The Wall Street Journal (sub. required) asks if Deutsche Telekom AG ( DT ) is attractive at current prices; the analysis doesn't give any warm and fuzzy feelings. Key points: Share Price: DT shares have dropped 10% over the last year on the background of general telco weakness in Europe and falling revenues from fixed-line services. Its dividend yield, therefore, is 5% higher than peers Vodafone ( VOD ) and Telefonica ( TEF ) Enterprise Value/EBITDA: EV is 5.4X EBITDA, compared with 5.8X for European telcos (Goldman Sachs estimates). Juan Carlos Acitores from Spanish firm Ahorro Corporación Financiera SV has higher earnings estimates for DT resulting in a 4.8 EV/EBITDA multiple, one of the lowest in global telecom. P/E: DT is currently trading at 12X expected 2006 earnings, slightly higher than competitors' P/E.