	0,4%
	Group Development	108	16	140	75	108	506	17	750	300	499	510	17	651	300	499	475	17	733	300	495	467	15	825	300	486	448	13	929	300	487	-3,0%
	T-Systems	93	16	106	65	92	378	17	422	317	377	375	17	424	336	381	378	17	412	333	381	383	14	414	330	385	387	13	417	336	387	0,6%
	GHS	251	16	300	204	252	967	17	1.200	581	938	939	17	1.200	531	912	938	17	1.200	531	895	934	15	1.200	531	879	921	13	1.200	482	850	-1,2%
	Group Cash Capex (w/o Spectrum)	3.521	16	4.000	3.219	3.541	13.353	11	14.713	12.678	13.340	13.459	11	13.813	12.725	13.440	13.650	11	14.561	13.033	13.629	13.614	9	14.741	12.506	13.613	13.550	7	14.728	13.258	13.776	0,4%
		1.703					7.998					8.776					9.255					10.053					11.007
	Group FCF AL before dividends	14	2.495	1.364	1.790	11	8.590	6.066	7.868	11	9.090	6.428	8.497	11	10.408	6.977	9.229	9	11.508	7.601	9.771	7	12.668	7.967	10.564	8,3%
	TMUS reported FCF AL in $	1.106	6	1.449	711	1.084	5.607	5	6.189	5.041	5.644	6.923	5	7.162	5.541	6.595	7.592	5	8.040	6.452	7.432	7.270	3	8.818	6.817	7.635	7.525	2	7.853	7.196	7.525	7,6%
	Group ex-US FCF AL	743	5	1.247	483	812	2.919	6	3.549	1.628	2.773	2.568	6	4.039	1.685	2.688	2.577	6	4.041	1.640	2.667	2.840	5	4.063	1.319	2.864	3.253	4	4.457	2.061	3.256	2,7%
							0,60					0,63					0,67					0,68					0,70
	Dividend per Share						13	0,65	0,60	0,61	13	0,70	0,60	0,63	13	0,76	0,60	0,67	11	0,82	0,60	0,69	9	0,88	0,60	0,72	3,9%
	Group Net Financial Debt (incl. leases)	74.871	13	77.773	74.414	75.134	76.566	11	82.667	71.090	76.714	72.775	11	81.337	65.980	73.393	68.386	11	78.734	60.351	69.453	64.183	8	77.094	54.516	64.931	61.654	6	76.006	50.231	61.864	-5,3%
	Group Net Debt (excl. leases)	57.135	12	57.957	54.982	57.042	57.870	9	78.445	53.290	59.244	53.305	9	77.116	48.180	56.053	48.126	9	74.513	42.551	52.110	44.411	7	72.873	36.716	48.171	44.833	5	71.784	27.840	46.055	-6,2%
	TMUS Net Debt incl. leases (US GAAP in $)	36.888	5	39.793	23.535	32.514	36.578	3	38.081	22.137	32.265	32.241	3	33.739	16.213	27.398	26.555	3	28.419	9.621	21.532	23.093	2	23.785	22.401	23.093	20.432	1	20.432	20.432	20.432	-13,5%
	TMUS Net Debt excl. leases (US GAAP in $)	25.052	6	26.967	22.242	24.786	24.197	4	25.490	19.834	23.430	20.658	4	21.383	13.910	19.152	15.499	4	17.310	7.318	13.906	11.930	3	14.412	10.515	12.286	11.106	2	13.636	8.576	11.106	-17,7%
	Group assumed spending on spectrum	175	7	850	120	262	3.684	9	6.861	200	3.396	771	8	2.436	100	967	943	6	2.436	500	1.227	1.692	5	2.763	900	1.602	1.328	4	7.319	900	2.719	-22,5%
		4.334					17.473					17.565					17.654					17.575					17.790
	Group adj. D&A	14	4.900	4.177	4.372	10	18.159	14.427	17.322	10	18.673	14.308	17.357	10	19.061	13.734	17.366	8	19.411	13.241	17.215	6	19.756	12.776	17.237	0,5%
	Group adj. EBIT	2.848	15	3.059	2.534	2.850	12.037	11	12.751	10.532	11.906	12.960	11	14.152	11.948	12.967	13.750	10	14.655	12.774	13.761	14.718	9	15.671	13.057	14.585	15.443	7	17.214	13.312	15.521	6,4%
	Group adj. Net Income (after minorities)	1.231	16	1.542	1.034	1.238	5.202	12	6.647	3.629	5.188	5.840	12	7.249	4.684	5.815	6.208	11	8.600	4.793	6.393	6.955	10	9.062	4.807	6.899	8.001	8	9.910	4.849	7.819	11,4%
	Group reported Net Income (after minorities)	1.044	14	1.188	847	1.027	4.337	11	5.523	3.629	4.385	5.178	11	5.941	4.236	5.079	5.917	10	6.423	4.403	5.693	6.659	9	7.605	4.515	6.220	7.067	7	8.676	4.589	6.975	13,0%
	Preliminary Consensus cum Sprint
	TMUS (gross revs in Euro)						60.827	5	66.741	56.201	60.787	68.728	5	75.650	67.410	70.127	70.442	5	76.958	68.148	71.642	71.742	5	76.794	69.634	73.069	72.829	5	79.409	70.922	74.785	4,6%
