reports
- Russell Waller
Telia (Buy, TP: SEK46, +12%) Telenor (Neutral, TP: NOK150, -6%) Telia...
Telia has announced a RAN sharing deal with ICE in Norway. We look at the impact of this deal (first derivative and second derivative effects to both Telia and Telenor) and provide some feedback from a management meeting we had this morning with Telia CEO and CFO – which also includes commentary on the outlook in Finland and Sweden M&A.
Telia Company AB: 2 directors
Two Directors at Telia Company AB bought 15,880 shares at between 39.500SEK and 40.490SEK. 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 t...
- ABGSC Telecom Operators Research
- Herman Caspersen
- Øystein Elton Lodgaard
- ABGSC Telecom Operators Research
- Derek Laliberté
- Øystein Elton Lodgaard
- Simon Granath
- Russell Waller
Telia (Buy, TP: SEK 46, +15%) Post Q4 25 model update – The Buy case ...
In this note, we update our model and thoughts following the Q4 results (HERE) incorporating conference call feedback and compare our new estimates to guidance and consensus. We have lifted SR expectations for FY26, but EBITDA has come down a touch.
- ABGSC Telecom Operators Research
- Derek Laliberté
- Øystein Elton Lodgaard
- Simon Granath
- Russell Waller
Tele2 (Buy, TP: SEK 170, +7%) Post Q4 25 model update
In this note, we update our model and thoughts following the Q4 results (HERE) incorporating conference call feedback, feedback following meeting the CEO/CFO, and compare our new estimates to guidance and consensus. We have trimmed EBITDA slightly for 26/27, but have lifted OpFCF due to the good CapEx discipline.
- Russell Waller
Telia (Buy, TP: SEK 48, +18%) Q4 25: Good FCF beat and DPS increase
Telia has reported a mixed set of Q4 results, with a modest EBITDA miss adjusting for Sweden Pension, but a good FCF beat (+9%, even after normalizing for NWC). Guidance is broadly in line with expectations for 2026, and the DPS has been lifted for the first time in four years, which consensus did not expect.
- ABGSC Telecom Operators Research
- Derek Laliberté
- Øystein Elton Lodgaard
- Simon Granath
- ABGSC Telecom Operators Research
- Derek Laliberté
- Øystein Elton Lodgaard
- Simon Granath
- Russell Waller
Tele2 (Buy, TP: SEK 170, +7%) Q4 25: A lot of mixed messaging
Tele2 has reported a confusing set of results with lots of mixed messages. On the one hand, Q4 results were good, but 2026 EBITDAaL guidance is a but disappointing and at odds with current growth rates and looks beatable given likely Q1 growth rates.
- ABGSC Telecom Operators Research
- Derek Laliberté
- Øystein Elton Lodgaard
- Simon Granath
Telenor Group's results invitation for the fourth quarter 2025
Telenor Group's results invitation for the fourth quarter 2025 Join us for Telenor Group’s results for the fourth quarter 2025.When: Friday 6 February 2026, 09.00 CET / 08.00 UKT. The presentation will be held by Group CFO Torbjørn Wist, in the temporary absence of Group CEO Benedicte Schilbred Fasmer, due to a planned operation and a short-term sick leave. To view the webcast, without participating in the live Q&A, please visit: /investors/reports-and-information/quarterly/telenor-groups-results-for-the-4th-quarter-2025/ or visit Telenor.com/investors The presentation will be availab...
Invitasjon til Telenors resultatfremleggelse for fjerde kvartal 2025
Invitasjon til Telenors resultatfremleggelse for fjerde kvartal 2025 Telenor legger frem resultater for fjerde kvartal 2025. Når: Fredag 6. februar 2026 kl 9.00. Presentasjonen vil holdes av finansdirektør Torbjørn Wist, under et midlertidig fravær av konsernsjef Benedicte Schilbred Fasmer som følge av en planlagt operasjon og en kortvarig sykemelding. For å se webcast, uten å stille spørsmål, bruk denne linken: /investors/reports-and-information/quarterly/telenor-groups-results-for-the-4th-quarter-2025/ eller besøk Telenor.com/investors. Presentasjonen vil kun være til...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Russell Waller
- Chris Hoare
True Corp (Buy, THB 18, +59%) Telenor sells out of TRUE – implication...
Telenor has announced it is selling the majority of its stake in TRUE to a CP Group–affiliated company for THB 11.7, a 4% discount to the market price. In this brief note we discuss implications for TRUE, and thoughts for CelcomDigi.
- ABGSC Telecom Operators Research
- Herman Caspersen
- Øystein Elton Lodgaard
Telenor sells ownership in True Corporation
Telenor sells ownership in True Corporation Fornebu, Norway – January 22, 2026 – After 25 successful years in Thailand, Telenor has agreed to sell its stake in True Corporation for a total value of approximately NOK 39 billion. Telenor Group has signed an agreement with Arise Digital Technology Company Limited, a company owned by Khun Suphachai Chearavanont, to sell 24.95 percent of the shares in True at THB 11.70 per share. In addition, Arise and Telenor have agreed a mutual put/call option for the sale of the remaining 5.35 percent two years after closing of the initial sale at the hig...
Telenor selger seg ut av Thailand
Telenor selger seg ut av Thailand (Fornebu, 22. januar 2026) Etter 25 vellykkede år i Thailand har Telenor inngått avtale om å selge sin eierandel i True Corporation til en samlet verdi på rundt 39 milliarder kroner. Telenor Group har inngått avtale med Arise Digital Technology Company Limited, et selskap eid av Suphachai Chearavanont, om salg av 24,95 prosent av aksjene i True til THB 11,70 per aksje. I tillegg har selskapene en opsjon for salg av de resterende 5,35 prosentene to år etter gjennomføring av det første salget, til det høyeste alternativet av THB 11,70 per aksje eller marke...
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