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German (DAX) Telecom Sector Analysis

UpdatedFeb 12, 2026
DataAggregated Company Financials
Companies45
  • 7D-0.2%
  • 3M7.6%
  • 1Y-8.9%
  • YTD5.3%

Over the last 7 days, the Telecom industry has risen 3.0%, driven by gains from Deutsche Telekom of 4.8%. During this same period, the Scout24 underperformed, falling 5.8%. In contrast, the industry has lost 8.4% in the last 12 months. Earnings are forecast to grow by 5.1% annually.

Sector Valuation and Performance

Has the German Telecom Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 12 Feb 2026€208.1b€163.9b€14.1b22.3x14.8x1.3x
Sat, 10 Jan 2026€201.6b€163.1b€13.7b22.7x14.7x1.2x
Mon, 08 Dec 2025€196.2b€163.1b€13.7b23.2x14.4x1.2x
Wed, 05 Nov 2025€191.4b€162.3b€14.4b25.1x13.3x1.2x
Fri, 03 Oct 2025€206.1b€162.2b€14.4b23.6x14.3x1.3x
Sun, 31 Aug 2025€670.9b€163.1b€14.6b24.2x46x4.1x
Tue, 29 Jul 2025€222.8b€162.7b€13.8b21.5x16.1x1.4x
Thu, 26 Jun 2025€221.4b€162.7b€13.8b25.7x16x1.4x
Sat, 24 May 2025€237.4b€162.7b€13.8b28.8x17.2x1.5x
Mon, 21 Apr 2025€224.2b€160.6b€13.1b21.6x17.1x1.4x
Wed, 19 Mar 2025€235.7b€160.7b€13.2b23.7x17.9x1.5x
Fri, 14 Feb 2025€227.2b€157.3b€7.7b30.1x29.4x1.4x
Sun, 12 Jan 2025€203.9b€157.3b€7.7b26.4x26.4x1.3x
Tue, 10 Dec 2024€211.1b€157.3b€7.7b24.5x27.3x1.3x
Thu, 07 Nov 2024€205.4b€156.7b€6.7b27.1x30.8x1.3x
Sat, 05 Oct 2024€195.8b€156.7b€6.7b26.1x29.4x1.2x
Mon, 02 Sep 2024€187.0b€157.8b€7.1b25.7x26.2x1.2x
Wed, 31 Jul 2024€179.1b€156.2b€6.6b21.8x27.1x1.1x
Fri, 28 Jun 2024€174.6b€156.2b€6.6b23.5x26.5x1.1x
Sun, 26 May 2024€168.5b€156.2b€6.6b24.3x25.4x1.1x
Tue, 23 Apr 2024€165.3b€155.9b€6.3b25.6x26.3x1.1x
Thu, 21 Mar 2024€168.1b€155.6b€6.3b26.6x26.7x1.1x
Sat, 17 Feb 2024€169.6b€156.6b€8.3b25.6x20.4x1.1x
Mon, 15 Jan 2024€212.4b€158.9b€9.1b27.8x23.4x1.3x
Wed, 13 Dec 2023€212.5b€159.0b€9.1b25.2x23.4x1.3x
Fri, 10 Nov 2023€205.3b€160.3b€8.5b27.3x24x1.3x
Sun, 08 Oct 2023€194.7b€160.2b€8.5b24.3x22.9x1.2x
Tue, 05 Sep 2023€192.3b€160.5b€8.4b22.8x23x1.2x
Thu, 03 Aug 2023€190.7b€160.9b€8.6b21.8x22.2x1.2x
Sat, 01 Jul 2023€195.9b€160.5b€8.5b22.9x22.9x1.2x
Mon, 29 May 2023€201.9b€160.9b€8.5b23.2x23.7x1.3x
Wed, 26 Apr 2023€178.5b€158.2b€10.0b19.7x17.8x1.1x
Fri, 24 Mar 2023€176.1b€157.9b€10.1b20.4x17.5x1.1x
Sun, 19 Feb 2023€172.4b€157.5b€9.8b21.6x17.5x1.1x
Price to Earnings Ratio

17.5x


Total Market Cap: €172.4bTotal Earnings: €9.8bTotal Revenue: €157.5bTotal Market Cap vs Earnings and Revenue0%0%0%
German Telecom Sector Price to Earnings3Y Average 22.8x202420252026
Current Industry PE
  • Investors are pessimistic on the German Communication Services industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 14.8x which is lower than its 3-year average PE of 22.8x.
  • The industry is trading close to its 3-year average PS ratio of 1.4x.
Past Earnings Growth
  • The earnings for companies in the Communication Services industry have grown 13% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

Which industries have driven the changes within the German Telecom sector?

DE Market0.72%
Telecom-0.20%
Media1.26%
Telecom Services and Carriers-0.083%
Entertainment-0.89%
Wireless Telecom-1.37%
Interactive Media and Services-4.55%
Industry PE
  • Investors are most optimistic about the Media industry which is trading above its 3-year average PE ratio of 36.2x.
    • Analysts are expecting annual earnings growth of 5.2%, which is higher than its past year's earnings decline of 11.7% per year.
  • Investors are most pessimistic about the Telecom Services and Carriers industry, which is trading below its 3-year average of 22.4x.
Forecasted Growth
  • Analysts are most optimistic on the Interactive Media and Services industry, expecting annual earnings growth of 16% over the next 5 years.
  • This is better than its past earnings decline of 12% per year.
  • In contrast, the Wireless Telecom industry is expected to see its earnings grow by 4.3% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
SAX Ströer SE KGaA€35.106.5%
+€120.1m		-37.3%PE15.8x
O2D Telefónica Deutschland Holding€2.052.0%
+€119.0m		-0.1%PE18.1x
FNTN freenet€32.783.0%
+€113.0m		6.5%PE14.8x
RRTL RTL Group€37.000.4%
+€23.2m		21.1%PE23.7x
PSM ProSiebenSat.1 Media€4.881.2%
+€12.7m		-12.2%PS0.3x

