Tele2 (Buy, TP: SEK138.00) - Sticking to the same story
Tele2’s CMD had limited news, but with a new CEO in place, reiterating that the remuneration story is intact could be enough to entice shareholders. With the message normal capex will go back below pre-5G levels after the 5G roll-out, IT-transformation, and remote-PHY investments are completed, we see a ‘wall-of-cash’ story developing. BUY and SEK138 target price reiterated.
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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