A director at Tele2 AB sold 31,329,972 shares at 93.000SEK and the significance rating of the trade was 76/100. 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 sh...
The Q4 report was mixed, with headline numbers above consensus, but lower than expected EBITDA growth guidance for 2024 and higher capex guidance for 2025. However, we believe the new cost savings programme indicates accelerated EBITDA growth in 2024. We reiterate our BUY and SEK100 target price.
Tele2 has reported a good set of Q4 numbers with EBITDAal +1.8% ahead of consensus expectations and EFCF 23% ahead. Total end-user SR trends are unchanged, but EBITDAaL growth has rebounded as expected to +4.0% y/y from +0.5% y/y (both ex energy).
Tele2’s Q3 EFCF was solid, and although some parameters are set to be reversed in Q4e, the improved EFCF and solid balance sheet should secure a stable SEK6.80 DPS for 2023e. We even believe the risk could be on the upside. We reiterate our BUY and SEK100 target price.
Tele2 has reported a solid set of Q3 numbers with end-user SR +0.8% ahead of consensus expectations, EBITDAaL is +0.6% ahead, and EFCF is 43% ahead. Total end-user SR trends are broadly unchanged (a touch slower), and although LFL EBITDAaL growth is better at +2.9% y/y from 0.0% y/y in Q2 23, energy is now a tailwind (from a headwind in Q2 23), and ex energy, EBITDAaL is unchanged +0.5% y/y from +0.5% y/y in Q2 23.
As with Telia, we forecast Tele2 to see improved EBITDA growth YOY in Q3, partly driven by lower energy prices. However, we expect greater improvement for Telia, as the drag from TV&Media is easing. We are fairly in line with consensus on Tele2’s Q3 service revenue and EBITDA, but below on EFCF. We reiterate our BUY and SEK100 target price, but prefer Telia over Tele2.
Tele2 surprised the market with its guidance for significantly higher capex for 2023 and 2024 during the 5G roll-out and coax network upgrade. We still see room for it to maintain its ordinary dividend while remaining at the lower end of its target capital structure. We reiterate our BUY but have cut our target price to SEK100 (107).
Tele2 has reported a mixed set of Q1 numbers with end-user SR +1.3% ahead of consensus expectations, but EBITDAal -0.3% light, and EFCF is -10.9% light. In addition, Tele2 has lifted capex guidance for 2023 and for the mid-term quite materially (but left EBITDAal guidance unchanged).
We expect a soft Q2, similar to Q1. However, following price increases and tailwind from lower electricity costs, we see an improved growth rate for H2. Owing to the recent share price weakness we have upgraded to BUY (HOLD), but have cut our target price to SEK107 (110).
Tele2 is set to report its Q1 results at 07:00 CET on 21 April. For FY 2023, our estimates on service revenue and EBITDA are in line with consensus and guidance. With a 20% stock overhang from Kinnevik also, we have downgraded Tele2 to HOLD (BUY) but reiterate our SEK110 target price.
Q4 results disappointed with weak cash flow due to NWC. This led to a lower-than-expected dividend and less likelihood for a special dividend in 2023. We believe the cash flow issues are short-term, and reiterate our BUY, but have lowered our target price to SEK110 (115).
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.