Deutsche Telekom Reported Solid 3Q Results, but Better Options in European Telecom Exist
Deutsche Telekom reported solid third-quarter results, but we are maintaining our EUR 17 per local share fair value estimate and no-moat rating. We believe the shares are undervalued, but there are more interesting telecom names in Europe, namely Telefonica, Vodafone, and BT Group.The firm reported revenue grew 4.7% year over year in the third quarter, but revenue remains slightly negative for the nine-month period versus our full-year projection of a slight revenue gain. The U.S. returned to t...
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