The sale of Tele2's struggling Norwegian business improves its positioning.
Tele2 reported solid third-quarter results in line with our expectations, and we don’t expect to make any significant changes to our fair value estimate. Our no-moat rating is unchanged. On the surface, Tele2’s results look good, with revenue increasing 2.5% year over year and an EBITDA margin of 23%. However, the firm’s quarterly results have more seasonal variability than most other European telephone companies we cover. The third quarter tends to have the best margins of the year, while the f...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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