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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Telefonica Deutschland Holding AGHAM:O2D -1.00%66 Forward Rate of Return (Yacktman) % is 17.81% as of Dec. 2025, which is 1% below its 10-year median of 18.02. GuruFocus rates HAM:O2D with a GF Score™ of 66/100 and a GF Value™ of €2.09 (Fairly Valued). The stock has 5 warning signs investors should review. Among 287 Telecommunication Services companies, Telefonica Deutschland Holding AG ranks better than 72.82% on this metric.
Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. Telefonica Deutschland Holding AG's forward rate of return for was 17.81%.
The historical rank and industry rank for Telefonica Deutschland Holding AG's Forward Rate of Return (Yacktman) % or its related term are showing as below:
HAM:O2D'
s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: 1.5 Med: 18.02 Max: 28.96
Current: 18.47
During the past 13 years, Telefonica Deutschland Holding AG's highest Forward Rate of Return was 28.96. The lowest was 1.50. And the median was 18.02.
HAM:O2D's Forward Rate of Return (Yacktman) % is ranked better than 72.82% of 287
companies
in the Telecommunication Services industry
Industry Median: 11.33
vs HAM:O2D: 18.47
Unlike the Earnings Yield %, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
Telefonica Deutschland Holding AG (HAM:O2D) Forward Rate of Return (Yacktman) % Explanation
Unlike the Earnings Yield, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
For the growth part of the Forward Rate of Return calculation, GuruFocus uses the 5-year average growth rate of EBITDA per share as the growth rate, and the growth rate is always capped at 20%. For the Free Cash Flow we use per share data averaged over five years. The reason we use five years is to make it comparable to the growth rate.
Be Aware
In the Forward Rate of Return calculation, the growth rate is added directly to today's free cash flow yield. Therefore the calculation is reliable only if the company can grow at the same rate in the future as it did in the past. Investors should pay close attention to this when researching growth stocks. A more accurate measurement for return is Return on Capital.
Telefonica Deutschland Holding AG Forward Rate of Return (Yacktman) % Related Terms
Telefonica Deutschland Holding AG Forward Rate of Return (Yacktman) % Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Telefonica Deutschland Holding AG Forward Rate of Return (Yacktman) % Chart
HAM:O2D vs TMUS, VZ, T: Forward Rate of Return (Yacktman) % Comparison
For the Telecom Services subindustry, Telefonica Deutschland Holding AG's Forward Rate of Return (Yacktman) %, along with its competitors' market caps and Forward Rate of Return (Yacktman) % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Telefonica Deutschland Holding AG Forward Rate of Return (Yacktman) % vs Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Telefonica Deutschland Holding AG's Forward Rate of Return (Yacktman) % distribution charts can be found below:
* The bar in red indicates where Telefonica Deutschland Holding AG's Forward Rate of Return (Yacktman) % falls into.
Telefonica Deutschland Holding AG Forward Rate of Return (Yacktman) % Calculation
Forward Rate of Return is a concept that Don Yacktman uses in his investment approach. Yacktman explained the forward rate of return concept in detail in his interview with GuruFocus. Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. He said in the interview (March 2012, when the S&P 500 was at about 1400):
If the business is stable, this calculation is fairly straightforward. For instance, on the S&P 500 we would normalize earnings. We would then calculate what percentage of those earnings are not reinvested in the underlying businesses and are therefore free. Historically, for the S&P 500, this has been just under 50% of earnings. Currently, we expect the S&P to earn about 70 on a normalized basis, a number which is far below reported earnings due to our adjusting for record high profit margins. $70 X ½ / 1400 gives you a normalized free cash flow yield of approximately 2.5%.
The historical real growth rate of the S&P 500 (companies) is about 1.5%. Assuming an inflation rate of 2.5%, the forward rate of return on an investment in the S&P 500 is about 6.5% today (2.5% free cash flow yield plus 1.5% real growth plus 2.5% inflation).
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Forward Rate of Return (Yacktman) % of 17.81% mean?
Telefonica Deutschland Holding AG (HAM:O2D) has a Forward Rate of Return (Yacktman) % of 17.81% as of Dec. 2025. Yacktman's forward rate of return equals the sum of normalized free-cash-flow yield plus earnings growth. View historical data on Telefonica Deutschland Holding AG and its competitors. This is near median its historical median of 18.02. Over the past decade, Telefonica Deutschland Holding AG's Forward Rate of Return (Yacktman) % has ranged from 1.50 to 28.96. According to the industry distribution chart, Telefonica Deutschland Holding AG ranks #78 out of 287 companies in the Telecommunication Services industry, placing it in the top 27.2%.
