Telia (Buy, TP: €36, +32%) Q4 23: Weak OCF guidance, but EBITDA growth could be better than expected
Telia has reported a mixed set of numbers. On the one hand, the dividend is flat (some had worried about a cut), and looks set to grow up not down; but on the other, EBITDA missed in Q4 and FY24 structural OCF guidance is weak vs expectations. On the call, Telia said that it hoped to come in at the top of the SOCF range.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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