Deutsche Telekom (Buy, €30, +43%) Q4 22: Reassuring outlook set out for 2023
DT has reported Q4 results that are slightly ahead of expectations; set out new ex-US guidance for 2023 fractionally ahead of consensus expectations which we see as encouraging (ahead of us at EBITDA, below us on FCF); and also disclosed that it won’t be exercising a 20m share option to increase its stake in TMUS which will likely leave people scratching their heads a bit.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.
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