SE fibre market: 9% growth 2024 (vs. 12% '23)

Feedback from ABGSC's Investor Days

Growth investments to taper off in H2e

Solid customer intake, but weak margins

Acquires 7k customers, adds 1% to sales

Focus on top line over margins in 2025

Solid report, slightly better customer intake

Price hikes and cost synergies on the cards

Solid Q3, prices set to rise

Acquires Bredbandsson, adds 1% to sales

Volume growth to weigh on Q3e margins

SE fibre market: 12% growth 2023 (vs. 10% '22)

Feedback from ABGSC Investor Days

Continues to impress on costs

Earlier-than-expected cost synergies led to 4% EBITA beat. We lift '24e-'26e EBITA by 3-4% on lower opex. 11x '24e EV/EBITA, we estimate 17% EBITA growth in '24.

Slight EBITA beat on lower opex

Bredband2 i Skandinavien - Margin pressure to ease in Q4e on price hik...

Solid customer intake but sequential margin contraction We cut ‘22e-‘24e EBITDA by 3-6% 12x-11x ‘22e-‘23e EV/EBITA, 7-8% lease adj. FCF yields

Bredband2 i Skandinavien - Margins suffering from growth investments

Sales and adj. EBITDA -1% and -3% vs. ABGSCe +1,400 customer intake q-o-q vs. ABGSCe +3,500 Cons. likely to cut ’22e-‘23e adj. EBITDA by 2-5%

Bredband2 i Skandinavien - Margin pressure from high marketing activit...

Good customer intake but weaker-than-expected margins We cut ‘22e-’24e EBITDA by 8-5% 13-11x ‘22e-‘23e EV/EBITA, 6-9% lease adj. FCF yields

Bredband2 i Skandinavien - Bump on the road

Sales and adj. EBITDA -2% and -7% vs. ABGSCe +3,000 customer intake q-o-q vs. ABGSCe +2,500 Cons. likely to cut ‘22e-‘23e adj. EBITDA by 5-10%

Bredband2 i Skandinavien - SE fibre market: 11% growth 2021 (vs. 18% ’...

PTS has published new statistics for the SE fibre market Bre2’s market share increased to 12% (8% ’20) due to A3 Bredband2 is now prioritising growth