Forecast

Financial forecast

Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.

Deutsche Telekom AG (DTE.DE)

Price updated 06 Nov 2026 09:56; TTM through 30 Jun 2026; TTM financials updated 05 Nov 2026 16:05.

Starts from TTM through 30 Jun 2026 financials in EUR and a share price of EUR 25.87. Growth begins at 4.3% a year (the valuation's blended assumption) and fades to 2.9% by year 10. Margins held at EBITDA 41.1%, net 7.2%, free cash flow 22.1% of revenue. Bear and bull move starting growth by 3.0 points and long-run growth by 1 point.

Free cash flow is more than twice net income, which is often a one-off (working capital or timing). Lean on the net income line.
Year 1 uses analyst consensus revenue growth (4.5%); year 2 is halfway back to the model's own path.
EUR 51.43Model fair value (Free-cash-flow DCF); range EUR 31.29 to EUR 86.74
99%Fair value vs today's price
LowModel confidence
25%Share of the gap to fair value the price closes by year 5

Confidence: Earnings-based DCF disagrees strongly; trailing-twelve-month data; profit and cash flow steady for 3 years; value is more than 1.5x the Earnings-based DCF value; free cash flow is more than 2x earnings, so the cash-flow value may be overstated.

9.5%/yrModel-implied annual total return over 10 years, base case (price plus dividends). Raw model level; the screener shows a calibrated ranking instead
EUR 171.93BRevenue in year 10 (base)
EUR 12.35BNet income in year 10 (base)
EUR 37.94BFree cash flow in year 10 (base)
EUR 2.05Dividend per share in year 10 (base)
EUR 46.12Implied share price in year 10 (base), today EUR 25.87
30.5%Year-10 free cash flow per share vs today's price

Free cash flow over time

EUR 0 EUR 11.48B EUR 22.96B EUR 34.44B EUR 45.92B FY2022 FY2023 FY2024 FY2025 TTM through 30 Jun 2026 +1 +2 +3 +4 +5 +6 +7 +8 +9 +10
Solid: reported Dashed: base projection Shaded: bear to bull range
Free cash flow in year 10 by scenario
CaseStarting growthYear 10Annual growth
Bear 1.5% EUR 31.22B 1.6%
Base 4.5% EUR 37.94B 3.6%
Bull 7.4% EUR 45.92B 5.6%

Base case by year

YearGrowthRevenueEBITDANet incomeFree cash flowEPSFCF / shareDividend / shareBook / shareImplied price
TTM through 30 Jun 2026– EUR 120.28BEUR 49.38BEUR 8.64BEUR 26.54B 1.805.511.4312.5125.87
Year 14.5% EUR 125.64BEUR 51.58BEUR 9.03BEUR 27.73B 1.885.761.4912.8928.36
Year 24.3% EUR 131.06BEUR 53.81BEUR 9.42BEUR 28.92B 1.966.011.5613.2930.97
Year 34.0% EUR 136.31BEUR 55.96BEUR 9.79BEUR 30.08B 2.036.251.6213.7133.66
Year 43.8% EUR 141.55BEUR 58.12BEUR 10.17BEUR 31.24B 2.116.491.6814.1336.46
Year 53.7% EUR 146.77BEUR 60.26BEUR 10.55BEUR 32.39B 2.196.731.7514.5839.37
Year 63.5% EUR 151.95BEUR 62.39BEUR 10.92BEUR 33.53B 2.276.971.8115.0440.76
Year 73.4% EUR 157.08BEUR 64.49BEUR 11.29BEUR 34.67B 2.347.201.8715.5242.13
Year 83.2% EUR 162.13BEUR 66.57BEUR 11.65BEUR 35.78B 2.427.431.9316.0143.49
Year 93.1% EUR 167.09BEUR 68.60BEUR 12.01BEUR 36.87B 2.497.661.9916.5144.82
Year 102.9% EUR 171.93BEUR 70.59BEUR 12.35BEUR 37.94B 2.577.882.0517.0446.12

EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.