MJKJ Consultants, LLC

1
MJKJ Consultants, LLC

• A Valuation of Deutsche Telekom
• By Marcus, John, Kevin, and James

2
Methods of Valuation Used

• Historical Ratios
• Book Value
• Sales Per Share
• Cash Flow
• Short-term Earnings using P/E over 5 years
• High P/E
• Average P/E
• Low P/E
• Dividend Valuation

3
Results of Valuation

• Historical Ratios
• Price to Book Value (16.23)
• Price to SPS (17.65)
• Price to Cash Flow (24.01)
• Short-term Earnings
• High P/E (38.09)
• Average P/E (16.16)
• Low P/E (2.01)
• Dividend Valuation (13.66)

4
Recommendation

• Current Price is 15.63 per share
• Average Valuation result is 17.23 per share
• Supporting Factors
• Merger
• Bailout Fears
• Outperformance
• Buy Recommendation