DEUTSCHE TELEKOM AG

DTE
Real-time Estimate Quote. Real-time Estimate  - 09/16 11:29:17 am
17.427EUR +0.13%

Deutsche Telekom : Download (pdf, 125.5 KB)

07/28/2021 | 05:23am

Consensus Details Q2 and FY 2021 - 2025

Disclaimer: This document had been issued by Deutsche Telekom AG for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding our revenues, earnings and business developments. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Deutsche Telekom gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.

Q2

estimates

# of

Gross Revs [€ million]

Germany

5.920

19

Total Service revs in %

1,2%

9

MSR growth YoY in %

1,2%

18

Mobile Contract Net Adds (own-branded) ['000]

131

8

Retail Line Losses ['000]

-23

14

BB retail Net Adds DT ['000]

90

15

TMUS (gross revs in €)

16.192

19

Gross revs in $ (US GAAP)

19.382

19

Service revs in $ (US GAAP)

14.328

18

$-FX-Rate: 1 Euro for ...

1,2

19

Europe

2.731

20

Group Development

768

20

NL

509

17

GD Towers

274

17

T-Systems

1.038

20

GHS

638

20

Reconciliation

-1.221

20

Group revs

26.105

20

FY 21

estimates

FY 22

estimates

FY 23

High

Low

Average

# of

High

Low

Average

# of

High

Low

Average

6.015

5.845

5.923

19

24.286

23.804

24.035

24.280

19

24.808

23.665

24.280

24.586

24.026

1,9%

0,2%

1,1%

1,0%

9

2,2%

0,3%

1,0%

1,3%

9

3,0%

0,8%

1,3%

1,3%

2,5%

-0,3%

1,1%

1,1%

18

3,2%

-0,2%

1,1%

2,0%

18

3,6%

1,0%

2,2%

1,8%

150

50

123

550

7

1000

300

577

424

8

500

300

417

375

81

-50

-5

-109

14

352

-278

-10

-112

13

899

-500

6

-90

110

50

84

363

15

414

211

336

259

15

406

120

285

260

17.168

15.340

16.270

67.234

19

69.932

64.010

66.798

68.499

19

72.556

65.309

68.538

70.360

20.105

4.829

18.260

79.761

19

81.722

19.721

74.891

81.325

19

83.920

18.759

76.599

83.681

14.745

9.101

14.029

57.720

18

59.021

37.281

56.741

59.935

18

61.937

38.475

58.815

61.844

1,22

1,19

1,20

1,19

19

1,22

1,18

1,20

1,19

19

1,22

1,18

1,19

1,19

3.646

2.669

2.773

11.371

20

12.224

10.951

11.388

11.499

20

12.327

10.100%

11.475

11.600

814

641

762

3.077

20

4.072

2.505

3.099

3.152

20

4.112

2.455

3.162

3.225

568

485

508

2.058

17

2.126

1.993

2.045

2.071

17

2.177

2.003

2.089

2.096

285

245

270

1.065

17

1.147

976

1.075

1.078

17

1.182

1.000

1.103

1.126

1.071

994

1.035

4.074

20

4.243

3.973

4.084

4.089

20

4.375

3.854

4.087

4.097

660

618

640

2.517

20

2.598

2.451

2.525

2.474

20

2.650

2.328

2.496

2.441

-1.085

-1.640

-1.233

-4.873

20

-4.550

-6.236

-4.940

-4.909

20

-4.028

-6.370

-4.954

-4.918

27.154

25.197

26.125

107.041

20

110.563

104.195

106.845

108.779

20

113.428

105.583

108.955

110.865

estimates

FY 24

estimates

FY 25

estimates

# of

High

Low

Average

# of

High

Low

Average

# of

High

Low

Average

19

23.540

24.572

19

25.949

23.438

24.878

25.293

18

26.468

23.374

25.154

25.376

24.963

9

1,6%

0,4%

1,1%

1,4%

9

2,1%

0,0%

1,2%

1,1%

9

2,1%

-0,1%

1,1%

18

4,0%

0,5%

1,8%

1,8%

18

3,5%

0,5%

1,7%

1,5%

17

3,1%

-1,3%

1,4%

8

450

200

362

360

8

50

328

350

7

-100

294

13

898

-750

0

-72

13

897

-1000

-14

-72

12

325

-1000

-72

15

412

100

260

200

15

418