	Group Revenues						99.625	5	105.651	94.383	99.686	108.384	5	115.629	106.362	109.608	110.102	5	117.154	107.399	111.311	110.673	5	117.178	108.706	112.721	112.656	5	120.003	109.942	114.940	3,1%
							17.460					20.072					21.792					24.684					26.509
	TMUS adj.EBITDA (in Euro)						5	18.620	15.449	17.254	5	22.946	18.584	20.520	5	25.027	21.410	22.469	5	26.878	24.096	25.319	5	28.568	25.614	26.915	11,0%
	Group adj.EBITDA AL (in EURO)						31.201	5	31.960	29.167	30.866	34.141	5	36.062	32.588	34.372	36.370	5	38.283	35.565	36.558	39.483	5	40.749	38.762	39.604	41.479	5	41.848	40.730	41.352	7,4%
							8.723					10.679					11.510					10.837					9.937
	Cash Capex TMUS						5	11.568	8.155	9.477	5	14.658	10.139	11.770	5	13.972	10.714	12.076	5	12.664	9.717	11.123	5	11.735	8.296	10.026	3,3%
	Group Cash Capex (w/o Spectrum)						16.514	5	18.585	15.392	16.846	18.545	5	21.742	17.534	19.362	19.161	5	21.559	18.310	19.675	18.570	5	20.461	17.568	18.715	17.384	5	19.641	15.472	17.508	1,3%
							6.197					7.151					9.254					11.396					16.179
	Group FCF AL before dividends						5	7.998	5.800	6.500	5	7.507	3.160	6.039	5	10.009	4.494	7.733	5	13.773	10.414	11.759	5	18.804	9.333	14.925	27,1%
							0,60					0,60					0,65					0,70					0,73
	Dividend per share						4	0,66	0,60	0,62	4	0,73	0,60	0,63	4	0,80	0,60	0,68	4	0,88	0,60	0,72	4	0,97	0,60	0,76	5,0%
	Group Net Financial Debt (incl. leases)						115.842	5	121.263	100.533	112.863	116.742	5	125.485	96.171	112.825	117.088	5	122.817	88.962	110.359	115.507	5	124.238	77.989	106.371	112.291	5	122.559	64.610	100.777	-0,8%
	Group Net Debt (excl. leases)						90.379	5	91.629	85.064	89.404	90.761	5	93.500	81.402	88.672	88.321	5	92.077	74.893	85.607	87.709	5	90.424	64.620	81.120	85.685	5	89.582	51.941	75.017	-1,3%
	TMUS Net Debt incl. leases (US GAAP in $)						78.736	3	85.955	75.204	79.965	77.013	3	91.141	75.569	81.241	78.109	3	86.857	73.722	79.563	74.928	3	93.322	68.361	78.870	77.935	3	100.579	61.722	80.079	-0,3%
	TMUS Net Debt excl. leases (US GAAP in $)						57.574	4	61.556	56.243	58.237	56.509	4	65.542	52.818	57.844	55.785	4	60.058	47.735	54.841	51.210	4	65.324	39.833	51.894	49.076	4	71.380	29.314	49.712	-3,9%
	Group adj. Net Income (after minorities)						3.988	5	4.977	3.017	3.856	5.512	5	7.983	3.078	5.069	6.618	5	10.757	3.594	6.334	7.604	5	15.672	4.055	8.061	8.640	5	16.493	4.717	8.944	21,3%
	Group reported Net Income (after minorities)						2.198	4	3.240	567	2.051	2.119	4	6.266	779	2.821	3.203	4	8.443	1.544	4.098	4.585	4	8.443	1.752	4.841	5.688	4	12.945	2.326	6.662	26,8%

Disclaimer

This document has been issued by Deutsche Telekom AG for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding our revenues, earnings and business developments.

Such estimates and forecasts cannot be independently verified by reason of the subjective character. Deutsche Telekom gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.

Haftungsausschluss

Dieses Dokument wurde von der Deutschen Telekom AG ausschließlich zu Informationszwecken erstellt und dient keinesfalls der Anlageberatung. Es beruht auf der Bewertung der bisherigen und Einschätzung der zukünftigen Umsatz-, Gewinn- und

Geschäftsentwicklung durch verschiedene Börsenanalysten. Die Bewertungen und Einschätzungen sind wegen ihres subjektiven Charakters einer unabhängigen Verifizierung nicht zugänglich. Trotz sorgfältiger Prüfung kann die Deutsche Telekom AG keine Garantie,

Zusicherung oder Gewährleistung für die Vollständigkeit und Richtigkeit abgeben; eine Verantwortlichkeit und Haftung ist folglich insoweit ausgeschlossen.

As of April 28, 2020

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