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Deutsche Telekom AG (DTEGY)

Subavaliada
Communication ServicesTelecom ServicesGermany

Fundamental

74

Preço

$26.11

Capitalização de Mercado

$128.60B

Parte 1 · Quanto vale a empresa

Visão Geral

Deutsche Telekom owns and operates telecommunications networks — mobile, fixed-line and broadband — in Germany and across Europe, and holds a majority stake in T-Mobile US, the American mobile carrier. Customers pay recurring fees for voice, data and broadband access, plans that typically run for one or two years, and its Systems Solutions unit sells IT and digital services to businesses and public administrations.

Como gera receita

Most revenue is recurring subscription fees for network access, billed monthly regardless of how much a customer actually uses. Building and upgrading the underlying networks — spectrum, fibre, towers — requires continuous heavy capital spending, so profitability depends on spreading that fixed cost over as many paying subscribers as possible; the U.S. business, T-Mobile, is now the largest single contributor to group revenue.

Receita por segmento

United States (T-Mobile US)65.6%

The majority-owned American mobile carrier, now the largest single source of group revenue and profit.

Germany21.5%

The domestic mobile, fixed-line and broadband business, including the Deutsche Telekom brand's home market.

Europe10.6%

Mobile and fixed-line operations in other European countries outside Germany.

Systems Solutions3.4%

IT, cloud and digital services sold to business and public-sector customers, separate from the network businesses.

Vantagem competitiva

Escala · Estreita

Owning nationwide spectrum licences and physical network infrastructure is expensive enough to keep out most new entrants, and customers rarely switch carriers over small price differences once installed. But the advantage is not exclusive: a handful of well-capitalized rivals own comparable networks in every market Deutsche Telekom serves, so competition still pressures prices.

O que impulsiona a procura

Defensivo

Mobile and broadband access are close to essential services for most households and businesses, so subscriber numbers hold up reasonably well even in a weaker economy. Growth instead comes mainly from price increases, added services and subscriber gains in the U.S. market rather than from the economic cycle.

Principais riscos

  • Intense competition in the U.S. market — T-Mobile US operates in a market the company describes as intensively competitive, with potential saturation of wireless customer growth and increasing convergence among mobile, fixed-network and satellite providers.
  • Data privacy and cybersecurity — The company ranks data privacy and security as its highest-significance operational risk, citing GDPR exposure with potential fines of up to 2-4% of total worldwide annual revenue alongside evolving cyber threats.
  • German and European market competition — Intensifying competition and uncertain economic conditions across consumer, business and wholesale segments in Germany have raised this risk from low to medium significance.
  • Procurement and supplier disruption — The company raised this risk from medium to high significance, citing geopolitical disruption, component shortages, supplier concentration and the pass-through cost of U.S. tariffs.

Os argumentos a favor

Buyers argue that T-Mobile US's continued subscriber and service-revenue growth makes it the group's main value driver, that owning irreplaceable network infrastructure across Germany, Europe and the U.S. gives durable pricing power, and that steady, recurring subscription revenue supports the dividend even through economic downturns.

Os argumentos contra

Sellers fear that group results now depend heavily on a single foreign subsidiary exposed to U.S.-specific competitive and regulatory swings, that intensifying competition in both Germany and the U.S. will keep pressuring prices, and that heavy ongoing network investment leaves less room for error if growth in any one market slows.

Written by the editors, published on 18 de agosto de 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 18 de setembro de 2026 with claude-haiku-4-5 — shared with all users

P/E: —Score: 55Market cap: $38.11B

Vodafone is the number-two mobile and cable-broadband operator in Germany and sells to the same households and business customers as Telekom across several other European markets.

P/E: 11.9Score: 65Market cap: $193.94B

Verizon is one of the two main rivals of T-Mobile US, the subsidiary that generates most of Deutsche Telekom's revenue, competing for the same American wireless and home-internet subscribers.

P/E: 8.1Score: 72Market cap: $170.62B

AT&T fights T-Mobile US for the same US postpaid mobile and fibre customers, the market that now drives the bulk of Deutsche Telekom's group revenue.

Telefónica, S.A.TEF

Through its O2 brand Telefónica runs the third German mobile network and competes directly for German consumer mobile and fixed-line subscriptions, as well as in Spain and Latin America.

1&1 AG1U1

1&1 is building Germany's fourth mobile network and undercuts Telekom on price for mobile and DSL/fibre contracts sold to German residential customers.

Orange S.A.ORA

Orange is the other large integrated European incumbent, competing with Telekom for mobile, broadband and corporate ICT customers across continental Europe.

