Report
Stefan Gauffin
EUR 875.50 For Business Accounts Only

Tele2 (Hold, TP: SEK121.00) - Unwarranted concern

Tele2 traded weak ahead of the results from concern about Swedish mobile competition. Thus it was a relief when Tele2 reported solid numbers with limited impact from the mobile competition. Tele2 also raised the FY EBITDA guidance and we have raised our EBITDA estimates to be in line with the upper end of guidance. We reiterate our HOLD with a raised SEK121 (119) target price based on a combination of DCF, SOTP, and peer valuation.
Underlying
Provider
DnB Markets
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.

 

Analysts
Stefan Gauffin

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