Tele2 AB: 1 director

A director at Tele2 AB sold 17,352 shares at 162.750SEK and 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 the last two years clearly showi...

Impressive cost discipline continues

Tele2 (Neutral, TP: SEK 126, -7%) Q2 25: A strong beat and raise

Tele2 has reported a very good set of results, with a strong EBITDAaL beat (+6.2%) vs consensus and guidance has been lifted for FY25 too; vs the pre results consensus, the new guidance implies c.+3.7% upside for consensus FY25 EBITDAaL. Tele2 leading the way for cost efficiency and execution.

Cost control on point

Trends continue, valuation not too appealing

Strong Q2e on Swedish savings

Expert speaker call: latent market share gains

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

Heads-up for report 23 April

Tele2 (Hold, TP: SEK140.00) - Beneficiary of peak uncertainty

With the new main owner doubling down on costs, and a limited FX/tariff impact, Tele2 has significantly outperformed the OMX Benchmark index over the past two years. We believe a solid Q1 report is priced in, and have downgraded the stock to HOLD (BUY), but have raised our target price to SEK140 (135) on prospects of a tower deal.

Improving cash flows, but still pricey

Ready for '25 acceleration

Tele2 (Buy, TP: SEK135.00) - Higher ambitions outlined

Tele2 reported a soft Q4, but launched a cost reduction programme, reducing its workforce by c15%. We believe this will lead to improved EBITDA growth from 2025e. We reiterate our BUY, and have raised our target price to SEK135 (130).

Efficiencies in the making

Tele2 (Neutral, TP: SEK 115, 0%) Q4 24: A slightly weak set of Q4 numb...

Tele2 has reported a slightly weak set of Q4 numbers, with end-user SR -0.3% light of consensus, and EBITDAaL -1.0% light. EFCF is -15% light, but this is due to a change in a coupon payment timing and cash tax (hard to forecast) – adjusting for both, EFCF is 6% ahead. Away from Q4, new guidance for 2025 is strong, with an upgrade to EBITDAaL guidance to “mid to high single digit” from “MSD”; implied capex is slightly lower than expected, meaning that OpFCF for 2025 is 6% ahead of consensus. The...

DPS disappointment but accelerated savings

Heads-up for report 29 January