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Deutsche Telekom

Complete study 8 may 2012

version française

english version

8 may 2013 / EUR 9.13

Deutsche Telekom (DT) has issued a relatively positive set of Q1 FY 2013 results (slightly lower than expected at top line level, but with EBITDA higher than expected in Germany and the US). Germany (38% of group revenue) performed better than expected in Q1 (due to an improved trend in mobile services); the rest of Europe was mixed (notably as a result of a large telecoms tax in Hungary). In the US, T-Mobile saw customer numbers stabilise, while EBITDA was significantly higher than predicted. The company has reiterated its 2013 guidance (EBITDA and FCF).

1 march 2013 / EUR 8.23

Deutsche Telekom (DT) has reported Q4 and FY 2012 results that are, on the whole, in line with expectations, particularly as regards revenue and FCF. Germany (39% of group revenue) had a more mixed Q4 than predicted (with services revenue down); while the rest of Europe fared better, margins remained under pressure. In the US, T-Mobile saw customer numbers stabilise while EBITDA declined. The group has maintained its 2013-2014 guidance (EBITDA/FCF), announced in December.

16 november 2012 / EUR 8.354

Deutsche Telekom (DT) reported a solid set of Q3 2012 results, slightly better than expected, particularly at EBITDA and FCF levels. Although Germany (44% of group revenues) proved quite resilient (revenues from services up ), the rest of Europe, barring the UK, was still a little down. In America, T-Mobile USA delivered improving results (fewer contracts lost). A sizeable impairment charge (MetroPCS business) was booked in Q3. The outlook for 2012 (EBITDA, FCF) is unchanged.

10 august 2012 / EUR 9.205

The German historic operator, Deutsche Telekom (DT), posted slightly better than expected Q2 FY2012 results, particularly in terms of EBITDA and FCF. Although Germany (the group's main area of activity with 50% of the EBITDA) was in line with expectations, the rest of Europe performed better than expected. Most of the favourable EBITDA performance was generated by the US market where the T-Mobile subsidiary achieved a net result clearly ahead of consensus. The 2012 outlook remains unchanged.

7 june 2012 / EUR 7.802


Our new PLUS recommendation in the telecom sector.