100

233

160

14

424

80

196

19

75.432

66.624

70.277

72.754

19

78.726

67.192

72.458

74.951

18

82.717

68.513

74.932

19

86.681

18.451

78.366

85.613

19

90.392

18.385

80.677

87.350

18

94.516

18.311

82.874

18

64.829

39.616

60.768

64.174

18

68.132

40.769

62.936

66.459

17

70.756

41.932

65.014

19

1,22

1,18

1,19

1,19

19

1,22

1,18

1,19

1,19

18

1,22

1,18

1,19

20

13.972

10.733

11.652

11.726

20

19.664

10.668

12.022

11.842

19

12.140

10.654

11.709

20

4.154

2.406

3.227

3.279

20

3.464

2.358

3.241

3.335

18

3.561

2.310

3.296

17

2.250

2.006

2.127

2.134

17

2.317

2.009

2.161

2.166

16

2.364

2.013

2.184

17

1.217

1.020

1.134

1.183

17

1.254

1.040

1.165

1.224

16

1.291

1.061

1.203

20

4.549

3.816

4.113

4.110

20

4.691

3.777

4.136

4.076

19

4.806

3.716

4.138

20

2.624

2.212

2.465

2.412

20

2.597

2.101

2.439

2.385

19

2.571

1.996

2.407

20

-3.495

-6.526

-4.966

-4.910

20

-2.978

-6.722

-4.974

-4.861

19

-2.437

-6.939

-4.959

20

116.438

107.505

111.141

113.454

20

119.923

108.370

113.763

116.015

19

124.124

109.989

116.589

Net Revs [€ million]

Germany

5.748

12

5.822

5.666

5.750

23.264

12

23.509

23.197

23.301

23.583

12

23.683

23.030

23.529

23.900

12

24.109

22.905

23.806

24.206

12

24.465

22.803

24.090

24.467

11

24.853

22.739

24.341

TMUS

16.239

12

16.679

15.693

16.270

67.019

12

67.906

64.299

66.591

68.412

12

70.163

66.040

68.329

70.119

12

71.836

66.893

69.933

71.780

12

73.797

67.192

71.715

74.018

11

76.240

68.513

73.724

Europe

2.680

12

2.739

2.656

2.681

11.182

12

11.365

11.080

11.190

11.286

12

11.483

11.043

11.292

11.417

12

11.629

11.030

11.395

11.532

12

11.768

11.010

11.489

11.635

11

11.905

10.986

11.553

Group Development

580

12

616

563

584

2.331

12

2.424

2.247

2.332

2.383

12

2.584

2.326

2.401

2.434

12

2.693

2.365

2.456

2.476

12

2.784

2.404

2.509

2.525

11

2.854

2.420

2.547

T-Systems

806

12

830

771

803

3.151

12

3.254

3.016

3.153

3.135

12

3.394

2.922

3.151

3.165

12

3.528

2.867

3.167

3.192

12

3.638

2.843

3.181

3.158

11

3.728

2.815

3.161

GHS

45

12

57

15

44

197

12

205

48

175

193

12

201

14

171

188

12

201

-26

165

185

12

201

-88

158

182

11

201

-158

145

Adj. EBITDA AL [€ million]

Germany

2.333

20

2.357

2.289

2.329

9.430

20

9.565

9.331

9.430

9.664

20

9.853

9.399

9.653

9.924

20

10.192

9.411

9.884

10.176

20

10.671

9.431

10.121

10.349

19

11.159

9.853

10.382

TMUS

5.518

20

5.735

5.275

5.517

22.188

20

22.770

21.584

22.156

23.421

20

25.679

22.363

23.577

25.085

20

27.954

22.930

25.237

27.104

20

29.692

24.817

26.960

28.676

19

31.981

25.872

28.421

TMUS in $ (IFRS)

6.635

15

8.141

6.357

6.716

26.458

15

32.441

25.901

26.916

28.039

15

35.434

26.397

28.658

30.514

15

36.320

27.066

30.608

32.669

15

37.591

29.294

32.639

34.221

14

39.949

30.529

34.510

TMUS in $ (US GAAP)

6.727

15

6.935

6.549

6.760

27.207

15

28.193

26.368

27.200

28.424

15

30.476

27.341

28.655

30.674

15

32.431

28.011

30.602

32.941

15

34.939

30.238

32.761

34.775

14

37.030

31.422

34.605

TMUS ex handset leasing in $ (US GAAP)

