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%
- 513
- 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
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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 10:33:42 UTC.