Independent equity research
Is Deutsche Telekom AG (DTE.DE) a Buy, Hold or Sell?
Deutsche Telekom AG — our independent, AI-built valuation and rating, in brief.
BUY (accumulate)
12-mo fair value
€31.00
To fair value
+8%
By · report dated 2026-09-05 · fair value derived independently of the market price.
The thesis, in brief
At EUR 28.40 the market pays about 6.3x guided 2026 EBITDA AL for Deutsche Telekom ex-US after crediting the 54.3% T-Mobile stake at market less a 10% discount, against a 7.2x European peer median; the gap closes if DT ex-US delivers the guided EUR 15.4bn and T-Mobile holds a mid-teens forward multiple
How we value it
We value Deutsche Telekom AG using Sum-of-the-parts: TMUS 54.3% stake at market less 10% holdco discount; DT ex-US at 7.1x 2026E EBITDA AL. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalized EPS
- Returns on capital (ROIC vs WACC)
- Balance-sheet safety
- Two independent valuations (DCF + multiples)
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full Deutsche Telekom AG report
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