Deutsche Telekom Overhangs continue to dominate. But valuation is becoming increasingly difficult to ignore

研报英文原文证据摘录

Deutsche Telekom Overhangs continue to dominate. But valuation is becoming increasingly difficult to ignore

J P M O R G A N Europe Equity Research

10 July 2026

Deutsche Telekom Overweight

DTEGn.DE, DTE GR

Overhangs continue to dominate. But valuation is Price (09 Jul 26):€25.35

becoming increasingly difficult to ignore Price Target (Dec-27):€40.00

DT’s near-term fundamental attractions remain intact. Critically, the company seems European Telecommunication

well positioned to sustain its impressive double-digit EPS growth algorithm, leaving Services

management on track to hit their 2027 guidance ambitions. That said, a unique Akhil Dattani AC

cocktail of strategic longer-term overhangs has steadily eroded confidence, driving a (44-20) 7134-4725

30% sell-off from the March 2025 highs, and reducing valuation multiples to record akhil.dattani@jpmorgan.com

lows. Whilst we accept it will likely take several quarters for visibility to improve, we J.P. Morgan Securities plc

suspect investors will find these valuation levels increasingly difficult to ignore. Ankur Baheti, CFA

Focus areas include: (1) Satellite disruption fears. This debate will likely persist for (91-86) 5796-8820

ankur.baheti@jpmchase.com

some time. That said, we note SpaceX’s recent request to increase its fleet from 10k J.P. Morgan India Private Limited

to 100k units centred on AI use cases, and did not mention wireless ambitions. US Telecommunication Services

Nevertheless, we intend to explore the satellite thematic further in subsequent

Sebastiano C Petti

research; and (2) Ongoing speculation that DT may be considering a full combination

(1-212) 622-8529

with TMUS – a highly complex deal that many investors seem opposed to, but which sebastiano.c.petti@jpmorgan.com