Financials Deutsche Telekom AG

Equities

DTE

DE0005557508

Integrated Telecommunications Services

Market Closed - Xetra Other stock markets 11:36:55 2024-05-31 am EDT			5-day change	1st Jan Change
22.29 ^EUR	+1.27%		+2.44%	+2.48%

May. 29	DEUTSCHE TELEKOM AG : Buy rating from Berenberg	ZD
May. 29	Barclays rates Deutsche Telekom at 'Overweight'	DP

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	69,098	70,931	77,318	92,667	108,156	110,273	-	-
Enterprise Value (EV) ¹	145,129	191,131	209,460	235,092	240,435	240,251	236,559	234,670
P/E ratio	17.8 x	17 x	18.7 x	11.6 x	6.09 x	13.8 x	11.9 x	10.8 x
Yield	4.12%	4.01%	3.93%	3.76%	3.54%	3.87%	4.31%	4.71%
Capitalization / Revenue	0.86 x	0.7 x	0.71 x	0.81 x	0.97 x	0.96 x	0.94 x	0.92 x
EV / Revenue	1.8 x	1.89 x	1.93 x	2.05 x	2.15 x	2.1 x	2.02 x	1.96 x
EV / EBITDA	5.87 x	5.46 x	5.61 x	5.85 x	5.94 x	4.9 x	4.72 x	4.55 x
EV / FCF	16.3 x	37.9 x	23.8 x	20.4 x	14.9 x	12.9 x	11.9 x	11.8 x
FCF Yield	6.13%	2.64%	4.21%	4.89%	6.71%	7.72%	8.38%	8.47%
Price to Book	2.18 x	1.98 x	1.9 x	1.91 x	1.9 x	1.89 x	1.8 x	1.66 x
Nbr of stocks (in thousands)	4,742,459	4,742,934	4,743,456	4,971,941	4,972,701	4,947,217	-	-
Reference price ²	14.57	14.96	16.30	18.64	21.75	22.29	22.29	22.29
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	114,549	117,198	119,630
EBITDA ¹	24,731	35,017	37,330	40,208	40,497	49,017	50,122	51,577
EBIT ¹	11,416	15,300	16,749	21,330	23,277	24,240	26,225	27,602
Operating Margin	14.18%	15.15%	15.4%	18.64%	20.79%	21.16%	22.38%	23.07%
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	7,952	9,260	10,048
Net margin	4.8%	4.12%	3.84%	6.99%	15.88%	6.94%	7.9%	8.4%
EPS ²	0.8200	0.8800	0.8700	1.612	3.570	1.620	1.876	2.070
Free Cash Flow ¹	8,893	5,049	8,810	11,500	16,141	18,557	19,826	19,867
FCF margin	11.04%	5%	8.1%	10.05%	14.41%	16.2%	16.92%	16.61%
FCF Conversion (EBITDA)	35.96%	14.42%	23.6%	28.6%	39.86%	37.86%	39.56%	38.52%
FCF Conversion (Net income)	229.97%	121.43%	210.97%	143.73%	90.74%	233.35%	214.11%	197.72%
Dividend per Share ²	0.6000	0.6000	0.6400	0.7000	0.7700	0.8618	0.9609	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 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	1,937	2,230	1,812	-	-
Net margin	3.55%	1.63%	14.09%	5.18%	5.45%	3.4%	55.17%	-	6.98%	-3.52%	7.09%	6.9%	7.8%	6.2%	-	-
EPS ²	-	0.0900	0.7900	0.2900	0.3200	0.2040	3.090	-	0.3900	-0.2100	0.4000	0.3954	0.4551	0.3698	-	-
Dividend per Share ²	-	0.6400	-	-	-	0.7000	-	-	-	0.7700	-	-	-	0.8470	-	-
Announcement Date	8/13/20	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	5/16/24	-	-	-	-	-

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	129,978	126,285	124,397
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.074 x	3.433 x	3.54 x	3.542 x	3.266 x	2.652 x	2.52 x	2.412 x
Free Cash Flow ¹	8,893	5,049	8,810	11,500	16,141	18,557	19,826	19,867
ROE (net income / shareholders' equity)	12.4%	16.9%	14.9%	19.9%	15.1%	15.2%	16.8%	17.3%
ROA (Net income/ Total Assets)	3.13%	2.62%	2.15%	3.13%	2.7%	3.4%	3.57%	3.79%
Assets ¹	123,500	158,460	194,676	255,607	659,645	233,895	259,716	264,896
Book Value Per Share ²	6.690	7.550	8.560	9.740	11.40	11.80	12.40	13.50
Cash Flow per Share ²	4.860	5.010	6.680	7.200	7.490	4.830	7.190	7.230
Capex ¹	14,357	18,694	26,365	16,563	13,471	17,260	16,685	16,737
Capex / Sales	17.83%	18.51%	24.23%	14.48%	12.03%	15.07%	14.24%	13.99%
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

22.29 EUR

Average target price

27.15 EUR

Spread / Average Target

+21.80%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
DEUTSCHE TELEKOM AG	+2.48%	120B
CHINA MOBILE LIMITED	+15.90%	209B
VERIZON COMMUNICATIONS	+9.35%	173B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-10.45%	82.52B
CHINA TELECOM CORPORATION LIMITED	+19.79%	71.62B
AMÉRICA MÓVIL, S.A.B. DE C.V.	-0.13%	58.26B
SAUDI TELECOM COMPANY	-10.89%	47.84B
CHARTER COMMUNICATIONS, INC.	-26.13%	41.35B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-18.02%	38.12B
BCE INC.	-10.64%	31.17B

Other Integrated Telecommunications Services