Balanço & Liquidez

Receita

$119.69B

Últimos 12 meses (até 30/06/2026)

Resultado Líquido

$8.64B

Últimos 12 meses (até 30/06/2026)

Fluxo de Caixa Livre

$17.39B

Capital Próprio Total

$59.85B

Passivo Total

$146.76B

Rácio de Liquidez

1.03

Cobertura de Juros

-

Dívida/EBITDA

3.44

Resultados Por Ação

Receita & Resultado Líquido

Fluxo de Caixa Livre

Decomposição dos Resultados

Demonstração histórica

Margens ao longo do tempo

A dívida ao longo do tempo

Quanto pesa a dívida

Grelha do crescimento

Crescimento — Receitas

Estimativa de Valor Justo

Caso geralSubvalorizada

Valor Justo

$60.17

Preço Atual

$26.11

Margem de Segurança

+56.6%

Intervalo de Valor Justo

$39.11 - $81.23

Dispersão entre os métodos de avaliação utilizados, não um intervalo de confiança calibrado estatisticamente.

Métodos de Estimativa

Preço-alvo dos analistas:$36.44
Fluxo de caixa descontado (DCF):$159.44
Multiplicador de lucros (P/E):$19.33
Fórmula de crescimento de Graham:$68.45
Valor da capacidade de gerar lucro (EPV):$49.47
P/B justificado:$32.16
Desconto de dividendos (Gordon):$34.38
P/FFO, fundos de operações:Dados insuficientes para o calcular
Lucros de meio de ciclo:Dados insuficientes para o calcular
Multiplicador sobre as receitas:$51.42
Consenso dos Analistas:Compra Forte (22B / 2H / 0S)
Última Surpresa de Resultados:+2.42%

Métricas de Avaliação

Rácio P/E

15.11

ROE

15.1%

Rácio P/B

2.15

P/FCF

7.39

Margem Bruta

44.9%

ROIC

11.1%

Radar de Rentabilidade

Criação de Valor (Vantagem Competitiva)

ROIC

11.1%

WACC

3.7%

ROIC − WACC

+7.4 pp

O ROIC supera o custo do capital — a empresa está a criar valor para os acionistas.

Critérios de Análise Fundamental

Aprovado (15)

  • Price CAGR 5.20%
  • ROIC 11.1%
  • Gross Margin 44.9%
  • P/FCF 7.39
  • P/B Ratio 2.15
  • Debt/Equity ratio
  • Positive Free Cash Flow
  • Current Ratio
  • Debt/EBITDA
  • DCF valuation (Undervalued)
  • ROE 14.0%
  • Analyst Consensus 92% Buy
  • Earnings Surprise avg 8.0%
  • PEG Ratio 0.84
  • Earnings Quality (OCF/NI) 4.25

Reprovado (4)

  • CapEx intensity
  • Revenue Growth 5Y 3.4%
  • Net Margin Trend 8.1% vs 9.7%
  • Piotroski F-Score 2/9

Indisponível (8)

  • EPS data insufficient
  • Dividend Payout NaN%
  • Operating Margin NaN%
  • Interest Coverage
  • Return on Tangible Assets
  • Low reliance on intangibles
  • Price below Graham Number
  • Share Dilution (missing shares data)

Piotroski F-Score

2/9

Preocupações financeiras graves

score
criteria

Qualidade dos Resultados

4.25

Alta qualidade: resultados respaldados por caixa

Diluição de Ações

-

A recomprar ações. Favorável ao acionista

Participações institucionais

Governação

Equipa Executiva

NomeCargoIdade
Mr. Timotheus HottgesChairman of Management Board & CEO63
Dr. Christian P. IllekCFO & Product and Technology & Member of Management Board61
Dr. Ferri Abolhassan Pur-MoghaddamMember of the Executive Board61
Mr. Thorsten LangheimMember of Management Board & Executive VP of Group Corporate Development and USA59
Ms. Birgit M. BohleMember of Mgt Board,Chief HR Officer & Legal Affairs,Labor Director&Member of Data Privacy Adv Board52
Ms. Dominique Yvette M. LeroyCEO of Europe & Member of Management Board-Europe61
Mr. Rodrigo Francisco DiehlMember of Management Board50
Dr. Guillaume MaisondieuSenior Vice President of Group Accounting & Customer Finance-
Mr. Hannes WittigHead of Investor Relations-
Dr. Claudia JunkerExecutive VP, Head of the Legal, Compliance & Data Privacy Department-

Risco de Auditoria

3

Risco do Conselho

3

Risco de Remuneração

5

Risco dos Direitos dos Acionistas

1

Parte 2 · O preço e o momento de entrar

Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.

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