Tele2 (Hold, TP: SEK110.00) - No great deviation from consensus
With uncertainty about the future of the operations in the Netherlands and given that our estimates for both Q4 2017 and 2018–2019 are in line with consensus, we do not see an overly compelling investment case. We stick to HOLD and our SEK110 target price based on a combination of SOTP, DCF and peer valuations.
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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