Tele2 Reported Better-Than-Expected 2016 Results, but We Maintain Our FVE; Shares Fairly Valued
Tele2 reported 2016 results that were ahead of our expectations, but we are maintaining our fair value estimate and no-moat rating, as we already projected significant revenue growth and margin expansion in 2017 and beyond. We believe the shares are fairly valued. Reported revenue increased 5% year over year, versus our projection of 3%, with the majority of the increase stemming from the acquisition of TDC Sweden, which was included for two months. With the full-year inclusion in 2017, we expec...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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