Telia (Buy, TP: SEK39, +61%) Q3 23: 4% Telco EBITDA beat, EBITDA and OFCF guidance lifted
Telia has reported a strong set of numbers (Telco EBITDA is c4% ahead of consensus), and has raised EBITDA and OCF guidance on a LFL basis. On a clean underlying basis, Telco EBITDA is now growing c6% y/y. Our view, since we upgraded, has been that although OCF growth has not yet fully caught up with EBITDA growth, it will, and when it does, investors will wake–up to the good underlying story, cheap multiple and attractive yield.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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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
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We provide debt research on:
- Pan European Telecom Services and Cable
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