5.788

10

5.977

5.690

5.802

23.569

10

23.795

22.605

23.436

26.105

10

27.940

25.245

26.279

28.937

10

30.492

27.232

28.942

31.617

10

33.415

28.616

31.400

33.844

9

35.699

30.073

33.390

Europe

960

20

992

937

959

3.950

20

4.001

3.882

3.950

4.017

20

4.189

3.894

4.013

4.059

20

4.298

3.943

4.082

4.117

20

4.323

3.938

4.133

4.157

19

4.365

3.876

4.171

Group Development

310

20

326

293

309

1.222

20

1.278

1.136

1.222

1.268

20

1.338

1.180

1.265

1.314

20

1.401

1.180

1.307

1.355

20

1.466

1.251

1.351

1.382

19

1.534

1.315

1.397

NL

152

16

170

145

154

611

16

643

578

611

636

16

668

593

633

650

16

696

609

651

666

16

721

625

668

679

15

743

634

683

GD Towers

161

16

178

146

161

633

16

709

579

639

650

16

736

597

661

687

16

764

603

686

715

16

793

609

709

738

15

824

615

737

T-Systems

66

20

80

53

66

282

20

331

236

276

295

20

361

231

291

310

20

378

226

302

329

20

404

227

314

326

19

430

224

319

GHS

-62

20

-20

-150

-66

-435

20

-332

-549

-438

-433

20

-282

-535

-434

-433

20

-232

-560

-427

-431

20

-182

-600

-422

-433

19

-132

-600

-419

Reconciliation

-8

20

-3

-28

-12

-28

20

5

-59

-26

-28

20

5

-55

-24

-28

20

5

-72

-25

-28

20

5

-80

-26

-28

19

5

-73

-26

Group EBITDA AL adj.

9.133

20

9.351

8.877

9.103

36.636

20

37.181

35.824

36.571

38.259

20

40.495

37.088

38.340

40.395

20

42.919

38.033

40.360

42.508

20

44.802

39.594

42.430

44.471

19

47.243

41.252

44.245

Group ex TMUS EBITDA AL adj.

3.599

19

3.692

3.514

3.592

14.437

19

14.580

14.240

14.427

14.765

19

15.012

14.424

14.773

15.144

19

15.552

14.474

15.131

15.509

19

16.163

14.526

15.477

15.816

18

16.767

15.261

15.833

Group EBITDA adj.

10.466

17

10.823

10.147

10.484

42.220

17

43.130

40.175

42.218

43.929

17

46.779

42.331

44.005

45.963

17

49.408

43.314

46.061

48.276

17

51.502

45.518

48.249

50.538

16

54.164

47.176

50.186

Cash Capex [€ million]

Germany

1.028

19

1.127

937

1.035

4.209

20

4.585

4.190

4.269

4.469

20

5.000

4.300

4.513

4.612

20

5.000

4.500

4.651

4.700

20

5.029

4.500

4.736

4.743

19

5.026

4.500

4.760

TMUS

2.394

20

2.656

2.074

2.397

9.861

20

20.213

9.480

11.143

9.804

20

11.192

8.716

9.765

8.459

20

9.674

7.398

8.431

8.321

20

9.778

7.398

8.369

8.284

19

10.169

7.398

8.424

TMUS in $ (US GAAP)

2.956

19

3.166

2.285

2.888

11.973

19

21.109

11.323

12.397

11.845

19

12.507

10.600

11.720

10.000

19

11.404

9.067

10.097

9.875

19

11.733

9.286

10.044

9.998

18

12.203

9.153

10.165

Europe

415

18

950

363

444

1.799

20

2.300

1.650

1.822

1.815

20

2.300

1.600

1.825

1.818

20

2.300

1.600

1.826

1.811

20

2.300

1.600

1.824

1.819

19

1.990

1.600

1.801

Group Development

132

19

166

80

132

563

20

612

451

550

578

20

678

454

566

571

20

641

458

562

546

20

625

462

547

522

19

621

351

524

T-Systems

58

19

74

50

59

249

20

370

217

259

246

20

370

215

257

249

20

370

212

257

251

20

370

206

258

241

19

370

198

258

GHS

240

19

250

110

230

973

20

1.020

779

965

962

20

1.010

795

951

955

20

1.010

787

944

950

20

1.010

779

938

943

19

1.010

771

926

Group Cash Capex

4.271

20

4.742

3.715

4.268

17.639

20

28.404

17.295

18.210

17.853

20

19.241

16.675

17.846

16.317

20

19.028

15.657

16.644

16.378

20

19.511

15.696

16.650

16.573

19

20.664

15.641

16.785

Cash [€ million]

Group FCF AL before dividends

1.967

17

2.904

1.442

2.091

8.152

19

9.075

7.544

8.206

10.393

19

14.823

9.215

10.662

14.637

19

17.249

12.634

14.865

17.960

19

20.325

15.554

17.767

19.252

18

22.256

16.343

19.062

TMUS reported FCF AL in $ (US GAAP)

