Tele2 Reported Solid 2Q Results; We Expect to Raise Our FVE to SEK 83, but Stock Overvalued
Tele2 reported solid second-quarter results and we expect to increase our fair value estimate to SEK 83 per share from SEK 78. We maintain our no-moat rating and believe the shares are significantly overvalued. The firm reported revenue growth of 5% year over year, which is one of the highest in our European communications coverage. However, Tele2 counts its Netherlands business as discontinued as it has agreed to merge it with Deutsch Telekom's Dutch operation. We are highly sceptical of this d...Tele2 is engaged as a telecom operator. Co. provides mobile communication services, fixed broadband and telephony, data network services and content services. The mobile service comprises various types of subscriptions for residential and business customers as well as prepaid cards. Fixed broadband includes direct access, which is its own services based on access via copper cable and other forms of access, such as fibre networks, wireless broadband and metropolitan area networks. Fixed telephony includes resold products within fixed telephony. The product portfolio within resold fixed telephony consists of prefix telephony, pre-selection (dial the number without a prefix) and subscriptions.
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