Deutsche Telekom Caught Between Starlink’s Shadow and T-Mobile’s Rebound
Published on 07/03/2026 at 14:08 | Redaktion boerse-global.de
The seesaw continues for Deutsche Telekom shareholders. After snapping back to €25.30 on Thursday on the back of a strong T-Mobile US session and fresh merger chatter, the stock gave up most of those gains on Friday, sliding 1.62% to close at €24.89. The whipsaw reflects a market torn between a technical bounce and a growing structural worry: satellite internet.
The primary source of anxiety is Starlink. UBS analysts this week flagged the SpaceX venture as a long-term competitive threat to T-Mobile US, the Bonn group’s crown jewel. While the US subsidiary’s operating numbers remain solid for now, the mere prospect of low-earth-orbit satellites eating into its market share is already weighing on the parent company’s valuation. One strategist compared the dynamic to last year’s Amazon scare, but noted that investor scepticism is now running significantly deeper.
Friday’s retreat wiped out much of the prior day’s advance, which had been fuelled by a 4% rally in T-Mobile US stock on Wall Street. Adding to the mix were reports that chief executive Tim Höttges is exploring a full integration of the US unit, a complex move that some investors view with caution. At the same time, rumours swirled about Elon Musk eyeing a tighter link with the US mobile sector — either through SpaceX or Starlink itself — further muddying the outlook.
Should investors sell immediately? Or is it worth buying Deutsche Telekom?
The technical picture underscores the fragility of the recovery. At €24.89, the stock sits 9.60% below its 50-day moving average of €27.53 and a full 13.50% below the 200-day line of €28.78. The 14-day relative strength index has slipped to 35.5, a level that traditionally signals oversold conditions, yet no trend reversal has materialised. The 52-week high of €34.35, set back in February, now lies 27.54% above the current price, while the year low of €23.54, touched on 30 June, is just 5.73% below — a support that could face another test if the selling pressure persists.
On a broader time frame the damage is severe. Year-to-date, the shares have lost 10.69%, and over the past twelve months the decline has reached 19.76%. The 30-day volatility reading of 29.59% underlines the nervousness gripping the market.
Management is fighting back with its buyback programme. The third tranche began on 1 July, with up to €560 million earmarked for repurchases through the end of September. The company’s broader plan targets up to €2 billion in buybacks by the end of 2026. Whether that firepower can steady the ship remains uncertain.
Investors now have two key dates on the calendar. T-Mobile US will report its quarterly results on 23 July, followed by Deutsche Telekom’s own second-quarter numbers on 6 August. Until then, the twin forces of Starlink headlines and buyback support will likely keep the stock oscillating between hope and fear.
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