Telia (Buy, TP: SEK39, +61%) Q2 23: Telco business drives a Group EBITDA beat, media now non-core
We upgraded Telia after the good Q1 numbers, but the rally was offset by concerns around the TV & Media business and the upcoming spectrum auction. We think the worries about the spectrum auction are misplaced, and although the media business has had a poor quarter, the Telco business has more than offset this, and Group EBITDA is +2.3% ahead of consensus expectations.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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