Tele2 (Hold, TP: SEK135.00) - Flat revenue likely to continue
We continue to see fairly muted operational momentum, with pressure on the top line in the Swedish market. EBITDA is benefitting from cost savings, but for Q2 we also expect slightly higher marketing spend. We reiterate our HOLD and SEK135 target price ahead of the Q2 results, due at 07:00 CET on 17 July.
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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