Deutsche Telekom AG

Deutsche Telekom is engaged in the telecommunications services and information technology sectors. Co. operates as an integrated telecommunications provider. It is organized into four operating segments: Germany, Europe, and the United States; and Systems Solutions, as well as Group Headquarters and Shared Services. Co. provides fixed-network lines, broadband lines and mobile communications. Co. also provides customized Information and Communication Technology (ICT) solutions for corporate customers under the T-Systems brand. The Group Headquarters and Shared Services segment comprises cross-segment management functions, real estate services, and mobility solutions, among others.
  • TickerDTE
  • ISINDE0005557508
  • SectorMobile Telecommunications
  • CountryGermany
James Ratzer

New Street: DT (BUY): Still structurally well positioned, but value gap closing

DT is due to report Q2 results on 13 August, and we believe they should report a solid quarter showing greater resilience to COVID-19 effects than other telecoms operators.

Andrew Entwistle

New Street: Huawei impact: Don't read too much into operators' rip-and-replace costs

Vodafone warned UK MPs today that it could cost “low single digit billions” (of GBP) to get rid of all the Huawei equipment in UK networks. BT warned of blackouts for customers if the timetable for removal was too tight.

Russell Waller

New Street: W. Europe Fixed Tariff Tracker June 2020: Encouraging moves in Germany and France

Average price growth declined slightly to -1.7% YoY in May (from -1.0% YoY in May), with FTTP price reductions in Austria offsetting improving trends in other markets.

Elisabeth Rudman ...
  • Sonja Forster

DBRS Morningstar Confirms Deutsche Bank’s A (low) Long-Term Issuer Rating, Trend Remains Negative

Please refer to PDF document for more detail about our research: DBRS Morningstar Confirms Deutsche Bank’s A (low) Long-Term Issuer Rating, Trend Remains Negative

James Ratzer

New Street: Quick Hit: Vodafone/ DT - Reaction to potential changes in German cable regulation

We have picked up increased investor levels around the upcoming implementation of the EECC into local German law as a leaked draft suggests that the process by which cable operators lock in housing association contracts could be abolished.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global indexes approaching major resistance Broad global indexes are bumping up against logical downtrend resistance. As a result, our outlook remains cautious and our baseline expectation for continued downward pressure on global equities remains intact. At the same time, we are seeing signs that the worst of the declines may be behind us as global cyclical Sectors show RS improvements while defensive Sectors display early signs of RS deterioration. • Regional/Country Overview. The U.S., Europe, and Japan all remain in downtrends from a price perspective, though major resistance levels are...

Dave Nicoski ...
  • Ross LaDuke

Global Equity Strategy

Global equities (MSCI ACWI) are testing 52-week lows as prices have been consolidating over the last 1-2 months. Investors' primary sources of angst continue to revolve around concerns of (1) the global shift toward tighter monetary policy and the potential for perceived policy missteps, (2) trade and tariffs, and (3) the potential negative effects both (1) and (2) may have on global growth. Comments from Fed Chair Powell that interest rates are “just below” the neutral rate and the 90-day tariff ceasefire agreement between the U.S. and China have not been able to calm the markets. In Europe, ...

Jérôme VINERIER

Short term view - DEUTSCHE TELEKOM : The background trend is clearly bullish.

The background trend is clearly bullish. Prices are still making progress but there is less power in the movement. The next resistance is at €15.002. Breaking below the support at €12.827 would invalidate the trend.

Jérôme VINERIER

Analyse court terme - DEUTSCHE TELEKOM : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. Les cours progressent encore, mais le mouvement montre moins de puissance. La prochaine résistance est à 15,002 €. La rupture du support à 12,827 € invaliderait cette tendance.

Jérôme VINERIER

Short term view - DEUTSCHE TELEKOM : The background trend is clearly bullish.

The background trend is clearly bullish. Prices are still making progress but there is less power in the movement. The next resistance is at €15.002. Breaking below the support at €12.827 would invalidate the trend.

Deutsche Telekom AG: 2 directors bought

Two Directors at Deutsche Telekom AG bought 26,799 shares at between 14.800EUR and 15.065EUR. The significance rating of the trade was 73/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listin...

James Ratzer

New Street: DT (BUY): Still structurally well positioned, but value gap closing

DT is due to report Q2 results on 13 August, and we believe they should report a solid quarter showing greater resilience to COVID-19 effects than other telecoms operators.

Andrew Entwistle

New Street: Huawei impact: Don't read too much into operators' rip-and-replace costs

Vodafone warned UK MPs today that it could cost “low single digit billions” (of GBP) to get rid of all the Huawei equipment in UK networks. BT warned of blackouts for customers if the timetable for removal was too tight.

Russell Waller

New Street: W. Europe Fixed Tariff Tracker June 2020: Encouraging moves in Germany and France

Average price growth declined slightly to -1.7% YoY in May (from -1.0% YoY in May), with FTTP price reductions in Austria offsetting improving trends in other markets.

James Ratzer

New Street: Quick Hit: Vodafone/ DT - Reaction to potential changes in German cable regulation

We have picked up increased investor levels around the upcoming implementation of the EECC into local German law as a leaked draft suggests that the process by which cable operators lock in housing association contracts could be abolished.

