Telia Reported Better 2016 Results, but Maintaining Our Fair Value Estimate; Shares Fairly Valued
Telia reported 2016 results a bit ahead of our expectations, but we are maintaining our fair value estimate and narrow moat rating. The firm reported revenue from continuing operations declined 2.7% versus our projections of a drop of 3.2% as it benefited from the Swedish krona rebounding in the fourth quarter versus many of the currencies in which it has operations. In Sweden, its largest market, Telia returned to revenue growth in the fourth quarter, but its sales still declined slightly for t...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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