Deutsche Telekom AG

DTE: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€56.00	Dvszyhv	Mxvxxzrfg

Deutsche Telekom Earnings: Strong Results Across the Board; Shares Now Fairly Valued

Javier Correonero

Aug 8, 2024

Narrow-moat Deutsche Telekom’s second-quarter results came in ahead of FactSet consensus. Organic adjusted EBITDA after leases grew 6.6% year on year, driven once again by T-Mobile US, where EBITDAaL grew 9.1% year over year. Owing to the strong operational performance and a revised capital expenditure outlook, management raised guidance and now expects free cash flow after leases to be around EUR 19.0 billion, from EUR 18.9 billion previously. We maintain our EUR 25 fair value estimate and view the shares as fairly valued, having outperformed European peers year to date.

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