Telia Reported Solid Revenue, but Driven by Foreign Exchange; Shares Fairly Valued
Telia reported third quarter revenue that initially looks strong, but it is primarily driven by positive currency movements. We expect to maintain our fair value estimate of SEK 40 and narrow moat rating. We think the shares are fairly valued. The firm reported revenue grew 5.5% year over year, versus our full-year projection of 7.3%, which also includes some acquisitions. However, in local currency terms and excluding acquisitions, revenue increased just 0.1%. In Sweden, its largest market, it ...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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