Telia Company (Buy, TP: SEK39.00) - On track towards full-year targets

Telia reported a solid Q1, with 1.8% service revenue growth YOY, 6.7% EBITDA growth, and SEK1.7bn in FCF. The performance strengthens our view that Telia can reach its full-year targets. We reiterate our BUY and have raised our target price to SEK39 (38.5).

Telia Company AB: 2 directors

Two Directors at Telia Company AB bought 36,000 shares at between 35.430SEK and 35.750SEK. The significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over t...

Good Q1, but heading for deceleration

Telia (Neutral, TP: SEK 37, +5%) Q1 25: Impressive EBITDA acceleratio...

Telia has reported a good set of results, with SR, EBITDA, capex and all-in FCF all better than consensus expectations. The company sounded a note of caution on the call that Q1 Group trends were better than we should expect for the full year; having EBITDA and FCF in the bag already is a good thing, but full year guidance has been reiterated not raised.

Small adj. EBITDA beat, unchanged guidance

Heads-up for report 24 April

BioArctic AB: 3 directors

Three Directors at BioArctic AB bought 3,120 shares at between 163.200SEK and 164.700SEK. The significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over th...

Telia Company (Buy, TP: SEK38.50) - Cost reductions visible in Q1e

Telia’s Q1 report is due at 07:00 CET on 24 April. Due to a changed reporting structure, there is no meaningful consensus. However, we believe our forecast will be about in-line with an updated consensus. We see an acceleration of EBITDA growth to >5% following a personnel reduction. We reiterate our BUY and raise the target price to SEK38.50 (38).

Revised estimates due to divisional split

Improving cash flows, but still pricey

Savings to boost solid EBITDA growth

TMT hybrids offer good value/Look for quality in the belly of the curv...

In this report we evaluate spreads in the TMT hybrids space. As the credit space still looks relatively well bid, TMT hybrid yields offer an attractive opportunity with yields above 3.5%. Higher quality TMT hybrids or lower duration TMT hybrids look most attractive from a relative value standpoint, such as the Telia, Orange and KPN hybrids. The risk/return perspective of the Infineon hybrid note looks unattractive.

Coffee, Croissants & Credit/OFGEM, Telefonica, Telia, Public Storage, ...

Utilities - UK power bills to rise by 6% in April

Divests TV & Media

BioArctic (Buy, TP: SEK350.00) - Large milestones in 2025e

The Q4 report was slightly better than we expected. The royalty levels were already known, but the operating loss was below our forecast due to lower R&D and S&M spending. In 2025, BioArctic is set to receive cUSD130m in milestone payments from Bristol-Myers Squibb (due to the Brain Transporter deal) and Eisai (for EU approval as well as a sales milestone). The next important event is set to be the CHMP meeting in February that should (again) result in a positive opinion for Leqembi’s EU approva...

Time to prove the improvements

Telia Company (Buy, TP: SEK38.00) - Gearing up for a solid 2025e

Telia reported a neutral Q4, with service revenue and EBITDA about in line with consensus. Guidance from the CMD was also reiterated. With major cost savings following a personnel reduction, we believe Telia can exceed EBITDA and cash flow ambitions for 2025e. We reiterate our BUY and SEK38 target price.

Telia (Neutral, TP: SEK 39, +23%) Q4 24: Slightly weak numbers, but so...

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 prom...

An uneventful report

Heads-up for report 30 January