DB Daily Fibre: DT - TMUS / GAMA BIDDERS / O2D TARIFF / TI SHRS / TNOR / UK ALT / SES

Research evidence excerpt

DB Daily Fibre: DT - TMUS / GAMA BIDDERS / O2D TARIFF / TI SHRS / TNOR / UK ALT / SES

Deutsche Bank

Research

Europe Industry Date

11 June 2026

Telecommunications DB Daily Fibre

Wireless Services Industry Update

DT - TMUS / GAMA BIDDERS / O2D

TARIFF / TI SHRS / TNOR / UK ALT / SES

Robert Grindle, Ph.D.

KEY EVENTS THIS WEEK

Research Analyst

+44-20-754-58490

Thursday - Orange ex-dividend EUR 0.45

John Karidis

DEUTSCHE TELEKOM (Buy, last close EUR 28.6): The Wall Street Journal has

+44-20-754-54610

profiled DT Group CEO Tim Hottges, highlighting his involvement in the formation,

backing and success of DT's 54%-owned subsidiary T-Mobile US's (last close Keval Khiroya, CFA

$185) transformation "from a money-losing underdog to the world's most valuable Research Analyst

telecom brand" (WSJ). Hottges and team, in our opinion, certainly deserve kudos +44-20-754-18164

for DT's choices and investment in TMUS whilst eschewing European expansion, Roshan Ranjit, CFA

though DT's TMUS stake has recently 'depreciated as a result of Softbank (last Research Analyst

close JPY 6,374) selling (now completed and after the boost from cash settling its +44-20-754-52908

collateralised collar), USD weakness, competition concerns and more recently Vijay Saravanan

speculation (Bloomberg, see here) that DT is "looking to marry the straight-laced Research Associate

German firm with flashy American offshoot" (WSJ) with benefits for M&A, cost of

debt, simplified governance etc. The prospect has undermined the TMUS share Ankit Sharma

price (-9% ytd) and DT's own (+4%, well below peers) in a deal uncertainty circular Research Associate

reference (anyone remember the run-up to Tecnost's offer for Telecom Italia?). The

impact of TMUS' share price weakness has been partly offset by a rising ex US stub