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Deutsche Telekom's Q2 2022 investor conference call
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DT's *CEO Tim Höttges + CFO Christian Illek* present Q2 2022 results and answer questions.
Please take note of the disclaimer.
0:00:00 Waiting loop
▬▬▬▬▬ *Presentation* ▬▬▬▬▬
📣 *Tim Höttges (CEO): Overview*
0:00:59 Welcome
0:01:08 *Results* H1 2022: sector leading growth (p#3)
0:02:45 *Financials* H1 2022 organic: strong growth (p#4)
0:04:32 *Networks:* leading with 5G, FTTH well on track (p#5)
0:06:26 *Customers:* growing strongly (p#6)
0:06:54 *ESG:* is top priority (p#7)
0:08:59 *Guidance* 2022: raised on both sides of the Atlantic (p#8)
0:10:47 *Strategic agenda:* Deutsche Telekom continues to execute (p#9)
📣 *Christian Illek (CFO): Operations Review Q2-2022*
0:12:47 Welcome
0:13:08 *US:* strong financial growth (p#11)
0:13:37 *US:* best ever Q2 postpaid growth (p#12)
0:14:46 *DE:* 23rd consecutive quarter of EBITDA growth (p#13)
0:15:02 *DE: service revenues:* growing across the board (p#14)
0:15:50 *DE: fixed:* lower net adds, strong upselling (p#15)
0:17:25 *DE: retail and wholesale fixed:* improved trends (p#16)
0:18:00 *DE: mobile:* healthy customer intake (p#17)
0:18:25 *EU:* 18th consecutive quarter of organic EBITDA growth (p#18)
0:19:25 *EU:* strong commercial performance (p#19)
0:19:37 *Towers:* strong growth (p#20)
0:20:07 *Systems Solutions:* steady recovery (p#21)
📣 *Christian Illek (CFO): Financials Q2-2022*
0:20:34 *Overview:* strong financial growth (p#23)
0:21:33 *Net Income:* strong growth (p#24)
0:22:41 *Net debt* (financial): up on dividend, stake increase TMUS, FX (p#25)
📣 *Tim Höttges (CEO): Wrap-up*
0:26:00 *Main takeaways* (p#27)
▬▬▬▬▬▬▬ *Q&A* ▬▬▬▬▬▬▬
Questions answered by *Tim Höttges (CEO), Christian Illek (CFO)* and *Hannes Wittig (Head of IR)*
0:28:17 Intro to Q&A
0:28:42 1. 🙋♂️ Andrew J. Lee (Goldman Sachs)
*-Macro sensitivity in B2B:* now vs the fincancial crisis? What are leading indicators?
0:33:00 2. 🙋♂️ Polo Tang (UBS)
*-Share buyback of DT shares:* what to expect in the midterm?
*-DE mobile pricing:* Market impact from O2D's intention to increase prices? Scope that DT will follow?
0:37:56 3. 🙋♂️ Emmet Kelly (Morgan Stanley)
*-Energy costs:* Outlook + impact on EBITDA over the next 2-3 years?
0:41:34 4. 🙋♂️ David Wright (Bank of America)
*-Net debt leverage:* potential to relax targets?
*-TMUS stake:* intention to increase to above 50% ahead of the TMUS share-buyback?
0:44:55 5. 🙋♂️ Adam Fox-Rumley (HSBC)
*-DE FTTH rollout:* plans for H2 2022?
*-Telco tax in Hungary:* any visibility if other countries will follow?
0:49:14 6. 🙋♂️ Jakob Bluestone (Crédit Suisse)
*-DE Broadband net-adds:* should we expect a further slowdown or a rebound? Pressure from fixed wireless access?
*-DE mobile net-adds:* Can you comment on the performance on the Magenta brand?
0:54:40 7. 🙋♂️ Robert Grindle (Deutsche Bank)
*-M&A in Europe:* What is your current thinking?
*-Net debt and ex-US leverage:* can you start talking about it to bring focus to the undervaluation and dividend cover of the ex-US part of DT?
1:00:40 8. 🙋♂️ Georgios Ierodiaconou (Citi)
*-TMUS stake:* impact of a possible share issuance (true-up) to Softbank?
*-Leverage:* timing of returning into corridor?
*-CEO succession:* how about press speculations?
1:08:10 9. 🙋♂️ Joshua Mills (BNP Paribas Exane)
*-DE broadband market:* momentum of alternative operators?
*-US spectrum acquisition:* plans to acquire further spectrum?
1:12:40 10. 🙋♂️ Stephen Malcolm (Redburn)
*-TMUS accounting:* differences between US-GAAP and IFRS in EBITDA?
*-Energy costs:* impact on consumer behaviour/spending?
*-Energy shortages:* perparation for possible blackouts in the winter?
1:19:44 11. 🙋♂️ Ottavio Adorisio - (Societe Generale)
*-DE broadband fiber wholesale:* what is the reason for decline in net-adds?
*-DE FTTH rollout:* any stats from JVs (capex and number of households passed)?
*-DE housing associations:* update on DT activities and market feedback?
*-DE new mobile tariffs by DT (family plans):* why not introduced earlier?
1:26:26 12. 🙋♂️ James Ratzer (New Street Research)
*-Dividend for fiscal year 2022:* timing of announcement (prior to Q3 results in November?); payout ratio (Variables)?
1:28:53 13. 🙋♂️ Usman Ghazi (Berenberg)
*-Free cash-flow for ex-US:* how do you think about the headroom you've created?
1:30:43 14. 🙋♂️ Simon Coles (Barclays)
*-DE broadband tariffs:* perspective for price increase?
