Telia (Buy, TP: SEK33, +14%) Q2 24: Good numbers; Sept CMD provides a near-term catalyst
Telia has reported a good set of numbers, and was confident on the call about its outlook for FY24 and beyond. Telia has had a good 2024 in share price terms after a shaky start. There is now less upside to our SOP than before, but we think momentum is with Telia, and keep the Buy rating: EBITDA should be boosted by a net SEK500m-700m from the non-renewal of the CL league rights, the Euro football tournament and the Denmark Service Agreement.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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