Consensus Details Q1 and FY 2024 - 2028

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.

Q1

Gross Revs [€ million]

Germany

6.253

Total Service rev growth YoY in %

2,1%

MSR growth YoY in %

2,9%

FSR growth YoY in %

1,7%

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

225

BB retail Net Adds DT ['000]

65

TMUS (gross revs in €)

18.257

Gross revs in $ (US GAAP)

19.828

Service revs in $ (US GAAP)

16.119

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

1,09

Europe

2.868

Group Development

3

T-Systems

955

GHS

577

Reconciliation

-909

Group revs

27.993

estimates

FY 24

estimates

# of

High

Low

Average

# of

High

Low

14

6.427

6.220

6.265

25.632

14

25.940

25.463

12

2,5%

1,5%

2,0%

2,1%

12

2,4%

1,5%

12

3,9%

2,3%

2,9%

2,6%

12

3,1%

2,1%

9

2,1%

1,2%

1,7%

1,8%

9

2,3%

1,2%

6

280

190

228

875

6

1000

400

9

69

38

61

260

9

318

150

14

18.588

17.826

18.255

74.500

14

75.406

72.649

13

20.390

19.362

19.848

80.108

13

81.549

79.040

14

16.267

15.546

16.074

65.561

14

66.510

64.549

13

1,11

1,08

1,09

1,08

13

1,11

1,07

14

2.939

2.824

2.877

12.088

14

12.231

11.902

9

4

1

3

14

9

16

2

14

984

946

959

3.936

14

4.052

3.896

14

600

553

574

2.290

14

2.400

2.211

13

-869

-1.200

-953

-3.681

13

-3.409

-4.800

13

28.291

27.562

27.959

114.113

13

115.626

112.947

FY 25

Average

25.642 25.996

2,0% 1,7%

2,6% 1,9%

1,8% 1,5%

  1. 513
  1. 195

74.196 77.591

80.262 82.847

65.526 68.051

1,08 1,08

12.078 12.302

12 14

3.949 3.976

2.288 2.290

-3.781-3.695114.330 117.971

estimates

FY 26

estimates

FY 27

estimates

FY 28

estimates

# of

High

Low

Average

# of

High

Low

Average

# of

High

Low

Average

# of

High

Low

Average

14

26.361

25.769

26.040

26.398

14

27.136

25.839

26.423

26.709

13

27.890

25.865

26.751

27.029

11

28.622

26.695

27.211

12

2,3%

1,0%

1,7%

1,5%

12

2,3%

1,2%

1,6%

1,4%

11

2,2%

1,1%

1,5%

1,4%

10

2,0%

0,8%

1,4%

12

2,5%

0,3%

1,8%

1,5%

12

2,8%

0,2%

1,7%

1,5%

11

2,5%

0,2%

1,6%

1,5%

10

2,2%

0,2%

1,5%

9

2,2%

1,1%

1,6%

1,6%

9

2,2%

1,2%

1,6%

1,5%

9

2,1%

0,5%

1,5%

1,5%

8

1,9%

0,3%

1,4%

6

903

300

605

513

6

857

300

567

513

6

815

300

536

525

5

774

303

552

9

325

90

212

166

9

326

40

180

167

8

316

50

172

177

6

306

50

172

14

79.016

70.567

76.517

79.533

14

82.171

68.493

78.396

81.621

13

85.106

67.005

80.625

83.306

11

87.929

65.718

82.348

13

85.822

76.424

82.532

85.385

13

87.207

74.184

84.453

87.471

12

91.343

72.577

86.776

89.178

10

92.466

71.187

88.223

14

69.411

63.336

67.610

70.388

14

71.961

61.700

69.518

72.523

13

74.493

60.094

71.274

74.480

11

76.731

58.703

72.860

13

1,11

1,06

1,08

1,08

13

1,11

1,06

1,08

1,08

12

1,11

1,06

1,08

1,08

10

1,09

1,06

1,08

14

12.494

11.982

12.276

12.502

14

12.758

12.039

12.458

12.626

13

13.077

12.097

12.626

12.900

11

13.404

