New Street Research - Telia Company (TELIA) New Street: Telia (Neutral, TP: SEK36, -1%) Q3 21: Better SR trends, but EBITDA guidance change

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New Street Research

Russell Waller

New Street: Telia (Neutral, TP: SEK36, -1%) Q3 21: Better SR trends, but EBITDA guidance change

Telia has reported a mixed set of Q3 numbers, with a good SR performance (good KPIs and ARPU), but an in-line (inc media) to weak (telecom) EBITDA result (albeit ahead if one adjusts for pension phasing), and Telia now say that FY21 EBITDA will be in the low end of the range for the full year.

21/10/2021 12 EN

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Telia Company

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New Street Research

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.

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Pan European Telecom Services and Cable

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Russell Waller

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New Street: Telia (Neutral, TP: SEK36, -1%) Q3 21: Better SR trends, but EBITDA guidance change

New Street: EU Telecoms: Why are energy costs leading to guidance cuts when spot prices are falling?

New Street: Telia (Neutral, TP: SEK40, +25%) Q3 22: Energy cost drag leads to guidance cut

New Street: EU Telecoms Inflationary cost update: electricity costs are down, prices are rising

Telefonica (Buy, €4.50, +7%) Q1 24: Digi and downsizing drives potential upside

CityFibre & Three UK Can they get their deals done by year-end?

SATS: model update

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