Latest News

HLG
€1.27
Highlight Communications
7D
11.4%
1Y
8.5%

Highlight Communications AG's (ETR:HLG) Price Is Right But Growth Is Lacking

Feb 12
Highlight Communications AG's (ETR:HLG) Price Is Right But Growth Is Lacking
FNTN
€32.78
freenet
7D
3.0%
1Y
6.5%

FNTN: Future Share Performance Will Reflect Slightly Higher P/E And Discount Rate Assumptions

Analysts have nudged their price target on freenet up by €0.70, reflecting updated assumptions on discount rates and future P/E multiples, supported by recent Street research that reiterates a slightly higher valuation range. Analyst Commentary Recent research points to a slightly higher valuation range for freenet, reflected in a €0.70 increase in the price target.
1U1
€25.50
1&1
7D
-4.9%
1Y
103.7%

1&1 AG's (ETR:1U1) Shares May Have Run Too Fast Too Soon

Feb 10
1&1 AG's (ETR:1U1) Shares May Have Run Too Fast Too Soon
G24
€71.95
Scout24
7D
-4.5%
1Y
-23.9%

G24: Buybacks And 2026 Execution Will Support A Re Rating

Analysts have raised their price views on Scout24, with recent upgrades and refreshed 2026 outlooks supporting a revised target range of about €103 to €114, citing updated assumptions for growth, margins and the price-to-earnings ratio. Analyst Commentary Recent research points to a more constructive tone on Scout24, with several bullish analysts shifting to more positive ratings and setting price targets that cluster in the low to mid €100s.
PSM
€4.88
ProSiebenSat.1 Media
7D
1.2%
1Y
-12.2%

PSM: Future Upside Will Rely On Repriced Expectations And Margin Delivery

Narrative Update Analysts have trimmed their fair value estimate for ProSiebenSat.1 Media from about €6.52 to about €6.33, reflecting updated assumptions for the discount rate, modest revenue growth, profit margins, and future P/E expectations informed by recent research, including a slightly lower Street price target and a more positive stance from another broker. Analyst Commentary Recent Street research on ProSiebenSat.1 Media has sent mixed signals, with one price target trim and a more positive stance from another research house.
UTDI
€26.82
United Internet
7D
-3.2%
1Y
61.0%

UTDI: Lower Expectations Will Set Up Future Upside From Improved Profitability

Narrative Update on United Internet The updated analyst price target for United Internet has moved lower by €4.20 to €37.80. Analysts point to reduced revenue growth assumptions, a higher discount rate, lower valuation multiples for Ionos and recent target cuts from the Street as key drivers of the change.
BST
€7.20
Bastei Lübbe
7D
-4.8%
1Y
-26.9%
RRTL
€37.00
RTL Group
7D
0.4%
1Y
21.1%

RRTL: Leadership Transition And Refined Assumptions Will Shape A Balanced Outlook

Analysts have nudged their fair value estimate for RTL Group to €35.14 per share, up from €34.43, reflecting slightly adjusted assumptions on the discount rate, long term revenue growth, profit margins and future P/E multiples. What's in the News RTL Group's Board of Directors has appointed Clément Schwebig to succeed Thomas Rabe as CEO, with the handover planned for May 2026, signaling a planned leadership transition at the top of the Group.
SPG
€16.36
Springer Nature KGaA
7D
0.4%
1Y
-36.1%

We Like These Underlying Return On Capital Trends At Springer Nature KGaA (ETR:SPG)

Feb 03
We Like These Underlying Return On Capital Trends At Springer Nature KGaA (ETR:SPG)
EVD
€67.80
CTS Eventim KGaA
7D
-1.1%
1Y
-31.6%

An Intrinsic Calculation For CTS Eventim AG & Co. KGaA (ETR:EVD) Suggests It's 37% Undervalued

Feb 01
An Intrinsic Calculation For CTS Eventim AG & Co. KGaA (ETR:EVD) Suggests It's 37% Undervalued
DTE
€30.37
Deutsche Telekom
7D
-0.03%
1Y
-11.0%

DTE: AI Partnerships And Buybacks Will Support Future Equity Repricing

Analysts have trimmed their fair value estimate for Deutsche Telekom from €37.25 to about €36.89. This reflects updated assumptions that pair slightly higher revenue expectations with a lower profit margin outlook and a higher future P/E, consistent with recent price target cuts such as the EUR 1.50 reduction at Barclays and the move to €38 from €40 at Morgan Stanley.
SAX
€35.10
Ströer SE KGaA
7D
6.5%
1Y
-37.3%
SB1
€12.80
Smartbroker Holding
7D
-5.9%
1Y
26.7%
WBAH
€20.20
Wild Bunch
7D
-9.0%
1Y
-24.1%

Wild Bunch AG's (FRA:WBAH) Business Is Trailing The Industry But Its Shares Aren't

Dec 09
Wild Bunch AG's (FRA:WBAH) Business Is Trailing The Industry But Its Shares Aren't
TC1
€0.86
Tele Columbus
7D
1.2%
1Y
160.6%

Tele Columbus AG (HMSE:TC1) Looks Just Right With A 50% Price Jump

Nov 28
Tele Columbus AG (HMSE:TC1) Looks Just Right With A 50% Price Jump
O2D
€2.05
Telefónica Deutschland Holding
7D
2.0%
1Y
-0.1%