Alexandre Iatrides

Deutsche Telekom : Softbank will allow DT to keep control

>Softbank is gearing up to sell two-thirds of its stake in T-Mobile - Softbank has issued a press releases announcing it intends to sell between two-thirds and almost all of the 24% stake it has in T-Mobile via several transactions. The group might therefore raise between $ 20bn and $ 30bn. This operation is part of a large-scale asset disposal plan worth € 40bn initiated by Softbank following the woes of its Vision fund. Softbank will, initially, transfer 198 mi...

Elisabeth Rudman ...
  • Sonja Forster

DBRS Morningstar Confirms Deutsche Bank’s A (low) Long-Term Issuer Rating, Trend Remains Negative

Please refer to PDF document for more detail about our research: DBRS Morningstar Confirms Deutsche Bank’s A (low) Long-Term Issuer Rating, Trend Remains Negative

Elisabeth Rudman ...
  • Sonja Forster

DBRS Morningstar Correction: Deutsche Bank AG

Please refer to PDF document for more detail about our research: DBRS Morningstar Correction: Deutsche Bank AG

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Deutsche Telekom & TOTAL

TMT: Deutsche Telekom reported to be in talks to increase stake in T-Mobile US

ING
Hendrik Wiersma

Telecoms/Capex not structurally impacted by Covid-19

The impact of Covid-19 on the operational performances of telecom companies has been limited thus far. Areas that are affected are mainly roaming revenues due to lower travel and handset sales following store closures. Most operators have not seen a significant increase in bad debts. The longer the lockdown measures remain in place, this risk increases and is therefore closely monitored by the management teams. When looking at the comments on investments plans, we observe no big changes compared to the start of the year, with the exception of Telenor, which reduced its capex guidance significa...

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Fed QE, KBC Group, RBI, AB InBev, Deutsche Telekom & EDF

Strategy: Spreads tighten on Fed programmes going live, despite lack of heavy investment need

Alexandre Iatrides ...
  • Jean Danjou
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/23/2020

Unsurprisingly, the European summit held on 19 June failed to conclude an agreement regarding the € 750bn stimulus plan. Our economists are expecting it this summer for a vote at the end of the year. If its initial composition is retained, it will enshrine the introduction of the pooling of debt. Such a move would represent a major catalyst for European equities, via the decline in the spread of the risk premium and potential growth vs the US. This would give rise to a narrowing of th...

Alexandre Iatrides ...
  • Jean Danjou
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/06/2020

Sans surprise le sommet européen du 19/6 n’aura pas débouché sur un accord quant au plan de relance de 750 Md€. Nos économistes l’attendent pour cet été pour un vote en fin d’année. Si son design initial est conservé, il consacrera l’introduction d’une mutualisation des dettes. Une telle avancée représenterait un catalyseur majeur pour les actions européennes, via la baisse du spread de prime de risque et de croissance potentielle vs USA. A la clef, une réduction de la déote de PE12m ...

Alexandre Iatrides ...
  • Fehmi Ben Naamane
  • Johanna Jourdain
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/19/2020

Why this resilience from the equity market in a context that is not very favourable to earnings momentum? A historical quantification of the level of the risk premium and its derivatives (earnings yield spread - Bund) confirms the attractive level of the equity market in relation to the risk-free rate. It offers downside protection. In contrast, the low level of the earnings yield caps the potential and makes the market vulnerable to a downward revision of EPS, likely due to the cons...

Alexandre Iatrides ...
  • Fehmi Ben Naamane
  • Johanna Jourdain
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/02/2020

Pourquoi cette résilience du marché actions dans un contexte pourtant peu favorable à la dynamique bénéficiaire ? Une quantification historique du niveau de la prime de risque et de ses dérivés (Spread Earnings Yield – Bund) confirme le niveau attractif du marché actions par rapport au taux sans risque. Elle offre une protection à la baisse. En revanche le niveau faible de l’earnings yield cappe le potentiel et rend le marché vulnérable à une révision baissière des BPA, probable du fa...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/07/2019

While, since the creation of the banking union, Germany has steadfastly opposed the idea of setting up a common scheme to guarantee savers’ deposits, the article published in the Financial Times on Wednesday 6 November by the German finance minister has come as a bombshell. There is still a long way to go, but this statement responds to a real need for capital market unification and investors want to believe in this scenario. At the sector level, our analysts believe that it will rela...

DEUTSCHE TELEKOM AG sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of DEUTSCHE TELEKOM AG (DE), a company active in the Integrated Telecommunications industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date June 9, 2020, the closing price was EUR 15.20 and its potential was estimated at EUR 15.96.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Deutsche Telekom – AGM 19 june 2020

General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by postal vote or by granting authority to the proxies designated by the Company.   Item 4: We raise our concerns over the increase of the on-target total remuneration of the CEO by 29% in financial year 2019. We consider such a significant raise as inadequately high, especially given the fact that the Company do...

Expert Corporate Governance Service (ECGS)

Deutsche Telekom, March 28, 2019

Item 5: PwC, Frankfurt am Main, is proposed as auditor for the current financial year.  We have no concerns over the ratio of non-audit/audit fees. However, we note that PwC has audited the Company since the financial year 1996 which exceeds our maximum acceptable term of office. We therefore recommend opposing the re-election of PwC as auditor.

Deutsche Telekom – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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