Guidance remains conservative
Tele2 reported a solid Q3, with EBITDA 12% above consensus, resulting in raised 2017 EBITDA guidance. However, we still consider the 2017 guidance to be conservative. We reiterate our BUY recommendation and have raised our target price to SEK110 (105) based on a combination of DCF, SOTP, and peer valuations.
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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