Financials Deutsche Telekom AG

Equities

DTE

DE0005557508

Integrated Telecommunications Services

Real-time Estimate Tradegate Other stock markets 05:35:57 2024-05-15 am EDT			5-day change	1st Jan Change
22.2 ^EUR	+0.84%		+2.54%	+2.02%

05:21am	Wage negotiations with Verdi: Telekom improves its offer	DP
May. 14	DEUTSCHE TELEKOM AG : JP Morgan reaffirms its Buy rating	ZD

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	69,098	70,931	77,318	92,667	108,156	108,968	-	-
Enterprise Value (EV) ¹	145,129	191,131	209,460	235,092	240,435	236,321	235,562	238,798
P/E ratio	17.8 x	17 x	18.7 x	11.6 x	6.09 x	13.7 x	12.1 x	11.1 x
Yield	4.12%	4.01%	3.93%	3.76%	-	3.92%	4.34%	4.77%
Capitalization / Revenue	0.86 x	0.7 x	0.71 x	0.81 x	0.97 x	0.95 x	0.93 x	0.91 x
EV / Revenue	1.8 x	1.89 x	1.93 x	2.05 x	2.15 x	2.06 x	2.01 x	1.99 x
EV / EBITDA	5.87 x	5.46 x	5.61 x	5.85 x	5.94 x	4.81 x	4.62 x	4.57 x
EV / FCF	16.3 x	37.9 x	23.8 x	20.4 x	-	13.3 x	12.1 x	12.1 x
FCF Yield	6.13%	2.64%	4.21%	4.89%	-	7.51%	8.25%	8.24%
Price to Book	2.18 x	1.98 x	1.9 x	1.91 x	-	1.86 x	1.78 x	1.64 x
Nbr of stocks (in thousands)	4,742,459	4,742,934	4,743,456	4,971,941	4,972,701	4,950,843	-	-
Reference price ²	14.57	14.96	16.30	18.64	21.75	22.01	22.01	22.01
Announcement Date	2/19/20	2/26/21	2/24/22	2/23/23	2/23/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	80,531	100,999	108,794	114,413	111,985	114,670	117,354	119,900
EBITDA ¹	24,731	35,017	37,330	40,208	40,497	49,087	51,035	52,267
EBIT ¹	11,416	15,300	16,749	21,330	23,277	24,332	26,465	27,727
Operating Margin	14.18%	15.15%	15.4%	18.64%	20.79%	21.22%	22.55%	23.13%
Earnings before Tax (EBT) ¹	7,260	8,677	7,900	11,703	24,957	18,946	21,462	21,787
Net income ¹	3,867	4,158	4,176	8,001	17,788	8,576	9,515	10,017
Net margin	4.8%	4.12%	3.84%	6.99%	15.88%	7.48%	8.11%	8.35%
EPS ²	0.8200	0.8800	0.8700	1.612	3.570	1.611	1.823	1.990
Free Cash Flow ¹	8,893	5,049	8,810	11,500	-	17,737	19,444	19,687
FCF margin	11.04%	5%	8.1%	10.05%	-	15.47%	16.57%	16.42%
FCF Conversion (EBITDA)	35.96%	14.42%	23.6%	28.6%	-	36.13%	38.1%	37.67%
FCF Conversion (Net income)	229.97%	121.43%	210.97%	143.73%	-	206.82%	204.35%	196.55%
Dividend per Share ²	0.6000	0.6000	0.6400	0.7000	-	0.8618	0.9553	1.050
Announcement Date	2/19/20	2/26/21	2/24/22	2/23/23	2/23/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	46,984	26,877	28,934	28,023	28,168	28,979	29,800	27,839	27,221	27,556	29,369	27,952	28,212	28,868	30,034	-
EBITDA ¹	16,373	9,661	9,007	11,436	11,476	10,481	9,964	9,963	10,038	10,486	10,010	10,306	-	-	-	-
EBIT ¹	-	4,441	3,925	5,140	5,100	5,772	5,318	5,540	5,848	6,306	5,583	5,733	6,333	6,513	6,416	-
Operating Margin	-	16.52%	13.57%	18.34%	18.11%	19.92%	17.85%	19.9%	21.48%	22.88%	19.01%	20.51%	22.45%	22.56%	21.36%	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	1,670	889	471	3,949	1,460	1,578	1,014	15,360	-	1,924	-1,035	1,785	1,943	2,254	1,873	-
Net margin	3.55%	3.31%	1.63%	14.09%	5.18%	5.45%	3.4%	55.17%	-	6.98%	-3.52%	6.38%	6.89%	7.81%	6.23%	-
EPS ²	-	0.1900	0.0900	0.7900	0.2900	0.3200	0.2040	3.090	-	0.3900	-0.2100	0.3352	0.3976	0.4611	0.3831	-
Dividend per Share ²	-	-	0.6400	-	-	-	0.7000	-	-	-	-	-	-	-	0.8470	-
Announcement Date	8/13/20	11/12/21	2/24/22	5/13/22	8/11/22	11/10/22	2/23/23	5/11/23	8/10/23	11/9/23	2/23/24	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	76,031	120,200	132,142	142,425	132,279	127,353	126,594	129,829
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.074 x	3.433 x	3.54 x	3.542 x	3.266 x	2.594 x	2.481 x	2.484 x
Free Cash Flow ¹	8,893	5,049	8,810	11,500	-	17,737	19,444	19,687
ROE (net income / shareholders' equity)	12.4%	16.9%	14.9%	19.9%	-	15.1%	16.7%	17.2%
ROA (Net income/ Total Assets)	3.13%	2.62%	2.15%	3.13%	-	3.07%	3.57%	3.79%
Assets ¹	123,500	158,460	194,676	255,607	-	279,045	266,869	264,071
Book Value Per Share ²	6.690	7.550	8.560	9.740	-	11.80	12.40	13.40
Cash Flow per Share ²	4.860	5.010	6.680	7.200	-	7.780	8.270	8.330
Capex ¹	14,357	18,694	26,365	16,563	-	16,096	16,499	16,646
Capex / Sales	17.83%	18.51%	24.23%	14.48%	-	14.04%	14.06%	13.88%
Announcement Date	2/19/20	2/26/21	2/24/22	2/23/23	2/23/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Deutsche Telekom AG

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

22.01 EUR

Average target price

26.97 EUR

Spread / Average Target

+22.53%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
DEUTSCHE TELEKOM AG	+1.98%	118B
CHINA MOBILE LIMITED	+13.73%	206B
VERIZON COMMUNICATIONS	+7.40%	170B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-9.05%	85.74B
CHINA TELECOM CORPORATION LIMITED	+18.45%	71.41B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+6.73%	61.6B
SAUDI TELECOM COMPANY	-6.06%	50.57B
CHARTER COMMUNICATIONS, INC.	-28.44%	40.06B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-16.80%	39.07B
BCE INC.	-10.60%	31.17B

Other Integrated Telecommunications Services