Consensus

Prior the the publication of the quarterly results, Deutsche Telekom provides a detailed consensus for the upcoming quarterly results, the current financial year and the next four years.

The following consensus numbers are still as of October 29, 2024, 16 days before the Q3 results but will be updated for Q4 by first week of Feb latest.

Deutsche Telekom will start to collect the usual sell side analyst estimates for Q4 Monday 13th Jan. 2025.

The following points DT has given analysts to remind when compiling their projections:

• Net debt effects
  • FX: As always - and particularly relevant this quarter - please keep in mind that each 1cent move in the $US corresponds to approximately €1bn incremental net debt. 
  • Spectrum: Following FCC approval of T-Mobile’s purchase of spectrum from Columbia for $3.5bn, T-Mobile paid $2.4bn in Q3 and $0.5bn in Q4, with the remaining amount expected in 2025.
  • DT buyback:  In Q4 we bought further c. 0,5m DT shares and completed with that our €2bn 2024 share buyback program at year end with a total volume for FY 24 of 81.3m shares, at an average price of €24,30, which corresponds to c. 1.6% of total share capital.
  • TMUS dividend: In Q4 we received $0.5bn from TMUS.
  • TMUS SBB: As per the last filings, T-Mobile bought back cumulatively c. 153m shares for $22.7bn by 30 September 2024, with c. 3.2m shares for $644M in Q3. Between 1 October and 18 October, T-Mobile bought back c. 4.2m shares for $891M. Since 29 June 2024, DT did not sell TMUS shares alongside the TMUS buyback. On 13 December 2024, T-Mobile announced a new shareholder return program of up to $14bn through the end of December 2025. 
• Guidance
  • 2024/FX: Please keep in mind that 2024 guidance was issued at an average $US FX rate of 1.08 (actual average 1.08).
  • 2025/FX: Please keep in mind that, as usual, new guidance will be based on the average FX of the prior year, and will be issued on an organic basis.
  • CMD guidance: Please consider the extensive guidance provided at the 2024 CMD on 10/11 October 2024. All guidance was issued on an organic basis
• Other
  • Please also note that TMUS will report their Q4 results on January 29th.

Please see detailed time schedule for compilation of consensus

Consensus files for previous quarters are available on the page for the quarterly results and the download page.