Telia (Neutral, TP: SEK 39, +23%) Q4 24: Slightly weak numbers, but solid trends, guidance reiterated
Telia has reported a sightly weak set of results at the revenue and EBITDA level (-0.4% and - 0.6% miss vs consensus expectations respectively), but ahead at OpFCF and FCF. Guidance has been reiterated for 2025. These results are not good enough to propel Telia into a new multiple range in our view, as numbers are unlikely to move up, but we think the share price move today is an over-reaction, given that y/y Telco SR and EBITDA trends have improved sequentially. If Telia can deliver on its promises and rhetoric, then there could be upside to numbers going forward (but probably not until H2 25, which is when SR is set to accelerate, but possibly before if it can front-end load the cost cutting).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.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
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
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.