Deutsche Telekom: Strong Hand in the US, but a 75% Hurdle at Home
Published on 06/24/2026 at 18:43 | Redaktion boerse-global.de
The shares of Deutsche Telekom are trying to find a footing near €26.47 after hitting a fresh 52-week low of €25.71 on Monday. The stock is clinging to the psychological support at €26.00, while the Relative Strength Index has slipped to 34, suggesting a market that is close to oversold. Yet the price remains a full €1.50 below the 50-day moving average, and the year-to-date performance is mildly negative.
That weakness is puzzling given the underlying operational strength. T-Mobile US, the group's American cash cow, is demonstrating its pricing power: from Thursday it is doubling the fees for international calls to 50 US cents per minute. The move is seen as a deliberate effort to protect service margins in a fiercely competitive market. Simultaneously, the subsidiary is rolling out new hardware promotions to deepen customer loyalty. The US business already supplies two-thirds of Deutsche Telekom’s total revenue and underpins the group's medium-term target of €47.5 billion in EBITDA by 2026.
Back in Germany, the group is pressing ahead with network upgrades. New sites in Darmstadt and Drognitz have gone live, and existing masts are being upgraded to 5G. In Darmstadt alone, 69 locations now offer near-total household coverage. These investments are driven by a 30% annual growth in data traffic and are essential to keep pace with demand.
Should investors sell immediately? Or is it worth buying Deutsche Telekom?
But the market is not focused on fee hikes or fibre rollouts. What is rattling investors is the board's ambition to fully integrate T-Mobile US by buying out the minority stakes. The strategic logic is clear: deeper integration would cut costs and streamline the massive US fibre build. However, the financial implications are causing anxiety. CEO Tim Höttges would need the approval of 75% of shareholders to push through the plan, and the transaction would face tough scrutiny from US antitrust authorities and the CFIUS security panel. Investors worry about a rising debt load and potential dilution from capital increases.
A share buyback programme worth over 1.6 million own shares repurchased in mid-June is offering some support, but it has not been enough to reverse the downtrend. On average, analysts still see the stock worth around €38, a 44% premium to current levels, yet the chart remains stuck 23% below its 2024 high.
The next catalyst for the stock is the interim results on 6 August. Until then, the battle to hold €26 will determine the near-term direction. An official date for an extraordinary general meeting on the US integration has yet to be set, leaving the overhang firmly in place.
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