Deutsche Telekom Earnings: Set to Close a Healthy 2024 Driven by Strong Outperformance

Narrow-moat Deutsche Telekom’s third-quarter results were in line with company-compiled consensus. Adjusted EBITDA after leases was EUR 11.1 billion, up 6.2% year on year, driven once again by T-Mobile US. Management raised the full-year guidance slightly and now expects adjusted EBITDA after leases of EUR 43 billion compared with EUR 42.9 billion last quarter, in line with our estimates. We maintain our EUR 28 fair value estimate and view the shares as fairly valued, having outperformed European peers year to date.