Financials Tele2 AB OTC Markets

Equities

TLTZ.Y

US87952P3073

Wireless Telecommunications Services

Market Closed - OTC Markets Other stock markets 11:09:00 21/06/2024 pm IST			5-day change	1st Jan Change
5.002 ^USD	-0.10%		+3.35%	+14.72%

17/06	Orange and Bouygues in the turmoil of dissolution
20/05	Ericsson: Tele2 chooses Ericsson to equip stadium with 5G	CF

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	93,449	74,926	88,993	58,714	59,923	73,490	-	-
Enterprise Value (EV) ¹	1,24,265	1,04,195	1,18,674	89,822	89,891	1,02,675	1,02,949	1,02,257
P/E ratio	19.5 x	10.1 x	20.8 x	10.6 x	16.1 x	19.8 x	18.2 x	16.8 x
Yield	8.47%	8.29%	5.23%	23.3%	7.97%	6.67%	6.94%	7.29%
Capitalization / Revenue	3.32 x	2.82 x	3.32 x	2.09 x	2.06 x	2.47 x	2.42 x	2.37 x
EV / Revenue	4.41 x	3.92 x	4.43 x	3.2 x	3.09 x	3.45 x	3.38 x	3.3 x
EV / EBITDA	12 x	9.94 x	10.9 x	7.88 x	7.56 x	8.47 x	8.22 x	7.94 x
EV / FCF	25.7 x	21.4 x	17 x	19.2 x	15.1 x	21.3 x	19.7 x	17.2 x
FCF Yield	3.89%	4.68%	5.87%	5.22%	6.63%	4.7%	5.09%	5.83%
Price to Book	2.68 x	2.28 x	2.86 x	2.48 x	2.63 x	3.44 x	3.6 x	3.79 x
Nbr of stocks (in thousands)	6,87,778	6,89,843	6,88,651	6,89,909	6,91,633	6,91,933	-	-
Reference price ²	135.8	108.6	129.1	85.10	86.54	106.2	106.2	106.2
Announcement Date	03/02/20	02/02/21	01/02/22	31/01/23	30/01/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	28,163	26,554	26,789	28,102	29,099	29,791	30,425	30,987
EBITDA ¹	10,344	10,484	10,900	11,395	11,885	12,121	12,530	12,883
EBIT ¹	4,735	5,527	5,169	6,890	5,734	5,609	6,020	6,502
Operating Margin	16.81%	20.81%	19.3%	24.52%	19.71%	18.83%	19.79%	20.98%
Earnings before Tax (EBT) ¹	3,665	6,855	4,307	5,907	4,578	4,701	5,137	5,435
Net income ¹	10,937	7,408	4,306	5,574	3,735	3,776	4,107	4,327
Net margin	38.83%	27.9%	16.07%	19.83%	12.84%	12.68%	13.5%	13.96%
EPS ²	6.950	10.71	6.210	8.030	5.370	5.379	5.844	6.325
Free Cash Flow ¹	4,840	4,879	6,970	4,689	5,960	4,828	5,236	5,962
FCF margin	17.19%	18.37%	26.02%	16.69%	20.48%	16.21%	17.21%	19.24%
FCF Conversion (EBITDA)	46.79%	46.54%	63.94%	41.15%	50.15%	39.83%	41.79%	46.28%
FCF Conversion (Net income)	44.25%	65.86%	161.87%	84.12%	159.57%	127.85%	127.5%	137.78%
Dividend per Share ²	11.50	9.000	6.750	19.80	6.900	7.082	7.379	7.750
Announcement Date	03/02/20	02/02/21	01/02/22	31/01/23	30/01/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	7,028	6,744	6,820	7,084	7,454	7,009	7,153	7,253	7,684	7,152	7,344	7,406	7,863	-	-
EBITDA ¹	2,690	2,798	2,790	2,974	2,833	2,853	2,882	3,150	2,999	2,928	2,915	3,123	3,031	-	-
EBIT ¹	1,266	2,949	1,228	1,436	1,278	1,264	1,243	1,554	1,485	1,250	1,400	1,619	1,462	-	-
Operating Margin	18.01%	43.73%	18.01%	20.27%	17.15%	18.03%	17.38%	21.43%	19.33%	17.48%	19.06%	21.86%	18.6%	-	-
Earnings before Tax (EBT) ¹	1,005	2,673	1,022	1,191	1,022	1,051	1,086	1,295	1,145	998	1,091	1,325	1,175	1,182	1,167
Net income ¹	953	2,474	847	994	1,258	849	888	1,063	936	833	946.7	1,138	862.8	945.9	933.8
Net margin	13.56%	36.68%	12.42%	14.03%	16.88%	12.11%	12.41%	14.66%	12.18%	11.65%	12.89%	15.36%	10.97%	-	-
EPS ²	1.370	3.570	1.220	1.430	1.810	1.220	1.280	1.530	1.340	1.200	1.285	1.590	1.364	1.369	1.351
Dividend per Share ²	6.750	-	-	-	6.800	-	3.400	-	3.500	-	1.725	-	1.725	-	3.500
Announcement Date	01/02/22	21/04/22	19/07/22	20/10/22	31/01/23	21/04/23	18/07/23	18/10/23	30/01/24	18/04/24	-	-	-	-	-

¹SEK in Million²SEK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	30,816	29,269	29,681	31,108	29,968	29,186	29,460	28,767
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.979 x	2.792 x	2.723 x	2.73 x	2.521 x	2.408 x	2.351 x	2.233 x
Free Cash Flow ¹	4,840	4,879	6,970	4,689	5,960	4,828	5,236	5,962
ROE (net income / shareholders' equity)	8.4%	16%	13.5%	20.3%	16.1%	16.6%	20.3%	21.9%
ROA (Net income/ Total Assets)	3.68%	6.94%	5.75%	7.86%	5.59%	5.2%	5.85%	6.23%
Assets ¹	2,97,363	1,06,670	74,831	70,954	66,858	72,644	70,163	69,468
Book Value Per Share ²	50.70	47.60	45.10	34.30	32.90	30.90	29.50	28.10
Cash Flow per Share ²	14.10	12.70	14.90	11.90	14.40	14.00	14.10	14.20
Capex ¹	3,607	2,749	3,327	3,561	4,053	4,074	4,196	3,689
Capex / Sales	12.81%	10.35%	12.42%	12.67%	13.93%	13.67%	13.79%	11.9%
Announcement Date	03/02/20	02/02/21	01/02/22	31/01/23	30/01/24	-	-	-

¹SEK in Million²SEK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Tele2 AB

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

106.2 SEK

Average target price

105 SEK

Spread / Average Target

-1.21%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Wireless Telecom

	1st Jan change	Capi.
BHARTI AIRTEL LIMITED	+36.83%	101B
SOFTBANK CORP.	+10.40%	57.73B
CELLNEX TELECOM, S.A.	-13.24%	23.32B
ROGERS COMMUNICATIONS INC.	-16.75%	20.42B
VODAFONE IDEA LIMITED	+7.12%	13.92B
ETIHAD ETISALAT COMPANY	+1.63%	10.1B
FAR EASTONE TELECOMMUNICATIONS CO., LTD.	+5.51%	9.37B
DIGI.COM	-11.52%	8.99B
MTN GROUP LIMITED	-26.30%	8.56B

Wireless Telecom