Telia Reported Slightly Weak Third-Quarter Results; Shares Fairly Valued
Telia Company reported third-quarter results that were a touch weak, but we are maintaining our SEK 40 fair value estimate and narrow moat rating. Reported revenue declined 8.8% year over year versus our full-year projection of a drop of 5.1%. The main decline is from the sale of Yoigo, its Spanish business, at the end of last year’s third quarter. As the fourth quarter will no longer lap the lost revenue from Spain, we expect the fourth quarter revenue decline will be significantly less. The ot...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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