Telia (Buy, TP: SEK33, +24%) Q1 24: Weak headline numbers, but due to phasing/one-offs
Telia has reported a weak set of headline numbers, but consensus had not fully adjusted for the one-off items the company had flagged before the quarter. Adjusting for these items, EBITDA is c-0.5% light only. Structural OCF (SOCF) is also light vs consensus, but again, this was flagged as a phasing issue pre the quarter, and again it looks like the messaging was not fully incorporated into numbers.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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