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Try as he might, Timotheus Höttges simply cannot enthuse shareholders about the performance of Deutsche Telekom, the company he manages. 2020 was a record year for Deutsche Telekom, he proclaimed on a call with reporters today, reeling off a list of impressive achievements. Sales and profits have soared, customer numbers have grown and dividends are still paid. Yet the German incumbent s share price remains about 5% lower than it was five years ago, when Höttges was far less ebullient. Net debt remains a worry. At 120.2 billion (US$145.6 billion), it exceeds Deutsche Telekom s market capitalization by around 49 billion ($59.4 billion) and is outside its own safety zone. That constrains the company s ability to invest in higher-speed networks, acknowledged Christian Illek, its chief financial officer, although he expects leverage to fall in the next two to three years. ....