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Deutsche Telekom: Oddo still a buyer, despite Q4 results

(CercleFinance.com) - Oddo maintains its buy rating on the Deutsche Telekom stock, with a target price of 17.
7 euros after the group unveiled its 2017 results and forecasts for 2018.

The group posted Q4 2017 revenues of 19.16 billion euros, down 2%, but in line with expectations. FY revenues were up 2.5% (+3.6% in organic terms) at 74.947 billion euros (vs. consensus of 75.456 billion euros and Oddo BHF estimate of 75.025 billion euros). However, Q4 adjusted Ebitda came in 4.4% less than expected at 5.01 billion euros (vs. consensus of 5.24 billion euros).

Deutsche Telekom has announced a 2018 guidance that is in line with the consensus, including: 1/ slightly higher revenues (compared with 22.45 billion euros in 2017 and the consensus of +0.3%, 2/ an adjusted Ebitda that is up 4% to around 23.2 billion euros (vs. consensus of 22,883 billion euros), 3/ capex of approximately 12.5 billion euros (12.1 billion euros in 2017 and the consensus of 12.3 billion euros) and 4/ FCF of approximately 6.2 billion euros (5.5 billion euros in 2017 and the consensus of 6 billion euros)" Oddo says in its daily research report.

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