Deutsche Telekom : Four positive news items and two risks avoided: Outperform vs Neutral
We have upgraded our rating to Outperform, with some fears surrounding the CMD in October now behind us. We have raised our estimates and our target price to € 35 based on a couple of pieces of good news (Trump impact in the US, 2024-2027 growth targets above peers, and potential shareholder returns of € 34bn) and key risks pushed back (fibre optics in the US and competition in Germany).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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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