Deutsche Telekom : The positive impact of TMUS continues
>Target price raised to € 24 per share - We increase our target price to € 24 € per share following the share performance of T-Mobile US, which is at all-time highs at $ 157 (impact of € 2 per share on our valuation). As a reminder, TMUS represents ~62% of the group’s EV and close to 80% of the group’s consolidated FCF (consolidation at 100% despite a stake of 54%). We maintain our Outperform rating based on (i) the potential for FCF growth in 2024, which is higher th...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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