Telia Reported 2Q Results In Line With Our Expectations; Maintaining Our Fair Value Estimate
Telia reported second-quarter results that were broadly in line with our expectations and we are maintaining our SEK 40 per share fair value estimate and narrow-moat rating. Reported revenue fell 6.3% year over year in line with our full-year projection of a drop of 6.2%. This decline is primarily due to the divestiture of Yoigo, its Spanish operation, at the end of the third quarter last year. Revenue in its core market in Sweden fell 2% as a 14% drop in its traditional fixed-line subscriber ba...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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