New Street: Tele2 (Buy, TP: SEK155, +28%) Kinnevik placing adds a risk factor, but fundamentals are good enough to offset this
Kinnevik announced yesterday that it was selling some its Tele2 shares via an accelerated bookbuild (this is the first time it has sold any of its stake in the market).
Tele2 is engaged as a telecom operator. Co. provides mobile communication services, fixed broadband and telephony, data network services and content services. The mobile service comprises various types of subscriptions for residential and business customers as well as prepaid cards. Fixed broadband includes direct access, which is its own services based on access via copper cable and other forms of access, such as fibre networks, wireless broadband and metropolitan area networks. Fixed telephony includes resold products within fixed telephony. The product portfolio within resold fixed telephony consists of prefix telephony, pre-selection (dial the number without a prefix) and subscriptions.
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