Financials Tele2 AB London S.E.

Equities

0QE5

SE0005190220

Wireless Telecommunications Services

Delayed London S.E. Other stock markets 09:06:25 22/05/2018 pm IST			5-day change	1st Jan Change
113 ^SEK	-0.44%		-.--%	-.--%

23/04	TELE2 : Could become a proxy for the telecom sector in one year
18/04	Nordic Stocks Closed Down Thursday; Arjo Series B Fell Furthest	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	93,449	74,926	88,993	58,714	59,923	73,144	-	-
Enterprise Value (EV) ¹	1,24,265	1,04,195	1,18,674	89,822	89,891	1,01,781	1,02,958	1,02,272
P/E ratio	19.5 x	10.1 x	20.8 x	10.6 x	16.1 x	19.8 x	18.3 x	16.9 x
Yield	8.47%	8.29%	5.23%	23.3%	7.97%	6.7%	6.88%	7.33%
Capitalization / Revenue	3.32 x	2.82 x	3.32 x	2.09 x	2.06 x	2.45 x	2.41 x	2.36 x
EV / Revenue	4.41 x	3.92 x	4.43 x	3.2 x	3.09 x	3.41 x	3.39 x	3.3 x
EV / EBITDA	12 x	9.94 x	10.9 x	7.88 x	7.56 x	8.5 x	8.33 x	8.05 x
EV / FCF	25.7 x	21.4 x	17 x	19.2 x	15.1 x	21.7 x	19.9 x	17.4 x
FCF Yield	3.89%	4.68%	5.87%	5.22%	6.63%	4.61%	5.01%	5.75%
Price to Book	2.68 x	2.28 x	2.86 x	2.48 x	2.63 x	3.37 x	3.59 x	3.73 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	105.7	105.7	105.7
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	29,805	30,405	30,974
EBITDA ¹	10,344	10,484	10,900	11,395	11,885	11,980	12,356	12,710
EBIT ¹	4,735	5,527	5,169	6,890	5,734	5,590	5,982	6,479
Operating Margin	16.81%	20.81%	19.3%	24.52%	19.71%	18.76%	19.67%	20.92%
Earnings before Tax (EBT) ¹	3,665	6,855	4,307	5,907	4,578	4,700	5,098	5,456
Net income ¹	10,937	7,408	4,306	5,574	3,735	3,742	4,038	4,282
Net margin	38.83%	27.9%	16.07%	19.83%	12.84%	12.55%	13.28%	13.82%
EPS ²	6.950	10.71	6.210	8.030	5.370	5.339	5.767	6.257
Free Cash Flow ¹	4,840	4,879	6,970	4,689	5,960	4,690	5,163	5,885
FCF margin	17.19%	18.37%	26.02%	16.69%	20.48%	15.74%	16.98%	19%
FCF Conversion (EBITDA)	46.79%	46.54%	63.94%	41.15%	50.15%	39.15%	41.78%	46.3%
FCF Conversion (Net income)	44.25%	65.86%	161.87%	84.12%	159.57%	125.34%	127.84%	137.44%
Dividend per Share ²	11.50	9.000	6.750	19.80	6.900	7.082	7.271	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	7,368	7,466	7,918	-	-
EBITDA ¹	2,690	2,798	2,790	2,974	2,833	2,853	2,882	3,150	2,999	2,928	2,912	3,142	3,034	-	-
EBIT ¹	1,266	2,949	1,228	1,436	1,278	1,264	1,243	1,554	1,485	1,250	1,366	1,597	1,384	-	-
Operating Margin	18.01%	43.73%	18.01%	20.27%	17.15%	18.03%	17.38%	21.43%	19.33%	17.48%	18.53%	21.39%	17.48%	-	-
Earnings before Tax (EBT) ¹	1,005	2,673	1,022	1,191	1,022	1,051	1,086	1,295	1,145	998	993.6	1,239	1,242	1,182	1,167
Net income ¹	953	2,474	847	994	1,258	849	888	1,063	936	833	898.8	1,104	819.4	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%	12.2%	14.79%	10.35%	-	-
EPS ²	1.370	3.570	1.220	1.430	1.810	1.220	1.280	1.530	1.340	1.200	1.242	1.533	1.434	1.369	1.351
Dividend per Share ²	6.750	-	-	-	6.800	-	3.400	-	3.500	-	3.450	-	3.450	-	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	28,637	29,814	29,127
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.979 x	2.792 x	2.723 x	2.73 x	2.521 x	2.39 x	2.413 x	2.292 x
Free Cash Flow ¹	4,840	4,879	6,970	4,689	5,960	4,690	5,163	5,885
ROE (net income / shareholders' equity)	8.4%	16%	13.5%	20.3%	16.1%	16.8%	20.1%	21.7%
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	71,981	68,994	68,734
Book Value Per Share ²	50.70	47.60	45.10	34.30	32.90	31.40	29.40	28.30
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	4,191	3,686
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

105.7 SEK

Average target price

103.3 SEK

Spread / Average Target

-2.30%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Wireless Telecom

	1st Jan change	Capi.
BHARTI AIRTEL LIMITED	+27.00%	9.16TCr
SOFTBANK CORP.	+8.92%	5.84TCr
CELLNEX TELECOM, S.A.	-2.41%	2.58TCr
ROGERS COMMUNICATIONS INC.	-11.58%	2.15TCr
VODAFONE IDEA LIMITED	-17.50%	1.05TCr
ETIHAD ETISALAT COMPANY	+4.38%	1.05TCr
DIGI.COM	-0.25%	1.01TCr
FAR EASTONE TELECOMMUNICATIONS CO., LTD.	+4.51%	929.4Cr
MTN GROUP LIMITED	-26.56%	831.72Cr

Wireless Telecom