Telekom Austria AG (TKMAF) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of Telekom Austria AG $22.80, price $11.58, upside +96.9%, quality 58 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
29‑month range $4.58 – $11.58 · fair‑value band $16.93 – $28.66 · the $11.58 price screens below the $22.80 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Telekom Austria AG, together with its subsidiaries, provides fixed-line and mobile communications solutions to individuals, commercial and non-commercial organizations, and other national and foreign carriers in Austria, Bulgaria, Croatia, Belarus, Slovenia, Serbia, and North Macedonia.
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Telekom Austria AG, together with its subsidiaries, provides fixed-line and mobile communications solutions to individuals, commercial and non-commercial organizations, and other national and foreign carriers in Austria, Bulgaria, Croatia, Belarus, Slovenia, Serbia, and North Macedonia. The company offers fixed-line services, including access, internet, fixed-to-mobile calls, international traffic, voice value-added, interconnection, call center, television, IPTV, and smart home services, as well as data and ICT solutions; and digital mobile communications services, such as text and multimedia messaging, m-commerce, information, and entertainment services. It provides end-user terminal equipment; digital products; cloud, security, and IoT solutions; and mobile payment services. The company was founded in 1996 and is headquartered in Vienna, Austria. Telekom Austria AG operates as a subsidiary of América Móvil B.V.
Stock analysis
Telekom Austria AG (TKMAF) currently trades at $11.58, while our model-based Fair Value estimate is $22.80, implying the stock looks roughly 49.2% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $24.23 per share, and 20 of the 23 models we run sit above the $11.58 price.
Bear case: the Asset-Based group reads lowest at $6.08, and 3 of the 23 models stay below the price. Evidence for this calculation is high.
Scenario range: $16.93 (bear) to $28.66 (bull), the price of $11.58 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 58/100 (solid quality), in the Communication Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Telekom Austria AG reported revenue of €5.5B in FY2025 versus €4.9B in FY2022, a compound +3.7%/yr. Reported net income was €612M in FY2025, compounding −1.2%/yr from FY2022.
Key figures
Market cap $7.7B · P/E ratio 10.6 · P/S ratio 1.19 · EPS (TTM) $1.09 · Dividend yield 4.4% · Net margin 11.2% · Return on equity 12.1% · Return on assets (EBIT) 9.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 104% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 36% fair-value upside, at 97%, TKMAF screens cheaper than that median.
Fair Value models
Bear $16.93Fair Value $22.80Bull $28.66
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.8242 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.76/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+3.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.7%
’22
’23
’24
’25
What shareholders gained per year (last 3 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+2.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−1.5%
Dividend (yield on the price)4.4%
Profit margin 2022 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.18% → 16%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−11.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+2.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in EUR, euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −12.9% a year for the price and +0.2% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Telecom Services · 230 stocks
Beats the industry median on 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside+121.2% · Top 25%
Profitability
Return on equity (TTM)12.1% · Above median
Return on assets0.0% · Bottom 25%
Net margin (TTM)11.4% · Above median
Operating margin (TTM)17.2% · Above median
Growth and dividend
Revenue growth3.9% · Below median
Dividend yield (TTM)4.4% · Above median
Valuation Multiplesvs Telecom Services median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Telekom Austria AG Fair Value". https://www.fairvalue-calculator.com/stock/TKMAF
Frequently asked questions
Is Telekom Austria AG (TKMAF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $22.80 versus the last price from Sep 25, 2026 of $11.58, about +97% upside (undervalued).
What is the fair value of TKMAF?
Our model-based fair value for Telekom Austria AG is $22.80 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Sep 25, 2026): $11.58.
What is the quality score of TKMAF?
Telekom Austria AG has a Quality Score of 58/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Telekom Austria AG (TKMAF)?
Our model-based price target is the fair value of $22.80 (as of Sep 24, 2026) from 23 valuation models. Cautious scenario $16.93, optimistic scenario $28.66. It is a calculation from audited fundamentals, not an analyst target.
What is the Telekom Austria AG stock forecast for 2026?
Our models put fair value at $22.80, about +97% upside versus the last price from Sep 25, 2026 of $11.58 (undervalued). Cautious scenario $16.93, optimistic scenario $28.66. The calculation is refreshed regularly with new filings.
What is the revenue of Telekom Austria AG (TKMAF)?
Telekom Austria AG reported trailing-twelve-month revenue of about €5.5B (latest available figure, as of Sep 24, 2026).
Does Telekom Austria AG pay a dividend?
Telekom Austria AG currently shows a dividend yield of about 4.40% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Telekom Austria AG (TKMAF)?