Is Telefonica Deutschland Holding AG's Forward Rate of Return (Yacktman) % too high?
Telefonica Deutschland Holding AG's current Forward Rate of Return (Yacktman) % of 17.81% is near median its 10-year median of 18.02. Over the past 10 years, this metric has ranged from a low of 1.50 to a high of 28.96. The Telecommunication Services industry median Forward Rate of Return (Yacktman) % is 11.33. Telefonica Deutschland Holding AG's value of 17.81% is 57.2% above this industry median. Based on the distribution chart, Telefonica Deutschland Holding AG ranks #78 out of 287 companies in the Telecommunication Services industry, which is above the industry midpoint. Overall, Telefonica Deutschland Holding AG has a GF Score™ of 66/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Telefonica Deutschland Holding AG's Forward Rate of Return (Yacktman) % compare to TMUS and VZ?
According to the Telecommunication Services industry distribution chart, Telefonica Deutschland Holding AG ranks #78 out of 287 companies for Forward Rate of Return (Yacktman) %. This puts Telefonica Deutschland Holding AG in the upper half of its industry. The industry median Forward Rate of Return (Yacktman) % is 11.33. Telefonica Deutschland Holding AG's value of 17.81% is 57.2% above this benchmark. Historically, Telefonica Deutschland Holding AG's own Forward Rate of Return (Yacktman) % has ranged from 1.50 to 28.96 over the past decade. While the company's 10-year median is 18.02 vs. the industry median of 11.33, Telefonica Deutschland Holding AG has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Forward Rate of Return (Yacktman) % for a Telecommunication Services company?
The median Forward Rate of Return (Yacktman) % among Telecommunication Services companies is 11.33, based on 287 companies in the industry. Companies in the top quartile (top 25%) have a Forward Rate of Return (Yacktman) % significantly above this median, while those in the bottom quartile fall well below. However, Forward Rate of Return (Yacktman) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Telefonica Deutschland Holding AG's current Forward Rate of Return (Yacktman) % of 17.81% is 57.2% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Forward Rate of Return (Yacktman) % mean?
A high Forward Rate of Return (Yacktman) % can signal that a stock is expensive relative to its fundamentals. Yacktman's forward rate of return equals the sum of normalized free-cash-flow yield plus earnings growth. View historical data on Telefonica Deutschland Holding AG and its competitors. For the Telecommunication Services industry, the median Forward Rate of Return (Yacktman) % is 11.33 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Telefonica Deutschland Holding AG's current Forward Rate of Return (Yacktman) % is 17.81%, which is near median its own 10-year median of 18.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Telefonica Deutschland Holding AG stock overvalued right now?
Based on GuruFocus' analysis, Telefonica Deutschland Holding AG (HAM:O2D) is currently considered Fairly Valued. The stock's GF Value™ is €2.09, compared to a current price of €1.98 — trading 5.3% below its estimated fair value. The current Forward Rate of Return (Yacktman) % is 17.81%, which is near median its 10-year median of 18.02 and 57.2% above the Telecommunication Services industry median of 11.33. Telefonica Deutschland Holding AG's overall GF Score™ is 66/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Forward Rate of Return (Yacktman) % calculated?
Forward Rate of Return (Yacktman) % is calculated from a company's financial statements. For Telefonica Deutschland Holding AG (HAM:O2D), the current Forward Rate of Return (Yacktman) % is 17.81% as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Telefonica Deutschland Holding AG (HAM:O2D) Overvalued in 2026?
Based on GuruFocus' analysis, Telefonica Deutschland Holding AG stock appears to be undervalued.
The current stock price of €1.98 is trading 5.3% below its estimated GF Value™ of €2.09.
GuruFocus considers Telefonica Deutschland Holding AG to be Fairly Valued.
Key valuation signals for HAM:O2D:
Forward Rate of Return (Yacktman) %: 17.81% (near median its 10-year median of 18.02)
GF Value™: €2.09 vs. price of €1.98 (5.3% below fair value)
Industry Position: 57.2% above the Telecommunication Services median (#78 of 287)
No single metric tells the full story. See the HAM:O2D stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Telefonica Deutschland Holding AG Business Description
Telefonica Deutschland Holding AG is the German subsidiary of Telefonica, which provides integrated network operations in Germany. The company offers mobile and fixed-network services for private and business customers as well as digital products and services. Its core brand is O2. It includes secondary brands and partners such as ALDI TALK, Tchibo MOBIL, AY YILDIZ, and others.
66GF Score
Get the complete analysis for HAM:O2D
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