Tele2 Reported 4Q Results That Were Broadly in Line Adjusted for the Netherlands; Shares Overvalued
Tele2 reported fourth-quarter results that were roughly in line with our expectations and we are maintaining our SEK 78 fair value estimate and no-moat rating. We believe the shares are overvalued. Tele2 has removed its Dutch operations from its results due to its agreed merger with Deutsche Telekom’s operations in the Netherlands. However, we are sceptical regarding the deal receiving approval from the European Union regulators, thus we continue to keep the Netherlands in our model. This causes...
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