#DeutscheTelekom #telekom #DTEGY
DT's *CEO Tim Höttges + CFO Christian Illek* present Q2 2022 results and answer questions.
Please take note of the disclaimer.
0:00:00 Waiting loop
▬▬▬▬▬ *Presentation* ▬▬▬▬▬
📣 *Tim Höttges (CEO): Overview*
0:00:59 Welcome
0:01:08 *Results* H1 2022: sector leading growth (p#3)
0:02:45 *Financials* H1 2022 organic: strong growth (p#4)
0:04:32 *Networks:* leading with 5G, FTTH well on track (p#5)
0:06:26 *Customers:* growing strongly (p#6)
0:06:54 *ESG:* is top priority (p#7)
0:08:59 *Guidance* 2022: raised on both sides of the Atlantic (p#8)
0:10:47 *Strategic agenda:* Deutsche Telekom continues to execute (p#9)
📣 *Christian Illek (CFO): Operations Review Q2-2022*
0:12:47 Welcome
0:13:08 *US:* strong financial growth (p#11)
0:13:37 *US:* best ever Q2 postpaid growth (p#12)
0:14:46 *DE:* 23rd consecutive quarter of EBITDA growth (p#13)
0:15:02 *DE: service revenues:* growing across the board (p#14)
0:15:50 *DE: fixed:* lower net adds, strong upselling (p#15)
0:17:25 *DE: retail and wholesale fixed:* improved trends (p#16)
0:18:00 *DE: mobile:* healthy customer intake (p#17)
0:18:25 *EU:* 18th consecutive quarter of organic EBITDA growth (p#18)
0:19:25 *EU:* strong commercial performance (p#19)
0:19:37 *Towers:* strong growth (p#20)
0:20:07 *Systems Solutions:* steady recovery (p#21)
📣 *Christian Illek (CFO): Financials Q2-2022*
0:20:34 *Overview:* strong financial growth (p#23)
0:21:33 *Net Income:* strong growth (p#24)
0:22:41 *Net debt* (financial): up on dividend, stake increase TMUS, FX (p#25)
📣 *Tim Höttges (CEO): Wrap-up*
0:26:00 *Main takeaways* (p#27)
▬▬▬▬▬▬▬ *Q&A* ▬▬▬▬▬▬▬
Questions answered by *Tim Höttges (CEO), Christian Illek (CFO)* and *Hannes Wittig (Head of IR)*
0:28:17 Intro to Q&A
0:28:42 1. 🙋♂️ Andrew J. Lee (Goldman Sachs)
*-Macro sensitivity in B2B:* now vs the fincancial crisis? What are leading indicators?
0:33:00 2. 🙋♂️ Polo Tang (UBS)
*-Share buyback of DT shares:* what to expect in the midterm?
*-DE mobile pricing:* Market impact from O2D's intention to increase prices? Scope that DT will follow?
0:37:56 3. 🙋♂️ Emmet Kelly (Morgan Stanley)
*-Energy costs:* Outlook + impact on EBITDA over the next 2-3 years?
0:41:34 4. 🙋♂️ David Wright (Bank of America)
*-Net debt leverage:* potential to relax targets?
*-TMUS stake:* intention to increase to above 50% ahead of the TMUS share-buyback?
0:44:55 5. 🙋♂️ Adam Fox-Rumley (HSBC)
*-DE FTTH rollout:* plans for H2 2022?
*-Telco tax in Hungary:* any visibility if other countries will follow?
0:49:14 6. 🙋♂️ Jakob Bluestone (Crédit Suisse)
*-DE Broadband net-adds:* should we expect a further slowdown or a rebound? Pressure from fixed wireless access?
*-DE mobile net-adds:* Can you comment on the performance on the Magenta brand?
0:54:40 7. 🙋♂️ Robert Grindle (Deutsche Bank)
*-M&A in Europe:* What is your current thinking?
*-Net debt and ex-US leverage:* can you start talking about it to bring focus to the undervaluation and dividend cover of the ex-US part of DT?
1:00:40 8. 🙋♂️ Georgios Ierodiaconou (Citi)
*-TMUS stake:* impact of a possible share issuance (true-up) to Softbank?
*-Leverage:* timing of returning into corridor?
*-CEO succession:* how about press speculations?
1:08:10 9. 🙋♂️ Joshua Mills (BNP Paribas Exane)
*-DE broadband market:* momentum of alternative operators?
*-US spectrum acquisition:* plans to acquire further spectrum?
1:12:40 10. 🙋♂️ Stephen Malcolm (Redburn)
*-TMUS accounting:* differences between US-GAAP and IFRS in EBITDA?
*-Energy costs:* impact on consumer behaviour/spending?
*-Energy shortages:* perparation for possible blackouts in the winter?
1:19:44 11. 🙋♂️ Ottavio Adorisio - (Societe Generale)
*-DE broadband fiber wholesale:* what is the reason for decline in net-adds?
*-DE FTTH rollout:* any stats from JVs (capex and number of households passed)?
*-DE housing associations:* update on DT activities and market feedback?
*-DE new mobile tariffs by DT (family plans):* why not introduced earlier?
1:26:26 12. 🙋♂️ James Ratzer (New Street Research)
*-Dividend for fiscal year 2022:* timing of announcement (prior to Q3 results in November?); payout ratio (Variables)?
1:28:53 13. 🙋♂️ Usman Ghazi (Berenberg)
*-Free cash-flow for ex-US:* how do you think about the headroom you've created?
1:30:43 14. 🙋♂️ Simon Coles (Barclays)
*-DE broadband tariffs:* perspective for price increase?
#DeutscheTelekom #telekom #DTEGY
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