Analyst Note| Javier Correonero |
Deutsche Telekom followed the trajectory seen in previous months and, as usual, management raised full-year guidance given it normally provides conservative numbers. EBITDA is now expected to be above EUR 36.6 billion compared with the EUR 36.5 billion expected before. In the first quarter, revenue grew 6% on reported terms and 1.7% organically and EBITDA (after leases) saw 2.4% organic growth. We maintain our EUR 17 fair value estimate and no moat rating.