Deutsche Telekom's Satellite Rebuttal Meets a Wave of Lower Price Targets
Published on 11/08/2026 at 08:31 | Editorial boerse-global.de
Deutsche Telekom shares slipped 0.8% on Friday as two brokerage houses trimmed their valuation marks on the Bonn-based carrier, even as chief executive Tim Höttges pushed back against the notion that SpaceX's arrival poses an existential threat to its terrestrial business.
Goldman Sachs cut its price target to EUR 36 from EUR 38 while keeping a Buy rating, with analyst Andrew Lee revising his estimates in the wake of the company's quarterly report, according to dpa-AFX. DZ Bank followed a day earlier, lowering its fair value to EUR 33 from EUR 35 and, per media reports, reaffirming its Buy call. Both houses thus retained their constructive stances despite the reduced targets.
Part of the pressure on the stock has been tied to potential new competition for T-Mobile US from SpaceX, a factor dpa-AFX flagged on Thursday. Höttges, speaking to Reuters the same day, acknowledged that investors are already pricing in weaker long-term profitability for established mobile operators once SpaceX enters the market.
Yet the CEO was quick to draw limits around satellite technology. Satellite services on their own cannot replace terrestrial networks, he argued, particularly in cities and inside buildings — a point that cuts against the more sweeping fears embedded in current valuations.
Should investors sell immediately? Or is it worth buying Deutsche Telekom?
Network Test Streak and Internal Tech Recycling
On the operational front, Deutsche Telekom reported on Friday that it had taken first place in Computer Bild's mobile network test for the 15th consecutive time, earning an overall grade of "very good (1.2)." The test highlighted the company's advantages in 5G availability and speed in particular.
The carrier also unveiled the "Telekom Equipment Exchange" on Wednesday, a platform through which its national subsidiaries can pass on and reuse surplus network equipment internally. The offering is aimed at the group's own country companies and at hardware that can be redeployed within the conglomerate.
In data centre infrastructure, subsidiary T-Systems is examining a collaboration with Dresden-based Sparxity. The two firms signed a letter of intent on Tuesday to assess how Sparxity's energy-efficient AI chips and computing systems could be integrated into T-Systems' infrastructure.
Dividend, Buyback and an Upgraded Outlook
For shareholders, the financial framework includes a planned dividend of EUR 1.10 per share for 2026, alongside a buyback programme of up to EUR 2 billion earmarked for 2027.
Deutsche Telekom at a turning point? This analysis reveals what investors need to know now.
The group's third-quarter 2026 adjusted net profit rose 12.7% to EUR 3.0 billion. For the full year, Deutsche Telekom lifted its guidance for adjusted EBITDA AL to around EUR 47.6 billion and expects free cash flow AL of roughly EUR 20.1 billion.
Investors will get their next set of figures on 25 February 2027, when the company publishes results for the fourth quarter and the full 2026 financial year.
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