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Research Tree provides access to ongoing research coverage, media content and regulatory news on DEUTSCHE TELEKOM AG-REG. We currently have 28 research reports from 1 professional analysts.
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DEUTSCHE TELEKOM AG-REG
DEUTSCHE TELEKOM AG-REG
Solid operating performance at the EBITDA level
02 Mar 17
Deutsche Telekom has reported final 2016 results. Revenues increased 5.6% to €73.1bn. EBITDA grew 9% to €20.04bn and the EBITDA margin declined from 10.2% to 9.1%. EBIT declined 5.2% to €6.66bn compared to €7.03bn in 2015. According to the company, EBIT increased 30.4% to €9.16bn. We have adjusted EBIT by around €2.5bn for the net gain from the sale of the 50% stake in EE. The impairment loss of €2.2bn due to the BT share price decline is part of the financial results. Therefore, other operating income was reduced to €1.6bn instead of €4.18bn as reported and financial results by €2.2bn of expenses. The business was sold and therefore the results should have been reported under discontinued operations.
Strong performance in the US market
15 Feb 17
T-Mobile US reported Q4 16 results. Total revenues increase 23% to US$10.2bn and net income jumped 31% to US$390m. Operating income increased 12.4% to US$942m and the EBIT margin declined from 10.2% to 9.3%. Total net additions reached 2.1m customers, an increase of 1.9% compared to Q4 15. In the whole financial year, the company added 8.2m customers, the third year in a row above 8m. Net income doubled to US$1.7bn. In the current financial year, management is expecting net additions for branded postpaid customers to range between 2.4m and 3.4m. Adjusted EBITDA should range between US$10.4bn and US$10.8bn. In 2016, adjusted EBITDA reached US$10.4bn.
US-spectrum auction ended considerably lower
14 Feb 17
T-Mobile will report Q4 16 results today. Management might provide some information about the latest US-frequency auction which ended on 10 February. The auction was supposed to generate around US$86bn. In the end, the auction of 84MHz reached a total amount of US$19.6bn. The disappointing results for broadcasters were to a large extent attributable to overpriced previous auctions. The lower than expected price is good news for the telecom companies. There is an assignment phase which gives buyers the opportunity to bid for specific frequencies instead of generic blocks. This bidding will end in March.
Better late than never!
07 Feb 17
According to rumours in the market, Deutsche Telekom is planning to sell its business in Romania. In the first nine months, revenues in Romania declined 0.4% to €718m and EBITDA dropped 15.1% to €129m. The EBITDA margin declined from 21.1% to 18% which is the lowest within the group. The number of fixed network customers declined by 5.6% to 1.99m and mobile subscribers 0.6% to 5.87m. ARPU reached €5 which is also the lowest within the group. Poland and the Czech Republic also reported single-digit ARPU (Poland €7 and Czech Republic €9) but provided higher EBITDA margins. The EBITDA margin in Poland reached 31.5% and in the Czech Republic 43.1%.
T-Mobile US shows solid performance in Q4 16
06 Jan 17
T-Mobile US reported strong customer results. The company added 8.2m (-1.1%) customers net in 2016 and in the fourth quarter alone 2.1m customers (+1.9% year-on-year). The total number of customers reached 71.5m. T-Mobile has added more than 8m customers per year in the last three years. In the whole year, the number of branded postpaid customers increased to 4.1m and exceeded the guidance which ranged between 3.7m and 3.9m. The branded postpaid churn rate declined from 1.46% to 1.28% in Q4 16.
Preparing for the next step
03 Jan 17
Deutsche Telekom and its subsidiary T-Mobile US have agreed to reduce interest expenses. Part of this agreement is a 3-year credit agreement with two tranches totalling US$2.5bn. This agreement will give T-Mobile US further financial leeway to invest and/or to reduce interest expenses. In September, Deutsche Telekom paid interest rates of 2.5% (7-year duration) and T-Mobile US 6% for US$1bn.
FY 2016 results confirm further strong delivery
21 Mar 17
Gamma’s FY 2016 revenues, Adjusted EBITDA and Adjusted EPS numbers were a touch ahead of our estimates. We make small upward adjustments to forecasts for all three years of our forecast horizon reflecting that performance. Gamma is capitalising on its position as a nimble player in an attractive marketplace. It made strong progress in 2016 as Voice over IP technology drove uptake of SIP Trunking and Hosted PBX services - both areas where Gamma has strong platforms. In addition, data services reflected Gamma’s investment in its network, channel partner numbers increased again and the indirect business accordingly showed strong revenue growth. The Direct Business also produced good growth and won some significant new contracts. The outlook statement is ’enthusiastic’ about the current year and comments that the Board ‘remains open to suitable M&A opportunities and areas for strategic capital investment’. Overall, an optimistic picture, in our view.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
Panmure Morning Note 13-06-2016
13 Jun 16
More news on 5G means a favourable read-across for the key 5G ‘name’ – Spirent. Today the Dutch Ministry of Economic Affairs has gathered 10 partner organisations together to run a 5G test in North Groningen – tests to be carried out at the end of the year. This is favourable for Spirent as it illustrates that 5G is getting closer and with it raises the possibilities of earlier revenue opportunities for Spirent. Short term is good for share sentiment. We retain our Buy.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Signs of recovery after a difficult 2016
08 Mar 17
As flagged by the recent trading update, group FY 2016 revenue slipped 7% YoY to $90.4m; 43% ($38.5m) of this came from Telecoms, which saw the majority of the decline in revenue as the legacy copper-based equipment sales continue to be wound down. The Bio-Medical division sales slipped just 2% YoY to $51.6m; a poor year from sterilization being compensated for by growth in diagnostics. While gross margins remained firm in both divisions (40% and 25% respectively), both slipped into operating loss; a hefty $2.2m from Telecoms (due to the loss of revenue from contracts) and $0.3m from Bio-Medical; however, the $2.5m operating loss was covered by an exceptional $3m profit on sale of a property. That sale helped cash; $1m received from operations was offset by $6m capex but cash from the sale of assets lifted BATM’s net cash from $21m to a welcome $23m at the year end.
N+1 Singer - Morning Song 09-02-2017
09 Feb 17
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