Ericsson Nikola Tesla confirmed at REDUCE, TP HRK 1,697 - Stretched valuation, in our view
The key change from our previous update relates to cancellation of future deliveries to the Belarusian market, which accounted for 4% of total sales in 2021TP revised upwards on the back of improved margins and a lower risk-free rate in TV (due to Croatias accession to the euro area).
Ericsson NT trades at 15.9x P/E 2023e and 12.7x EV/EBIT 2023e, implying a significant premium above the peers
We maintain our REDUCE recommendation with a cum-dividend TP of HRK 1,697
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