Tele2 AB: 1 director

A director at Tele2 AB bought 4,500 shares at 140.450SEK and the significance rating of the trade was 55/100. 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 the last two years clearly show...

True EBITDA flat q-o-q, but above ABGSC

Telenor (Sell, TP: NOK142.00) - Mixed set of results

While Telenor reported decent Q1 headline results adjusted for a one-off VAT provision in Norway, slightly above consensus and our estimates, the FCF beat was seemingly driven by lower-quality transitory tailwinds, leaving us still uncertain about its ability to cover its dividends with underlying FCF before M&A this year and in 2026. Thus, given our view of a stretched company and sector valuation, we reiterate our SELL, while we have raised our target price to NOK142 (140).

Stretched valuation and likely slowdown ahead

Telenor ASA: 1 director

A director at Telenor ASA bought 10,000 shares at 157.200NOK and the significance rating of the trade was 51/100. 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 the last two years clearly ...

Telenor (Buy, TP: NOK 183, +17%) Q1 25: Strong results support contin...

Telenor has reported a good set of Q1 numbers, with SR c0.5% ahead of consensus and EBITDA in line; 2025 guidance was re-iterated, which is now in line with consensus expectations, but we think this could be raised later in the year if the further OpEx efficiencies management are expecting are realised.

Coffee, Croissants & Credit/Telenor, Heimstaden Bostad, Castellum

Telecom - Telenor reports good 1Q25 results

Nordics above, but other segments below

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...

Elisa Oyj: 1 director

A director at Elisa Oyj sold 10,000 shares at 45.730EUR and the significance rating of the trade was 66/100. 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 the last two years clearly showi...

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

Tele2 (Hold, TP: SEK140.00) - Drivers of cash flow to be reversed

Tele2 reported a solid Q1 with a beat on EBITDA, and especially strong cash flow, which was related to one-off items that are mostly expected to be reversed in coming quarters. We reiterate our HOLD and SEK140 target price.

Executing margin improvements

Tele2 (Neutral, TP: SEK 130, -1%) Q1 25: A strong start to the year

Tele2 has reported a good set of results, with a strong inflection in EBITDAaL trends, and EBITDAaL is +2.6% ahead of consensus (albeit c50% of the EBITDAaL beat is due to a Lithuania cost deferral). The key question is whether or not this is a pull forward of the already announced cost savings, or a new higher level?

Cost control on point