Tele2 (Buy, TP: SEK100.00) - Q3e EBITDA growth set to improve
As with Telia, we forecast Tele2 to see improved EBITDA growth YOY in Q3, partly driven by lower energy prices. However, we expect greater improvement for Telia, as the drag from TV&Media is easing. We are fairly in line with consensus on Tele2’s Q3 service revenue and EBITDA, but below on EFCF. We reiterate our BUY and SEK100 target price, but prefer Telia over Tele2.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.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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