Deutsche Telekom Dials Up Polish Fiber Bet as Analysts Turn Cautious and Elliott Pushes for Buybacks
Published on 09/21/2026 at 13:10 | Editorial boerse-global.de
Deutsche Telekom shares steadied on Monday, edging up 0.1% to EUR 27.19, after a bruising end to last week when a U.S. analyst call rippled across European telecoms. The modest rebound came as Kepler Cheuvreux's Florian Treisch stripped his buy rating from the Bonn-based carrier, downgrading the stock to "Hold" — a sign that even the bulls are turning more selective.
The sector-wide jolt originated with Morgan Stanley, which cut France's Orange to "Underweight" and trimmed its price target to EUR 15. The U.S. investment bank pointed to political uncertainty in France, unrelenting competition in Spain and mounting leverage across the industry. Vodafone and BT Group fell sharply in sympathy, with investors quick to punish capital-intensive network operators on fears of thinning margins and heavier interest bills.
A Fiber Foothold in Poland
Even as sentiment sours, Deutsche Telekom is pressing ahead with its eastern European expansion. On August 17, the group acquired Polish fiber providers Fiberhost and Inea from Macquarie Asset Management, in a deal Reuters values at roughly EUR 1 billion. The purchase is designed to bulk up T-Mobile Polska, which until now has been primarily a mobile player, and turn it into a fully integrated telecom operator. The transaction still requires approval from Poland's competition authority.
Should investors sell immediately? Or is it worth buying Deutsche Telekom?
Elliott Turns Up the Heat
On the shareholder front, activist investor Elliott Investment Management has built a sizeable stake in the company, a position revealed about three weeks ago. According to Bloomberg and Handelsblatt, Elliott is pressing Deutsche Telekom to rule out any merger involving its U.S. subsidiary T-Mobile US, arguing instead for beefed-up share buybacks as the better route to lifting shareholder value.
Guidance Raised, Earnings Climb
The operational picture offers a counterweight to the market's jitters. Management lifted its full-year free cash flow AL forecast to approximately EUR 20.0 billion, up from a prior target of more than EUR 19.8 billion, while adjusted EBITDA AL is projected at around EUR 47.5 billion for fiscal 2026. In the second quarter of 2026, adjusted net profit rose 11.1% organically to EUR 2.8 billion. Organic revenue growth came in at 3.3%, with net revenue reaching EUR 29.9 billion.
What's Next on the Calendar
Attention now shifts to two management dates this autumn. On Monday, October 5, the group will host an investor day focused squarely on the opportunities and potential of artificial intelligence. Third-quarter 2026 results are scheduled for Thursday, November 5.
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