12.336

12.895

9

16

2

12

14

9

16

2

12

15

8

17

2

13

15

8

17

2

13

14

4.173

3.896

3.989

4.016

14

4.299

3.896

4.022

4.054

13

4.428

3.896

4.050

4.095

11

4.301

3.896

4.055

14

2.400

2.122

2.269

2.290

14

2.400

2.035

2.253

2.275

13

2.400

1.953

2.234

2.305

11

2.400

1.873

2.222

13

-2.937

-4.800

-3.759

-3.707

13

-2.632

-4.800

-3.747

-3.729

12

-2.436

-4.800

-3.743

-3.785

10

-2.356

-4.800

-3.773

13

119.511

111.900

117.268

120.739

13

122.974

110.522

119.699

123.626

12

126.214

109.743

122.444

126.174

10

129.344

109.178

124.865

Adj. EBITDA AL [€ million]

Germany

2.557

14

2.706

2.488

2.567

10.513

14

11.124

10.358

10.548

10.798

14

11.336

10.473

10.795

11.034

14

11.541

10.539

11.032

11.323

13

11.710

10.598

11.264

11.582

11

11.906

10.854

11.540

TMUS

6.787

14

8.199

6.715

6.879

28.352

14

33.904

27.915

28.748

30.263

14

35.670

27.109

30.450

32.201

14

37.779

26.262

31.969

33.635

13

38.592

25.475

33.030

35.060

11

39.251

24.883

34.303

TMUS in $ (IFRS)

7.361

10

7.742

7.294

7.398

30.739

10

31.707

30.513

30.820

32.744

10

33.603

32.280

32.866

34.775

10

35.947

33.820

34.879

36.108

9

38.404

34.727

36.293

37.696

8

38.927

35.571

37.374

Bridge between IFRS and US GAAP in $

226

6

236

190

218

900

6

978

760

873

880

6

1.042

760

888

880

6

1.096

760

907

860

5

1.149

760

894

830

4

1.200

760

905

TMUS in $ (US GAAP)

7.567

10

7.683

7.527

7.573

31.582

10

31.936

30.947

31.529

33.473

10

34.230

32.843

33.508

35.336

10

36.847

34.681

35.483

36.945

9

39.304

35.588

36.864

37.887

8

38.970

36.432

37.789

Europe

1.021

14

1.130

987

1.029

4.269

14

4.741

4.133

4.296

4.380

14

4.825

4.173

4.402

4.475

14

4.913

4.191

4.490

4.581

13

5.011

4.210

4.580

4.677

11

5.104

4.446

4.699

Group Development

-8

12

3

-10

-7

-27

12

10

-40

-24

-27

11

-15

-40

-27

-27

11

-5

-35

-24

-27

11

-5

-35

-24

-27

9

-5

-30

-23

T-Systems

77

14

91

70

77

327

14

379

301

330

332

14

381

301

336

336

14

393

275

337

340

13

406

275

341

344

11

390

275

340

GHS

-176

14

-97

-200

-168

-606

14

-315

-700

-595

-600

14

-298

-701

-595

-605

14

-237

-705

-592

-600

13

-215

-709

-587

-600

11

-215

-714

-571

Reconciliation

-8

14

-5

-29

-9

-23

14

-20

-50

-27

-23

14

-20

-50

-28

-24

14

-20

-51

-29

-24

13

-20

-61

-30

-25

11

-20

-61

-29

Group EBITDA AL adj.

10.249

14

10.417

10.148

10.255

42.793

14

43.305

42.250

42.815

45.031

14

46.245

41.912

44.872

47.434

14

48.268

41.547

46.724

49.005

13

50.236

41.247

48.074

50.754

11

51.403

41.149

49.668

Group ex TMUS EBITDA AL adj.

3.472

11

3.551

3.351

3.461

14.451

13

15.881

14.132

14.545

14.828

13

16.197

14.262

14.893

15.196

13

16.554

14.329

15.215

15.482

12

16.845

14.388

15.527

15.720

9

17.113

15.009

15.891

Group EBITDA adj.