1.205

13

3.106

454

1.545

5.440

15

7.684

3.591

5.491

7.844

15

12.446

3.600

8.177

13.581

15

15.475

3.600

12.910

15.981

15

18.828

3.600

15.408

16.995

14

20.439

3.600

16.442

Group ex TMUS FCF AL

885

11

1.601

301

966

3.606

14

3.765

3.054

3.577

3.708

14

4.746

3.083

3.762

3.911

14

8.090

3.366

4.199

4.069

13

16.547

3.708

5.080

4.320

12

29.383

2.966

6.383

Group FCF before dividends

3.362

12

4.075

1.195

3.133

12.902

12

14.588

-2.282

11.736

15.377

12

19.291

8.824

15.249

19.894

12

22.586

9.111

19.327

22.580

12

25.027

6.701

21.402

24.324

11

27.324

6.261

22.647

Dividend per Share

0,60 €

4

0,45

0,60

18

0,65 €

0,60 €

0,60 €

0,65

18

0,72 €

0,60 €

0,65 €

0,71

18

0,84 €

0,60 €

0,72 €

0,84

18

0,95 €

0,66 €

0,81 €

0,90

17

1,04 €

0,68 €

0,88 €

Group Net Debt (incl. leases)

129.968

14

131.977

128.033

129.996

128.240

19

131.832

94.493

126.355

124.357

19

132.426

89.543

122.978

122.006

19

135.461

78.706

119.825

114.394

19

137.505

62.242

114.753

110.127

18

139.009

42.752

107.971

Group Net Debt (excl. leases)

98.893

14

100.861

96.704

98.665

97.404

18

102.220

92.378

97.070

93.103

18

99.881

84.842

93.451

90.520

18

104.444

79.414

90.454

85.346

18

105.367

64.810

85.708

82.192

17

107.771

47.886

79.674

Expected DT stake in TMUS at YE (%)**

43,3%

2

43,6%

42,9%

43,3%

43,2%

8

43,6%

41,7%

43,1%

43,6%

9

51,0%

41,7%

44,4%

44,3%

9

53,5%

43,2%

46,3%

48,7%

9

51,0%

43,4%

47,7%

49,5%

8

55,6%

43,4%

48,8%

Expected share buyback by TMUS ($)**

0

0

0

0

0

0

10.000

1

10.000

10.000

10.000

15.699

9

25.000

6.264

14.729

18.536

9

25.000

8.143

17.446

20.000

8

21.852

10.022

17.538

TMUS Net Debt incl. Leases in $ (US GAAP)

96.714

7

102.555

72.659

90.733

98.121

11

101.388

20.476

84.339

86.539

12

102.453

26.159

80.198

85.250

12

110.239

41.133

83.299

86.595

12

117.302

53.326

85.653

91.949

11

125.671

43.018

88.092

TMUS Net Debt excl. Leases in $ (US GAAP)

69.406

8

72.384

63.421

69.151

69.437

11

73.928

20.476

64.703

65.844

11

72.538

26.159

61.529

68.207

11

79.525

41.133

64.550

66.817

11

86.152

51.073

68.124

69.122

10

94.086

51.445

71.935

Group assumed spending on spectrum*

215

12

754

0

281

9.154

19

11.300

500

8.687

1.106

18

9.682

85

2.108

908

16

1.947

-2.559

686

658

16

4.556

281

1.016

816

15

2.223

0

979

Bottom Line [€ million]

Group adj. D&A

6.686

17

7.168

6.139

6.687

26.730

19

28.477

22.359

26.530

26.450

19

27.905

-26.547

23.333

26.200

19

27.740

19.141

25.799

25.665

19

28.284

18.176

25.477

25.477

18

28.804

17.364

25.109

Group adj. EBIT

3.791

17

4.297

2.801

3.751

15.605

19

16.836

11.050

15.044

17.601

19

19.968

-16.987

15.359

19.592

19

21.713

16.580

19.626

22.413

19

24.309

19.663

22.357

24.593

18

27.703

21.888

24.665

Group adj. Net Income (after minorities)

1.533

18

2.169

1.205

1.594

5.674

20

6.688

2.769

5.570

6.392

20

8.402

3.535

6.333

7.181

20

9.835

5.649

7.276

8.208

20

10.898

6.941

8.314

9.120

19

11.703

7.670

9.268

Group reported Net Income (after minorities)

1.173

16

1.831

536

1.153

4.013

18

5.944

2.291

3.947

4.406

18

6.220

3.514

4.584

5.727

18

7.405

4.089

5.968

7.618

18

9.628

5.111

7.593

8.419

17

11.351

6.192

8.725

*Please only include spectrum cost projections which are included in your net debt forecast

** Due to lower number of estimates no direct link can be established to other forecasts, including net debt and net income

Disclaimer

This document had been issued by Deutsche Telekom AG for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding our revenues, earnings and business developments. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Deutsche Telekom gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.

27.07.2021

Disclaimer

Deutsche Telekom AG published this content on 28 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2021 09:22:04 UTC.

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