Morningstar - Telia Company AB (TELIA) Telia Reports In-Line 1Q Results; Shares Fairly Valued

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Morningstar

Allan C. Nichols

EUR 100.00 For Business Accounts Only

Telia Reports In-Line 1Q Results; Shares Fairly Valued

Telia reported first-quarter results that were generally in line with our expectations, and we donâ€™t expect to make any significant changes to our SEK 40 fair value estimate. Our narrow moat rating is intact, and we believe the shares are fairly valued. The firm reported revenue growth of 5% year over year versus our full-year projection of 5.2%. However, this growth is almost all driven from acquisitions and foreign exchange gains.
In last yearâ€™s fourth quarter, Telia closed on the acquisitions...

25/04/2019 13 EN

Underlying

Telia Company AB

Telia Company provides telecommunication services in the Nordic and Baltic countries, the markets of Eurasia, including Russia, Turkey and Spain. Co. has three business segments: Mobility Services, which comprises operations in Sweden, Finland, Norway, Denmark, Lithuania, Latvia, Estonia and Spain; Broadband Services, which comprises operations in Sweden, Finland, Denmark, Lithuania, Latvia (49.0%), Estonia and international carrier operations; and Eurasia, which comprises mobile operations in Kazakhstan, Azerbaijan, Uzbekistan, Tajikistan, Georgia, Moldova and Nepal. The business area also includes Co.'s shareholdings in OAO MegaFon, Russia and Turkcell Iletisim Hizmetleri A.S., Turkey.

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SE0000667925 Nasdaq Nordic Stockholm Sweden

Provider

Morningstar

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.

We have operations in 27 countries.

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Analysts

Allan C. Nichols

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Telia Reports In-Line 1Q Results; Shares Fairly Valued

EU Telecoms: Half-time 2025 Review Sector has outperformed: More selective stock picking needed

Telia performs well/Bredband2 acquisition doesn't come cheap

Telia (Buy from Neutral, TP: SEK 40, +15%) OpEx execution (& M&A) lifts target – possible extraordinary cash returns to come

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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