Tele2 (Buy, TP: SEK145.00) - Expecting continued EBITDA growth
In our view, Tele2 should be resilient through the coronavirus pandemic. Although we expect some pressure on the top line, we continue to see mid-single-digit EBITDA growth. We also believe the proposed SEK9 DPS to be paid in 2020e should appeal to investors. Following the recent share price pressure, we have upgraded our recommendation to BUY (HOLD), with an unchanged SEK145 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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