Financials Deutsche Telekom AG Bulgaria S.E.

Equities

DTE

DE0005557508

Integrated Telecommunications Services

Real-time Estimate Tradegate Other stock markets 12:42:27 04/07/2024 am IST			5-day change	1st Jan Change
23.78 ^EUR	+9.33%		0.00%	+13.34%

05:16pm	Right to fast internet - committee agrees	DP
01:01pm	DEUTSCHE TELEKOM AG : Gets a Buy rating from JP Morgan	ZD

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	69,098	70,931	77,318	92,667	1,08,156	1,17,321	-	-
Enterprise Value (EV) ¹	1,45,129	1,91,131	2,09,460	2,35,092	2,40,435	2,47,624	2,43,593	2,41,122
P/E ratio	17.8 x	17 x	18.7 x	11.6 x	6.09 x	14.4 x	12.5 x	11.3 x
Yield	4.12%	4.01%	3.93%	3.76%	3.54%	3.67%	4.09%	4.52%
Capitalization / Revenue	0.86 x	0.7 x	0.71 x	0.81 x	0.97 x	1.02 x	1 x	0.98 x
EV / Revenue	1.8 x	1.89 x	1.93 x	2.05 x	2.15 x	2.16 x	2.07 x	2.01 x
EV / EBITDA	5.87 x	5.46 x	5.61 x	5.85 x	5.94 x	5.04 x	4.76 x	4.56 x
EV / FCF	16.3 x	37.9 x	23.8 x	20.4 x	14.9 x	12 x	11.5 x	11.2 x
FCF Yield	6.13%	2.64%	4.21%	4.89%	6.71%	8.37%	8.72%	8.9%
Price to Book	2.18 x	1.98 x	1.9 x	1.91 x	1.9 x	1.99 x	1.89 x	1.77 x
Nbr of stocks (in thousands)	47,42,459	47,42,934	47,43,456	49,71,941	49,72,701	49,37,741	-	-
Reference price ²	14.57	14.96	16.30	18.64	21.75	23.51	23.51	23.51
Announcement Date	19/02/20	26/02/21	24/02/22	23/02/23	23/02/24	-	-	-

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	1,00,999	1,08,794	1,14,413	1,11,985	1,14,618	1,17,498	1,20,106
EBITDA ¹	24,731	35,017	37,330	40,208	40,497	49,171	51,167	52,893
EBIT ¹	11,416	15,300	16,749	21,330	23,277	24,522	26,372	27,924
Operating Margin	14.18%	15.15%	15.4%	18.64%	20.79%	21.39%	22.44%	23.25%
Earnings before Tax (EBT) ¹	7,260	8,677	7,900	11,703	24,957	17,158	20,838	21,829
Net income ¹	3,867	4,158	4,176	8,001	17,788	7,950	8,794	10,068
Net margin	4.8%	4.12%	3.84%	6.99%	15.88%	6.94%	7.48%	8.38%
EPS ²	0.8200	0.8800	0.8700	1.612	3.570	1.635	1.887	2.082
Free Cash Flow ¹	8,893	5,049	8,810	11,500	16,141	20,718	21,235	21,455
FCF margin	11.04%	5%	8.1%	10.05%	14.41%	18.08%	18.07%	17.86%
FCF Conversion (EBITDA)	35.96%	14.42%	23.6%	28.6%	39.86%	42.13%	41.5%	40.56%
FCF Conversion (Net income)	229.97%	121.43%	210.97%	143.73%	90.74%	260.59%	241.46%	213.1%
Dividend per Share ²	0.6000	0.6000	0.6400	0.7000	0.7700	0.8618	0.9609	1.063
Announcement Date	19/02/20	26/02/21	24/02/22	23/02/23	23/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	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	2025 Q2
Net sales ¹	46,984	28,934	28,023	28,168	28,979	29,800	27,839	27,221	27,556	29,369	27,942	28,085	28,582	29,238	-	-
EBITDA	16,373	9,007	11,436	11,476	10,481	9,964	9,963	10,038	10,486	10,010	10,473	-	-	-	-	-
EBIT ¹	-	3,925	5,140	5,100	5,772	5,318	5,540	5,848	6,306	5,583	6,208	6,215	6,544	6,201	-	-
Operating Margin	-	13.57%	18.34%	18.11%	19.92%	17.85%	19.9%	21.48%	22.88%	19.01%	22.22%	22.13%	22.9%	21.21%	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	1,670	471	3,949	1,460	1,578	1,014	15,360	-	1,924	-1,035	1,982	1,962	2,218	1,790	-	-
Net margin	3.55%	1.63%	14.09%	5.18%	5.45%	3.4%	55.17%	-	6.98%	-3.52%	7.09%	6.99%	7.76%	6.12%	-	-
EPS ²	-	0.0900	0.7900	0.2900	0.3200	0.2040	3.090	-	0.3900	-0.2100	0.4000	0.4005	0.4527	0.3655	-	-
Dividend per Share ²	-	0.6400	-	-	-	0.7000	-	-	-	0.7700	-	-	-	0.8470	-	-
Announcement Date	13/08/20	24/02/22	13/05/22	11/08/22	10/11/22	23/02/23	11/05/23	10/08/23	09/11/23	23/02/24	16/05/24	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	76,031	1,20,200	1,32,142	1,42,425	1,32,279	1,30,303	1,26,272	1,23,801
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.074 x	3.433 x	3.54 x	3.542 x	3.266 x	2.65 x	2.468 x	2.341 x
Free Cash Flow ¹	8,893	5,049	8,810	11,500	16,141	20,718	21,235	21,455
ROE (net income / shareholders' equity)	12.4%	16.9%	14.9%	19.9%	15.1%	15.4%	16.9%	17.9%
ROA (Net income/ Total Assets)	3.13%	2.62%	2.15%	3.13%	2.7%	3.29%	3.6%	3.91%
Assets ¹	1,23,500	1,58,460	1,94,676	2,55,607	6,59,645	2,41,616	2,44,166	2,57,606
Book Value Per Share ²	6.690	7.550	8.560	9.740	11.40	11.80	12.40	13.30
Cash Flow per Share ²	4.860	5.010	6.680	7.200	7.490	6.420	7.390	7.430
Capex ¹	14,357	18,694	26,365	16,563	13,471	16,540	16,674	16,916
Capex / Sales	17.83%	18.51%	24.23%	14.48%	12.03%	14.43%	14.19%	14.08%
Announcement Date	19/02/20	26/02/21	24/02/22	23/02/23	23/02/24	-	-	-

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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

23.51 EUR

Average target price

27.27 EUR

Spread / Average Target

+16.01%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
CHINA MOBILE LIMITED	+20.83%	217B
VERIZON COMMUNICATIONS	+9.07%	173B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-8.01%	81.31B
CHINA TELECOM CORPORATION LIMITED	+25.40%	73.99B
AMÉRICA MÓVIL, S.A.B. DE C.V.	-1.65%	52.3B
SAUDI TELECOM COMPANY	-5.69%	50.02B
CHARTER COMMUNICATIONS, INC.	-22.49%	43.71B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-17.31%	38.4B
SINGAPORE TELECOMMUNICATIONS LIMITED	+14.11%	33.83B

Other Integrated Telecommunications Services