DnB Markets - Tele2 (TEL2b) Tele2 (Buy, TP: SEK142.00) - Several potential triggers ahead

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DnB Markets

Stefan Gauffin

EUR 438.97 For Business Accounts Only

Tele2 (Buy, TP: SEK142.00) - Several potential triggers ahead

The Q3 report is due on 20 October at 07:00 CET. This will be the first quarter with the new CEO, and we expect increased marketing spend, meaning EBITDA growth will likely be weaker than in Q2. We reiterate our BUY and SEK142 target price.

12/10/2020 24 EN

Underlying

Tele2

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Provider

DnB Markets

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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Analysts

Stefan Gauffin

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Tele2 (Buy, TP: SEK142.00) - Several potential triggers ahead

Tele2 (Buy, TP: SEK145.00) - Return to service revenue growth

Tele2 (Buy, TP: SEK138.00) - Netherlands exit moving closer

Tele2 (Buy, TP: SEK138.00) - Sticking to the same story

Wihlborgs (Hold, TP: SEK105.00) - Too-high premium versus peers

Subsea 7 (Buy, TP: NOK205.00) - Saipem uncertainties reflected

Avance Gas (No_rec, TP: NOK) - Discontinuing coverage

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