11.841

12

12.016

11.519

11.811

49.226

12

49.785

48.720

49.234

51.487

12

52.283

48.402

51.246

53.650

12

55.014

48.057

53.104

55.416

11

56.873

47.777

54.424

57.060

9

58.504

47.699

55.923

Cash Capex [€ million]

Germany

1.189

13

1.231

1.080

1.167

4.695

13

4.741

4.600

4.678

4.784

13

4.899

4.600

4.764

4.824

13

5.087

4.600

4.821

4.870

12

5.177

4.600

4.865

4.913

10

5.082

4.700

4.895

TMUS

2.500

13

2.598

2.193

2.490

8.504

13

12.206

8.111

8.777

8.955

13

9.261

8.466

8.868

8.888

13

9.754

8.491

8.907

9.028

12

10.468

8.451

9.129

9.365

10

10.846

8.408

9.320

TMUS in $ (US GAAP)

2.700

12

3.001

2.405

2.723

9.218

12

10.200

9.000

9.240

9.524

12

10.700

9.144

9.614

9.516

12

10.801

9.117

9.683

9.883

11

11.232

8.898

9.998

10.073

9

11.560

8.898

10.116

Europe

445

13

457

280

427

1.804

13

1.934

1.762

1.819

1.831

13

1.972

1.770

1.843

1.858

13

2.012

1.770

1.865

1.887

12

2.048

1.770

1.874

1.913

10

2.124

1.787

1.913

Group Development

1

6

2

0

1

3

6

11

2

5

4

6

11

2

5

4

6

11

1

5

4

6

11

1

5

3

5

11

1

4

T-Systems

60

13

62

50

58

210

13

257

205

217

210

13

261

205

217

210

13

265

205

218

210

12

231

205

214

211

10

233

205

215

GHS

250

13

280

220

249

959

13

1.082

886

960

950

13

1.082

870

955

945

13

1.082

838

947

939

12

1.082

818

939

913

10

1.000

804

914

Group Cash Capex

4.432

13

4.554

3.925

4.389

16.141

13

20.035

15.848

16.431

16.593

13

17.059

16.106

16.626

16.744

13

17.315

16.182

16.738

17.062

12

18.026

16.188

17.002

17.268

10

18.625

16.158

17.236

Group ex TMUS Cash Capex

1.926

11

1.956

1.732

1.889

7.671

11

7.828

7.536

7.657

7.811

11

7.959

7.565

7.771

7.859

11

8.147

7.561

7.844

7.906

10

8.237

7.557

7.879

7.921

8

8.134

7.751

7.916

Cash [€ million]

Group FCF AL before dividends

3.879

10

5.052

3.504

4.052

18.891

12

19.240

18.486

18.885

20.363

12

21.032

18.429

19.944

20.828

12

23.743

15.818

20.909

21.617

11

24.885

14.721

21.523

22.912

9

26.208

19.543

23.369

TMUS reported FCF AL in $ (US GAAP)

3.272

11

3.755

2.374

3.121

16.617

11

16.796

15.968

16.557

17.280

11

18.620

16.269

17.447

18.229

11

19.582

13.913

17.760

18.576

10

20.728

13.343

18.315

19.557

8

22.220

17.302

19.669

Group ex TMUS FCF AL*

1.110

7

1.850

723

1.121

3.508

10

3.624

3.450

3.518

3.586

10

3.797

3.309

3.579

3.750

10

4.139

2.888

3.692

3.908

9

4.588

2.321

3.796

4.111

7

4.975

3.722

4.150

Group assumed spending on spectrum**

125

5

854

75

259

3.536

9

4.135

208

2.915

1.004

8

2.383

300

1.111

800

7

1.079

300

673

800

7

1.079

300

673

961

8

4.110

300

1.788

Group Net Debt (incl. leases)

133.407

9

135.723

131.369

133.487

133.111

11

140.934

128.339

134.072

132.231

11

146.695

122.230

131.998

129.786

11

145.350

112.163

127.691

128.059

10

142.013

103.967

124.633

124.502

8

137.861

89.201

118.511

Group Net Debt (excl. leases)