For today's price to be fair in a discounted-cash-flow model, Telekom Austria AG would have to grow free cash flow by -11.0 % per year for five years (discount rate 8.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +3.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of TKMAF use?
Our models discount Telekom Austria AG at 8.5 %: a base by market capitalisation (mid), damped by beta 0.41, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Telekom Austria AG that is -11.0 % per year a year over ten years, using the same discount rate (8.5 %) and the same formula as our fair value.
How much growth has Telekom Austria AG (TKMAF) delivered so far?
Over the past 3 years revenue at Telekom Austria AG grew +3.7 % a year. The price currently implies -11.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Telekom Austria AG (TKMAF) growing?
The median revenue growth in the sector is +2.9 % a year. That is the yardstick for the growth priced into Telekom Austria AG (-11.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Telekom Austria AG (TKMAF)?
The free-cash-flow yield on the price is 14.31 %: that much free cash flow Telekom Austria AG produces per unit of market value. When it exceeds the discount rate of our models (8.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Telekom Austria AG (TKMAF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Telekom Austria AG it is $22.80 per share (as of Sep 24, 2026), against a price of $11.58. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Telekom Austria AG stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TKMAF trades below its calculated fair value: price $11.58, fair value $22.80, a gap of about +97% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TKMAF?
No. The price is what the market pays today ($11.58); the fair value is what the company's own numbers justify ($22.80). For Telekom Austria AG the two are $11.22 per share apart. That gap is exactly why we show both numbers side by side.
How much is Telekom Austria AG worth?
The market values Telekom Austria AG at about $7.7B (market capitalisation, as of Sep 24, 2026). Per share that is $11.58; our models calculate a fair value of $22.80 per share.
What do the bullish and bearish scenarios say about TKMAF?
Our models span a range for Telekom Austria AG: cautious scenario $16.93, base $22.80, optimistic $28.66 per share (as of Sep 24, 2026, price $11.58). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TKMAF?
Telekom Austria AG trades at a price-to-earnings ratio of 10.6 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $22.80 is built from several models across several years. Other multiples: P/B 1.3, P/S 1.2, EV/EBITDA 3.9.
How solid is the balance sheet of Telekom Austria AG (TKMAF)?
Balance-sheet figures for Telekom Austria AG (as of Sep 24, 2026): return on equity 12.1%. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is TKMAF from its 52-week high?
Telekom Austria AG trades at $11.58, at its 52-week high of $11.58 and 104% above the low of $5.68 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of $22.80 is for.
Which stocks are comparable to Telekom Austria AG?
From the same area (Communication Services) we also value China Mobile Limited, Verizon Communications Inc, T-Mobile US, Inc, AT&T Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Telekom Austria AG stock attractive at the current price?
The data as of Sep 24, 2026: price $11.58, calculated fair value $22.80 (+97%), Quality Score 58/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TKMAF calculated?
We run Telekom Austria AG through 23 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $22.80, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Telekom Austria AG currently trades 49 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Telekom Austria AG (TKMAF)?
The latest price we hold is from Sep 25, 2026 and stands at $11.58. Our model-based fair value is $22.80, about +97% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Telekom Austria AG right now?
The price is below even our cautious bear case ($16.93). The market is more pessimistic than our downside scenario. Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Telekom Austria AG
How large is the market capitalisation of Telekom Austria AG (TKMAF)?
The market capitalisation of Telekom Austria AG is $7.7B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Telekom Austria AG (TKMAF)?
The price-to-sales ratio of Telekom Austria AG is 1.19 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Telekom Austria AG (TKMAF)?
Earnings per share at Telekom Austria AG are $1.09 (price ÷ EPS = P/E 10.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Telekom Austria AG (TKMAF)?
The dividend yield of Telekom Austria AG is 4.4% (payout 46.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Telekom Austria AG (TKMAF)?
The net margin of Telekom Austria AG is 11.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Telekom Austria AG (TKMAF)?
The return on equity (ROE) of Telekom Austria AG is 12.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Telekom Austria AG (TKMAF)?
On an EBIT basis the return on assets of Telekom Austria AG is 9.3% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Telekom Austria AG (TKMAF)?
The operating margin of Telekom Austria AG is 17.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Telekom Austria AG (TKMAF)?
Revenue at Telekom Austria AG is growing +3.9% versus a year earlier (3y avg +3.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Telekom Austria AG (TKMAF)?
Earnings per share at Telekom Austria AG are growing +15.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Telekom Austria AG (TKMAF) carry?
The net debt of Telekom Austria AG is €392M (fiscal year 2025, ≈ 0.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 24, 2026