Tele2 (Neutral, TP: SEK120, +29%) Q2 23: Mixed results, and capex guidance increases - Quick Take
Tele2 has reported a mixed set of Q1 numbers with end-user SR +1.3% ahead of consensus expectations, but EBITDAal -0.3% light, and EFCF is -10.9% light. In addition, Tele2 has lifted capex guidance for 2023 and for the mid-term quite materially (but left EBITDAal guidance unchanged).
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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