94.678

9

97.241

92.854

94.977

94.445

11

101.457

88.797

94.684

92.037

11

101.225

79.658

91.998

88.817

11

98.413

68.668

87.112

84.108

10

94.268

68.966

83.665

75.558

8

90.855

54.201

75.998

TMUS Net Debt in $ (TMUS definition)

73.851

7

77.388

70.222

74.184

76.207

8

80.594

66.720

75.066

80.060

8

86.594

64.262

77.388

83.035

8

92.343

45.354

76.863

88.407

6

97.334

75.197

87.433

91.878

4

101.508

71.850

89.279

Expected share buyback by TMUS ($)

3.275

5

3.400

3.200

3.287

13.067

11

16.345

12.000

13.782

17.000

11

23.697

12.000

16.887

16.125

10

20.000

11.500

16.003

16.002

8

20.213

11.500

16.183

16.836

6

20.000

11.500

16.743

Expected DT stake in TMUS at YE (%)

50,7%

3

51,0%

50,3%

50,7%

50,9%

9

52,2%

50,0%

50,9%

50,9%

9

54,9%

50,0%

51,5%

50,9%

9

55,1%

50,0%

51,7%

51,1%

8

56,8%

50,0%

52,1%

51,7%

6

58,4%

50,0%

52,9%

Bottom Line [€ million]

Group adj. D&A

6.091

11

6.271

5.903

6.082

24.438

12

25.327

23.600

24.351

24.201

12

25.587

23.249

24.385

24.384

12

25.896

22.097

24.325

24.743

11

26.761

13.079

23.660

24.438

9

27.007

22.425

24.747

Group adj. EBIT

5.714

11

5.967

5.485

5.757

25.037

12

25.592

23.958

24.891

27.332

12

28.266

25.137

27.082

29.244

12

32.162

25.535

29.188

30.272

11

43.795

25.594

31.370

31.702

9

34.167

30.606

32.081

Group adj. Interest

1.432

11

1.600

1.239

1.426

5.849

12

6.598

5.285

5.869

6.059

12

6.529

5.259

5.951

5.949

12

6.553

5.162

5.930

5.789

11

6.731

4.317

5.858

5.619

9

7.018

3.462

5.545

Group adj. Taxes

1.124

10

1.279

794

1.135

4.990

12

5.674

3.629

4.941

5.510

12

6.304

4.622

5.547

6.099

12

7.168

5.336

6.115

6.368

11

7.738

5.291

6.513

6.769

9

7.884

6.238

6.954

Group adj. Minorities

1.281

11

2.450

1.069

1.337

5.227

12

5.567

4.900

5.226

5.845

12

7.017

5.431

5.923

6.442

12

7.920

5.723

6.527

6.798

11

13.501

5.621

7.339

7.023

9

8.199

6.718

7.236

of which T-Mobile

1.108

5

1.205

958

1.099

4.827

7

5.067

4.449

4.796

5.372

7

6.151

5.029

5.422

5.823

7

7.054

5.272

6.010

6.076

6

13.198

5.167

7.189

6.390

4

7.549

6.150

6.620

Group adj. Net Income (after minorities)

1.876

11

2.093

750

1.792

8.726

12

9.010

7.038

8.575

9.606

12

10.388

7.321

9.431

10.371

12

11.701

7.374

10.438

11.499

11

16.334

7.362

11.525

12.478

9

13.510

10.197

12.261

Group adj. EPS

0,39

10

0,42

0,15

0,37

1,78

12

1,85

1,60

1,77

1,98

12

2,17

1,63

1,97

2,22

12

2,44

1,66

2,20

2,40

11

3,26

1,67

2,43

2,56

9

2,82

2,54

2,62

Dividend per Share

0

0,00

0,00

0,85

12

1,05

0,77

0,87

0,94

12

1,29

0,85

0,98

1,04

12

1,41

0,89

1,10

1,17

11

1,54

0,93

1,20

1,29

9

1,65

1,08

1,31

* Including shareholder returns GD towers, excluding shareholder returns from TMUS

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

25.04.2024

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Deutsche Telekom AG published this content on 25 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2024 10:54:44 UTC.