Tele2 (Buy, TP: SEK110.00) - Too-harsh market reaction
We see Com Hem shareholders as the beneficiaries of the proposed transaction but believe the market overreacted on Tele2 as we do not see the deal destroying value. We keep our SEK110 target price based on DCF, SOTP, and peer valuations and have raised our recommendation to BUY (HOLD).
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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