Are some German stocks super cheap or am i looking at the numbers wrong?

Telekom stock Euro 108 billion markepcap. 20 billion in profits per year and 87 billion in net assets after debt?

I have seen like 30 stocks like this on the german market. Why is it so cheap? Alot of the stocks have more in assets then they are valued at.

Please tell me if im looking at the numbers wrong.