Report
Stephane Beyazian

Deutsche Telekom : Solid outlook for 2023 (40% FCF growth) broadly in line with expectations

>2023 outlook in line with (a high) consensus - For 2023, Deutsche Telekom target 40% growth in 2023 FCF to more than € 16bn (in line with cons. € 16.3bn), EBITDAaL up 3.5% to € 40.8bn (cons € 1.1bn) and EPS up 6% to more than € 1.60 (cons. € 1.58). The company is using a forex rate of 1.05 versus consensus 1.07.Q4 trends a little slower but FCF 35% above consensus - Q4 2022 trends are a little slower with sales and EBITDA 1-2% below expectations, how...
Underlying
Deutsche Telekom AG

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Stephane Beyazian

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