Deutsche Telekom AG (DTE.DE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+546.2%

€167.24

vs €25.88 price

Levered DCF

€130.99

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.05

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	14.04×	12.73×	6.15×	11.58×	18.79×	17.06×	17.87×	32.44×
P/B	2.17×	2.25×	1.92×	1.91×	1.84×	1.98×	2.18×	2.27×
P/S	1.13×	1.24×	0.98×	0.81×	0.73×	0.7×	0.86×	0.93×
EV / EBITDA	5.37×	5.22×	5.36×	5.2×	5.33×	4.99×	5.33×	6.03×
Gross margin	24.6%	61.1%	22.5%	16.5%	15.3%	15.2%	14.8%	13.7%
Operating margin	22.5%	22.8%	20.7%	13.6%	13.0%	12.3%	11.7%	10.4%
Net margin	8.1%	9.7%	15.9%	7.0%	3.9%	4.1%	4.8%	2.9%
Current ratio	1.12×	1.06×	1.01×	0.86×	1×	1×	0.75×	0.75×
Debt / equity	2.27×	2.31×	2.47×	3.03×	3.33×	3.82×	2.62×	1.93×
Interest coverage	4.11×	3.97×	3.51×	2.73×	2.79×	2.69×	3.48×	3.77×
Dividend yield	4.8%	3.9%	3.7%	3.7%	4.0%	4.3%	5.2%	4.6%
Payout ratio	67.0%	49.9%	22.6%	42.3%	75.3%	73.8%	92.1%	150.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.5%	17.7%	31.2%	16.5%	9.8%	11.6%	12.2%	7.0%
Return on invested capital	7.1%	6.6%	6.0%	4.4%	3.9%	3.7%	4.1%	4.0%
Return on assets	3.1%	3.4%	5.7%	2.5%	1.4%	1.5%	2.1%	1.4%
Free cash flow yield	21.0%	14.5%	17.8%	12.6%	7.4%	7.1%	12.6%	7.8%
Earnings yield	7.1%	7.9%	16.3%	8.6%	5.3%	5.9%	5.6%	3.1%
Enterprise value	€268.1B	€280.6B	€242.9B	€234.1B	€212.9B	€195.3B	€146.8B	€126.2B
Net debt / EBITDA	2.67×	2.57×	2.95×	3.14×	3.37×	3.17×	2.82×	2.67×
Cash conversion cycle (days)	50	19	42	41	42	39	32	22