Tele2 (Hold, TP: SEK120.00) - New Tele2 to show limited growth
Tele2 had a solid report, but we see uncertainty relating to future growth prospects for Tele2 Sweden Mobile and Com Hem. There is also uncertainty relating to approval of the Netherlands deal. We retain our HOLD, with an SEK120 (117) 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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