Deutsche Telekom AG

DTE: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€45.00	Lshjlk	Lcpdzkmwwq

No Surprises in Deutsche Telekom's Q2 2021 Results; Maintaining FVE

Javier Correonero

Aug 12, 2021

No-moat Deutsche Telekom reported no surprises in its second-quarter results. T-Mobile U.S. which had already reported last week, continued executing well on its integration with Sprint, slightly raising customer, EBITDA and synergy guidance for 2021 in the U.S. This resulted in Deutsche Telekom also raising its EBITDA guidance for 2021, from more than EUR 37.0 billion to over EUR 37.2 billion. We maintain our fair value estimate of EUR 17.0 per share for Deutsche Telekom.

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