Tele2 (Neutral, TP: SEK 130, -1%) Q1 25: A strong start to the year
Tele2 has reported a good set of results, with a strong inflection in EBITDAaL trends, and EBITDAaL is +2.6% ahead of consensus (albeit c50% of the EBITDAaL beat is due to a Lithuania cost deferral). The key question is whether or not this is a pull forward of the already announced cost savings, or a new higher level?
Tele2 is engaged as a telecom operator. Co. provides mobile communication services, fixed broadband and telephony, data network services and content services. The mobile service comprises various types of subscriptions for residential and business customers as well as prepaid cards. Fixed broadband includes direct access, which is its own services based on access via copper cable and other forms of access, such as fibre networks, wireless broadband and metropolitan area networks. Fixed telephony includes resold products within fixed telephony. The product portfolio within resold fixed telephony consists of prefix telephony, pre-selection (dial the number without a prefix) and subscriptions.
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