Tele2 (Hold, TP: SEK142.00) - Improved EBITDA momentum
The highlight of the solid Q3 results was faster realisation of cost synergies than guided, which we believe will drive accelerated growth in EBITDA for Tele2 Sweden in Q4 2019 and 2020. With this improved momentum, we have upgraded Tele2 to HOLD (SELL) and raised our target price to SEK142 (135).
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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