Deutsche Telekom AG
Deutsche Telekom AG, together with its subsidiaries, provides integrated telecommunication services worldwide. It operates through Germany, United States, Europe, Systems Solutions, and Group Development segments. The company offers fixed-network services, including voice and data communication ser…
Deutsche Telekom AG, together with its subsidiaries, provides integrated telecommunication services worldwide. It operates through Germany, United States, Europe, Systems Solutions, and Group Development segments. The company offers fixed-network services, including voice and data communication services based on fixed-network and broadband technology; and sells terminal equipment and other hardware products, as well as services to resellers. It also provides mobile voice and data services to consumers and business customers; sells mobile devices and other hardware products; and sells mobile services to resellers and to companies that buys and markets network services to third parties, such as mobile virtual network operators. In addition, the company offers internet services; internet-based TV products and services; and information and communication technology systems for multinational corporations and public sector institutions with an infrastructure of data centers and network services. Further, it provides wireless communications services; and cloud services, digital solutions, and security and advisory solutions. The company has mobile and broadband customers, as well as fixed-network lines. Deutsche Telekom AG was founded in 1995 and is headquartered in Bonn, Germany.Looks undervalued
Why: Free cash flow cannot be used (negative or far below earnings, with too little history to normalise it), so value is based on reinvestment-adjusted earnings.
Details and the full model are below.
Market price below modeled range
Showing the FCFF (steady state) you selected on the company card, using 4.32% growth, 2.9% terminal growth and 10.4% discount. The range varies these assumptions slightly; it is illustrative, not investment advice.
Assumptions: growth 4.32%, discount rate 10.40%, terminal growth 2.90% (sector defaults). See a worked example.
Blended growth assumption: 4.3% (sector default 7.0%, own revenue history 1.4%, analyst revenue consensus 4.5%).
5-year outlook: relative outlook of about 9.6% a year (Medium confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 4.5% a year; the growth assumption used is 4.3%.
Adjust assumptions
Show the recommended model instead
Why this model: Free cash flow cannot be used (negative or far below earnings, with too little history to normalise it), so value is based on reinvestment-adjusted earnings.
Compare models- Recommended: Earnings-based DCF — EUR 18.31 (-28.6%)
-
EPS-based Gordon proxy
— EUR 24.63 (-4.0%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
-
DCF (trailing free cash flow)
— EUR 51.43 (+100.5%)
Not used: Free cash flow is 3.1x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
-
FCFF (steady state)
— EUR 46.76 (+82.3%)
Not used: Free cash flow is 3.1x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
-
EV/EBITDA (12x)
— EUR 94.20 (+267.3%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
-
Fade DCF (10-year growth fade)
— EUR 51.25 (+99.8%)
Not used: Free cash flow is 3.1x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
-
EV/Sales (Rule of 40)
— EUR 197.85 (+671.4%)
Not used: Used only when cash-flow models land far below the price; here they do not.
| Bear EUR 30.25 | 15.2% |
| Base EUR 46.76 | 45.1% |
| Bull EUR 75.27 | 65.9% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 82 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +1.4% a year | 12 / 20 |
| Balance sheet | net debt 2.8x EBITDA | 10 / 20 |
| Margins | EBITDA margin 41% | 20 / 20 |
Peers in Communication Services
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| DTE.DE (this company) | EUR 25.65 | -40.1% | 14.3 | 2.0 | 5.6% | 82 |
| VOD.L Vodafone Group Public Limited Company | GBP 1.14 | 43.5% | – | 0.6 | 3.3% | 66 |
| PUB.PA Publicis Groupe S.A. | EUR 102.40 | 42.1% | 15.7 | 2.5 | 3.5% | 90 |
| CMCSA Comcast | USD 24.23 | 40.8% | 7.6 | 0.9 | 5.6% | 82 |
| TEF.MC Telefonica, S.A. | EUR 3.34 | 34.2% | – | – | 9.0% | 59 |
| INF.L Informa plc | GBP 8.40 | 23.0% | – | 1.9 | 2.4% | 66 |
| SONY Sony Group Corporation | USD 26.66 | 22.1% | – | – | – | 82 |
| EMBRAC-B.ST Embracer Group AB | SEK 95.20 | 18.7% | – | 1.0 | – | 56 |
| GOOG Alphabet Inc. (Class C) | USD 286.13 | 10.4% | 15.0 | 5.2 | 0.3% | 100 |
| Peer median | 15.0 | 1.5 | ||||
Dividends
Paid in the last 12 months: EUR 1.00 per share · yield 3.90% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 1.000 |
| 2025 | 0.900 |
| 2024 | 0.770 |
| 2023 | 0.700 |
| 2022 | 0.640 |
| 2021 | 0.600 |
Trailing 12-month financials
TTM through 30 Jun 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 16:21
| Revenue | EUR 120,277,000,000 |
|---|---|
| EBITDA | EUR 49,382,000,000 |
| EBIT | EUR 24,760,000,000 |
| Net income | EUR 8,643,000,000 |
| Free cash flow | EUR 26,544,000,000 |
| Capital expenditures | EUR 14,262,000,000 |
| Debt | EUR 144,470,000,000 |
| Cash | EUR 5,373,000,000 |
| Working capital | EUR 1,264,000,000 |
| Shares outstanding | 4,814,000,000 |
| Reported dividends per share | EUR 1.4308 |