Tele2 (Buy, TP: SEK138.00) - Improved performance
Tele2 is due to release its Q1 report at 07:00 CET on 22 April. We are marginally above consensus on Q1e service revenue and c1% above on EBITDA. We believe that a slight service revenue improvement and a larger impact from cost savings should lift EBITDA growth close to the mid-single digits. We reiterate our BUY and SEK138 target price.
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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