DGAP-News: Silvia Quandt&Cie. AG: Deutsche Telekom AG/ Strong and profitable Q1 2010 results - management maintains 2010 guidance
(firmenpresse) - Silvia Quandt&Cie. AG, Merchant&Investment Banking / Research Update
12.05.2010 11:15
Dissemination of a Corporate News, transmitted by
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Rating: Buy
Target price: EUR 12.50
Close 11/05/10: EUR 8.735
RIC: DTEG.DE
* Deutsche Telekom got off to a good start in the 2010 financial year,
reporting that adjusted EBITDA increased by 1.6 percent compared with the
first quarter of 2009 to EUR 4.9 billion. With Revenues remained stable -
down 0.6% to EUR15.8 billion - the adjusted EBITDA margin improved by 0.6 %
points to 30.9%.
* The development of adjusted net profit was particularly encouraging,
increasing by 36% y-o-y to EUR0.9 billion. Unadjusted net profit jumped by
just under EUR 2 billion from EUR -1.1 billion to EUR +0.8 billion. The
free cash flow trend was also impressive, with free cash flow of EUR 1.4
billion being recorded in the first three months of 2010, up from EUR 0.4
billion in the first quarter of 2009.
* Among the operating highlights in the first three months of 2010 were the
outstanding figures in the German mobile business. The surge in the
profitability of the mobile subsidiaries in the Europe operating segment
and the revenue growth at T-Systems were also satisfactory.
* Deutsche Telekom maintains its guidance for the Group as communicated.
Excluding the effects of the joint venture between T-Mobile UK and Orange
UK in the United Kingdom, Deutsche Telekom expects to generate adjusted
EBITDA of approximately EUR 20 billion and free cash flow of around EUR 6.2
billion in the 2010 financial year.
Deutsche Telekom impressively showed that it continues to be a cash
generating machine and, that it can get its house in order. Having disposed
of its problematic UK subsidary into a JV with Orange, named 'Everything,
Everywhere' and focusing on new additional service revenues (like buying
the rest of Click&Buy in March) we believe that Mr Obermann can deliver on
his promise of up to EUR5 billion in additional revenues in the next 5
years. Combined with a good dividend outlook for the next three years we
maintain our Buy rating and price target of EUR12.50
Jacques Abramowicz
+49 (0)69 95 92 90 93 0
www.silviaquandt.de
12.05.2010 11:15 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Datum: 12.05.2010 - 11:15 Uhr
Sprache: Deutsch
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