Report
Stephane Beyazian

Deutsche Telekom : TMUS outperforms the US market in Q3 2022

>Slight 2022 guidance upgrade - T-Mobile represents c.60% of Deutsche Telekom’s financials and close to 100% of FCF growth over 2022-2025e. Yesterday evening T-Mobile reported 4% sales growth for services and an 11% increase in underlying EBITDA (1% above expectations) vs +10% in H1 2022. The $ 14bn share buyback plan has begun. TMUS raised its 2022 guidance by: (i) 2-3% for customer numbers; (ii) 0-1% for underlying EBITDA (boosted by expected synergies of $ 5.7-5.8...
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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