Tele2 (Buy, TP: SEK115.00) - Solid guidance on OpFCF
Tele2 reported a solid Q4 report, but the main take-away was low capex guidance for 2018, meaning consensus is likely to have to raise its OpFCF forecast some 10–15%. We reiterate our BUY recommendation and have raised our target price to SEK115 (SEK110).
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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