Deutsche Telekom Reported Solid 1Q Results; Shares Fairly Valued
Deutsche Telekom reported solid first-quarter results that were a bit ahead of our expectations. We don’t expect to make any significant changes to our fair value estimate for its local shares, but will likely increase our fair value estimate for the ADR due to the recent rebound in the euro versus the dollar. We believe the shares are fairly valued, and our no-moat rating is intact.The firm reported revenue growth of 5.8% versus our full-year projection of 3.2%. However, we expect comparisons ...
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