Free Trial

Deutsche Telekom 4Q23: Benign

COMMUNICATIONS
  • Neutral for spreads. No surprises in the results, while guidance is slightly down. With no € issuance since 2019, this credit continues to trade
  • tight vs peers.
  • Revenue beat expectations by +2%, -1.4% YoY. Adj. EBITDA landed in-line.
  • FCF came in at consensus. Lease adj. leverage at 3.25x is little changed YoY.
2024 EBITDA and FCF guidance book look lower than expected by -4%.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.