Deutsche Telekom : Q2 2023 should be better than Q1 but more is needed to meet 2023 guidance
>FCF acceleration after slow start in 1Q23 - We expect better trends in Q2 2023 than in Q1 with group FCF growth accelerating (consensus expect +38% y-o-y to ~€ 3.8bn vs -5% y-o-y in Q1 2023). FCF acceleration is critical to meet FY 2023 guidance of more than € 16bn, i.e. up ~40% y-o-y; however, both T-Mobile US and Deutsche Telekom should confirm 2023 guidance thanks to a step down in Capex in H2 2023. By region, we expect Germany to keep up with it solid financial t...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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