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

DPS disappointment but accelerated savings

Heads-up for report 29 January

Tele2 (Buy, TP: SEK130.00) - Iliad likely to act on costs

On tougher comparables, we expect slower EBITDA growth YOY in Q4 than in the previous quarters, which could also affect the 2025 guidance. However, in our view, we should also start to see what Iliad can do to improve performance from 2025. We reiterate our BUY and have raised our target price to SEK130 (120).

Growth uncertainty as inflation tapers off

Tough comps for 1% EBITDAaL growth

Expert speaker takeaways: ARPU and capex plans

Tele2 (Buy, TP: SEK120.00) - 9% sustainable dividend yield

We have made limited estimate revisions on sales and EBITDA following the Q3 report. With net debt below the company’s target (2.5–3x), we believe Tele2 will return to paying a special dividend in 2025e, where we forecast a 9% dividend yield. We reiterate our SEK120 target price and have upgraded to BUY (HOLD).

Decent Q3 but unfavourable mix

Tele2 (Neutral, TP: SEK 109, -2%) Q3 24: A slightly weak set of numbe...

Tele2 has reported a slightly weak set of Q3 numbers with end-user SR -1.0% light of consensus expectations, and EBITDAaL -0.8% light, and EFCF -16% light (thanks to NWC and tax). All guidance has been reiterated

Swedish deceleration explains small miss

Heads-up for report 22 October

Appoints Jean Marc Harion as CEO

Awaiting Freya actions

Q3e: underlying EBITDAaL growth of 4% on tougher pricing comps. Limited underlying revisions, but inserting '24e EO dividend of SEK 1. Triggers exist, and we still favour Tele2 vs.Telia, but keep HOLD.

Tele2 (Hold, TP: SEK120.00) - Down to HOLD on strong performance

Tele2’s share price is up ~36% YTD and we believe it is time for investors to take a breather. We are marginally below consensus for Q3e and we believe expectations from the effect of iliad as a new owner is reflected in the share price. Thus, we have downgraded to HOLD (BUY) and raised our target price to SEK120 (115).

CEO stepping down, but no drama

Tele2 AB: 2 directors

A director at Tele2 AB bought 6,531,199 shares at 97.550SEK and the significance rating of the trade was 100/100. 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 ...