Contextual Placement of the News
The Deutsche Telekom share is currently under pressure following disappointing quarterly results from its US subsidiary T-Mobile US, which fell short of expectations for new customer growth.
- Dependence on T-Mobile US: Deutsche Telekom generates a significant portion of its revenue through its US subsidiary. Weaknesses in this segment have an immediate impact on the parent company.
- DAX Relevance: As one of the largest DAX companies, price movements of Deutsche Telekom influence the overall index, which is particularly relevant for passive investors and index funds.
Possible Cause Analysis
- New Customer Acquisition Issues: Lower net additions of mobile or broadband customers may indicate intensified competition, such as from Verizon or AT&T, or signs of saturation trends in the US market. Delayed 5G investments or price wars could also exert margin pressure.
- Macroeconomic Factors: Interest rate expectations and currency effects (EUR/USD) affect the valuation of internationally active companies, similar to Infineon, which is currently suffering from the strength of the euro.
- Political Risks: Trade conflicts or regulatory changes in the US could also impact telecommunications companies.
Comparison with Other Companies
| Aspect | Deutsche Telekom | Tesla | Infineon |
|---|---|---|---|
| Share Performance | Price drop due to subsidiary | -40% since the beginning of the year | -19% in 30 days |
| Main Problem | Weakness in new customer acquisition | Political burden from CEO | Currency losses & tariffs |
| Analyst Assessment | Not yet specified | “Overreaction” according to Mickey Legg | Annual targets at risk |
Recommendations for Investors
- Short-term: Monitor the Q2 business report of Deutsche Telekom (expected July/August) to check if this is a one-time event.
- Long-term: Reviewing the 5G expansion plan in the US and Europe as well as the company’s debt ratio may be advisable.
- Risk Diversification: Consider diversification into defensive sectors – similar to how Johnson & Johnson provides optimistic forecasts despite political uncertainties.
Without concrete figures from the quarterly report, a detailed fundamental assessment remains speculative. However, the development underscores the importance of geographical diversification for globally active DAX companies.