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Deutsche Telekom sticks to 2010 targets

Deutsche Telekom reiterated its 2010 outlook after reporting first-quarter results largely in line with expectations thanks in part to its German mobile business and operations abroad.

The Bonn-based group said on Wednesday that sales growth in its mobile business in its home market, Germany, compensated for a revenue drop in the fixed-line unit, while its Greek business boosted sales in southern and eastern Europe.

Deutsche Telekom said adjusted earnings before interest, taxes, depreciation and amortisation rose 1.6 per cent to €4.9bn ($6.2bn) on flat sales of €15.8bn, largely in line with analysts’ expectations.

The telecommunications group reiterated it aims to reach about €20bn in ebitda this year and generate a free cash flow of about €6.2bn.

In the US, where the company is struggling with a high churn rate and fierce competition, sales fell 7.8 per cent and core profit dropped 5 per cent in the first quarter.

Telecoms operators have weathered the economic storm of the past year relatively well, though growth in mature markets is elusive amid a highly competitive industry landscape.

Deutsche Telekom trades at 13.1 times estimated 12-month forward earnings, according to Thomson Reuters StarMine. By comparison, France Telecom and Telefónica trade at 8.3 and 8.4 times respectively. StarMine weights analysts according to their record.

Источник: Financial Times

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