Financials Deutsche Telekom AG

Equities

DTE

DE0005557508

Integrated Telecommunications Services

Market Closed - Xetra Other stock markets 09:07:15 26/04/2024 pm IST			5-day change	1st Jan Change
21.85 ^EUR	+0.83%		+3.26%	+0.46%

26/04	DEUTSCHE TELEKOM AG : JP Morgan gives a Buy rating	ZD
24/04	DEUTSCHE TELEKOM AG : JP Morgan reiterates 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	1,08,156	1,08,272	-	-
Enterprise Value (EV) ¹	1,45,129	1,91,131	2,09,460	2,35,092	2,40,435	2,38,688	2,36,263	2,38,875
P/E ratio	17.8 x	17 x	18.7 x	11.6 x	6.09 x	13.7 x	11.7 x	10.7 x
Yield	4.12%	4.01%	3.93%	3.76%	-	3.94%	4.38%	4.81%
Capitalization / Revenue	0.86 x	0.7 x	0.71 x	0.81 x	0.97 x	0.94 x	0.92 x	0.9 x
EV / Revenue	1.8 x	1.89 x	1.93 x	2.05 x	2.15 x	2.08 x	2.01 x	1.99 x
EV / EBITDA	5.87 x	5.46 x	5.61 x	5.85 x	5.94 x	4.86 x	4.63 x	4.57 x
EV / FCF	16.3 x	37.9 x	23.8 x	20.4 x	-	13.6 x	12.2 x	12.1 x
FCF Yield	6.13%	2.64%	4.21%	4.89%	-	7.33%	8.23%	8.24%
Price to Book	2.18 x	1.98 x	1.9 x	1.91 x	-	1.85 x	1.77 x	1.62 x
Nbr of stocks (in thousands)	47,42,459	47,42,934	47,43,456	49,71,941	49,72,701	49,55,259	-	-
Reference price ²	14.57	14.96	16.30	18.64	21.75	21.85	21.85	21.85
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	1,14,690	1,17,374	1,19,870
EBITDA ¹	24,731	35,017	37,330	40,208	40,497	49,086	51,036	52,266
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	8,507	9,559	10,017
Net margin	4.8%	4.12%	3.84%	6.99%	15.88%	7.42%	8.14%	8.36%
EPS ²	0.8200	0.8800	0.8700	1.612	3.570	1.595	1.861	2.036
Free Cash Flow ¹	8,893	5,049	8,810	11,500	-	17,496	19,444	19,687
FCF margin	11.04%	5%	8.1%	10.05%	-	15.26%	16.57%	16.42%
FCF Conversion (EBITDA)	35.96%	14.42%	23.6%	28.6%	-	35.64%	38.1%	37.67%
FCF Conversion (Net income)	229.97%	121.43%	210.97%	143.73%	-	205.66%	203.4%	196.55%
Dividend per Share ²	0.6000	0.6000	0.6400	0.7000	-	0.8617	0.9562	1.051
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 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	27,562	28,212	28,868	30,034	-
EBITDA	16,373	9,661	9,007	11,436	11,476	10,481	9,964	9,963	10,038	10,486	10,010	-	-	-	-	-
EBIT ¹	-	4,441	3,925	5,140	5,100	5,772	5,318	5,540	5,848	6,306	5,583	5,714	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%	20.73%	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	1,638	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%	5.94%	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	13/08/20	12/11/21	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	-	-	-	-	-

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	1,30,415	1,27,990	1,30,603
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.074 x	3.433 x	3.54 x	3.542 x	3.266 x	2.657 x	2.508 x	2.499 x
Free Cash Flow ¹	8,893	5,049	8,810	11,500	-	17,496	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	1,23,500	1,58,460	1,94,676	2,55,607	-	2,76,808	2,68,117	2,64,071
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	7.710	7.850
Capex ¹	14,357	18,694	26,365	16,563	-	16,689	16,810	16,846
Capex / Sales	17.83%	18.51%	24.23%	14.48%	-	14.55%	14.32%	14.05%
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

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

21.85 EUR

Average target price

26.97 EUR

Spread / Average Target

+23.42%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
DEUTSCHE TELEKOM AG	+0.46%	116B
CHINA MOBILE LIMITED	+9.65%	199B
VERIZON COMMUNICATIONS	+5.25%	167B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-2.38%	89.84B
CHINA TELECOM CORPORATION LIMITED	+17.65%	72.93B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+2.80%	58.42B
SAUDI TELECOM COMPANY	-6.19%	50.97B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-13.54%	40.2B
BCE INC.	-14.53%	29.72B
ORANGE	+0.88%	29.49B

Other Integrated Telecommunications Services