Report
Allan C. Nichols
EUR 98.48 For Business Accounts Only

U.S. operations continue to drive Deutsche Telekom's results.

Deutsche Telekom reported mixed 2016 results with better revenue but weaker margins. We expect these two issues will basically offset each other and don't anticipate any significant changes to our fair value estimate. Our no-moat rating is unchanged, and we believe the shares are fairly valued. The firm reported revenue growth of 5.6% year over year, versus our projection of 4.4%. Once again, the higher growth is being driven by T-Mobile US, where revenue jumped 25.6% in the fourth quarter thank...
Underlying
Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Allan C. Nichols

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