Deutsche Telekom's Buyback Machine Keeps Running While the T-Mobile US Question Sits on Ice
Published on 10/30/2026 at 10:21 | Editorial boerse-global.de
Deutsche Telekom returned 6,139,135 of its own shares to treasury between 19 and 23 October, extending a repurchase programme that has now accumulated 38,138,424 shares since 10 August through 23 October. The disclosure, published Monday, is the one hard, settled fact in a story otherwise dominated by a deal that hasn't happened.
That distinction matters for anyone trying to value the Bonn-based group right now. Buybacks are execution; the mooted combination with T-Mobile US is still intent. The company has already parted with the cash for the former. Nothing has been promised about the pace of further purchases.
A Formal Offer, Shelved Rather Than Scrapped
Reuters reported that Deutsche Telekom has for now set aside a formal offer to fold in its American subsidiary, with works council resistance cited among the obstacles. Bloomberg had flagged the same reluctance the previous Wednesday. Neither report describes an abandoned ambition — a later approach is not ruled out, according to the people cited.
That framing explains the market's relief without justifying euphoria. What has stepped back is the next formal step, not the strategic objective, and the reduced prospect of near-term dilution is not the same as a permanent answer on structure.
Should investors sell immediately? Or is it worth buying Deutsche Telekom?
JPMorgan's Akhil Dattani kept Deutsche Telekom at "Overweight" with a EUR 38 price target, while continuing to describe uncertainty over a possible combination as a drag on the shares. His stance caps how much weight the relief rally can carry: as long as a future bid remains live, the structural question stays on the checklist alongside ordinary business performance.
The US Arm Supplies the Yardstick
T-Mobile US has already supplied the operating backdrop. For the third quarter of 2026 the subsidiary posted service revenue of USD 19.4bn, up 6% year on year. Dattani judged the figures in line with expectations, and the adjusted full-year guidance ranges broadly matched consensus — no signal of a fundamental re-rating of the operating business.
The unit also lifted its 2026 adjusted free cash flow forecast to USD 18.7–18.8bn. On a total revenue basis, T-Mobile US grew 7% to USD 23.6bn.
Deutsche Telekom at a turning point? This analysis reveals what investors need to know now.
Two Analysts, Two Targets, One Message
Barclays cut its Deutsche Telekom price target to EUR 32 from EUR 35 on 20 October, holding its "Overweight" rating. Read alongside JPMorgan's unchanged EUR 38 target, the pair point the same way: lower marks on the horizon, but no retreat from the stock. Neither an unchanged valuation nor a rejection — something in between.
Deutsche Telekom's next scheduled disclosure is its third-quarter 2026 report on 5 November 2026. Until then, investors are left weighing three separate inputs — completed buybacks, the US subsidiary's trading, and the unresolved structural question — none of which substitutes for the others.
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