Telia (Buy, TP: SEK39, +46%) from Neutral Q1 23: Good results and Danish sale means 2023 dividend is safe
We have felt for some time that Telia would at some point and be the next Telenor: a catch-up trade reversing under-performance as bear arguments are largely dismissed. We think that these results and the Danish sale will be that catalyst, and as such we upgrade to Buy.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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