Q2: Financial results likely a sideshow, with lingering questions about M&A: Deutsche Telekom | Europe

研报英文原文证据摘录

Q2: Financial results likely a sideshow, with lingering questions about M&A: Deutsche Telekom | Europe

Idea

July 8, 2026 09:53 PM GMT

Morgan Stanley & Co. International plc+MDeutsche Telekom | Europe Emmet B Kelly

Equity Analyst

Q2: Financial results likely a Emmet.Kelly@morganstanley.comTerence Tsui +44 20 7425-6830

Terence.Tsui@morganstanley.com +44 20 7425-3095

sideshow, with lingering Harrison Williams, CFA

Harrison.Williams@morganstanley.com +44 20 7425-6627

questions about M&A Lindsey C Zastawny

What’s Changed Lindsey.Zastawny@morganstanley.com +44 20 7425-1237

Deutsche Telekom (DTEGn.DE) From To Deutsche Telekom (DTEGn.DE, DTE GY)

Price Target €40.00 €38.00 Top Pick

ADRDTEGY.PK

We preview Q2 results. The top-line / EBITDAaL boost (& net Telecommunications Services | Germany

subs losses) from German broadband price rises will be a key Stock Rating Overweight

Industry View Attractive

focus. OpFCF growth at TMUS will remain very strong, we Price target €38.00

predict. Investors may hope for commentary on a potential DT/ Shr52-Weekprice,Rangeclose (Jul 8, 2026) €34.36-23.53€25.54

TMUS transaction. We cut our Target Price by -5% to €38/sh. Mkt cap, curr (mn) €123,524

Net debt (12/26e) (mn)* €100,819

EV, curr (mn)* €251,523

Key Takeaways * = GAAP or approximated based on GAAP

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

We predict organic Q2e Group EBITDAaL growth of +6.5%, among the best in

Sales / Revenue 119,081 122,941 127,896 132,641

Euro Telcos. Our 26e EBITDAaL est. of €47.7bn is above guidance (€47.5bn, last

(€mn)**

year's €/$); EBITDA (€mn)** 44,244 46,910 50,381 53,474

EPS (€)** 1.95 2.04 2.54 2.89

TMUS results will likely see +10% EBITDA growth in Q2, with OpFCF rising an Prior EPS (€)** - 2.03 2.55 2.97

P/E** 14.2 12.5 10.0 8.8

impressive +14% YoY.