Telia Co AB

Telia Company provides telecommunication services in the Nordic and Baltic countries, the markets of Eurasia, including Russia, Turkey and Spain. Co. has three business segments: Mobility Services, which comprises operations in Sweden, Finland, Norway, Denmark, Lithuania, Latvia, Estonia and Spain; Broadband Services, which comprises operations in Sweden, Finland, Denmark, Lithuania, Latvia (49.0%), Estonia and international carrier operations; and Eurasia, which comprises mobile operations in Kazakhstan, Azerbaijan, Uzbekistan, Tajikistan, Georgia, Moldova and Nepal. The business area also includes Co.'s shareholdings in OAO MegaFon, Russia and Turkcell Iletisim Hizmetleri A.S., Turkey.
  • TickerTLSN
  • ISINSE0000667925
  • ExchangeNasdaq Nordic Stockholm
  • SectorMobile Telecommunications
  • CountrySweden

Analysts

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Håkon Astrup
  • Jon Berggren
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Stefan Gauffin
  • Tomi Railo

Weak report across the board

Neil Macker

Morningstar | Telia Reports Mixed 2Q Results; Organic Growth Remains Challenging

Telia posted a mixed second quarter, as revenue came in slightly below consensus but EBITDA met expectations. The firm reported revenue growth of 2% year over year, driven entirely by acquisitions and foreign exchange. We are maintaining our SEK 40 fair value estimate and narrow moat rating. We believe the shares are fairly valued. Excluding foreign exchange and M&A, revenue declined 4%, due in part to ongoing weakness in the home market and other Nordic countries. Revenue in Sweden fell 5% to SEK 8.6 billion due to lower equipment sales and a 1% decline in service revenue. The fall in servic...

Neil Macker

Telia Reports Mixed 2Q Results; Organic Growth Remains Challenging

Telia posted a mixed second quarter, as revenue came in slightly below consensus but EBITDA met expectations. The firm reported revenue growth of 2% year over year, driven entirely by acquisitions and foreign exchange. We are maintaining our SEK 40 fair value estimate and narrow moat rating. We believe the shares are fairly valued. Excluding foreign exchange and M&A, revenue declined 4%, due in part to ongoing weakness in the home market and other Nordic countries. Revenue in Sweden fell 5% ...

Stefan Gauffin

Telia Company (Sell, TP: SEK39.00) - Downside risk on cash flow guidance

The Q2 results were in line with consensus expectations. With increasing addressable costs, especially in Sweden, we see downside risk to the guided 2019 cash flow of SEK12-12.5bn. We reiterate our SELL and SEK39 target price.

TELIA COMPANY AB sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of TELIA COMPANY AB (SE), a company active in the Mobile Telecommunications industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date July 12, 2019, the closing price was SEK 43.40 and its potential was estimated at SEK 45.57.

Telia Company AB: Update to Discussion of Key Credit Factors

CORPORATES CREDIT OPINION 5 June 2017 Update RATINGS Telia Company AB Domicile Sweden Long Term Rating Baa1 Type Senior Unsecured - Fgn Curr Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Carlos Winzer 34-91-768-8238 Senior Vice President [email protected] Iv

Telia Company AB - March 2017 (LTM): Peer SnapShot

Peer Snapshot: Telia  Company AB - March 2017 (LTM) 26 May 2017 (in US millions) FYE Dec-15 FYE Dec-16 LTM Mar-17 FYE Dec-15 FYE Dec-16 LTM Mar-17 FYE Dec-15 FYE Dec-16 LTM

Telia Company AB - December 2016 (LTM): Peer Snapshot

Peer Snapshot: Telia Company AB - December 2016 (LTM) 4 April 2017 (in US millions) FYE Dec-14 FYE Dec-15 LTM Dec-16 FYE Dec-14 FYE Dec-15 LTM Sep-16 FYE Dec-14 FYE Dec-15 LTM Dec-16

Neil Macker

Morningstar | Telia Reports Mixed 2Q Results; Organic Growth Remains Challenging

Telia posted a mixed second quarter, as revenue came in slightly below consensus but EBITDA met expectations. The firm reported revenue growth of 2% year over year, driven entirely by acquisitions and foreign exchange. We are maintaining our SEK 40 fair value estimate and narrow moat rating. We believe the shares are fairly valued. Excluding foreign exchange and M&A, revenue declined 4%, due in part to ongoing weakness in the home market and other Nordic countries. Revenue in Sweden fell 5% to SEK 8.6 billion due to lower equipment sales and a 1% decline in service revenue. The fall in servic...

Neil Macker

Telia Reports Mixed 2Q Results; Organic Growth Remains Challenging

Telia posted a mixed second quarter, as revenue came in slightly below consensus but EBITDA met expectations. The firm reported revenue growth of 2% year over year, driven entirely by acquisitions and foreign exchange. We are maintaining our SEK 40 fair value estimate and narrow moat rating. We believe the shares are fairly valued. Excluding foreign exchange and M&A, revenue declined 4%, due in part to ongoing weakness in the home market and other Nordic countries. Revenue in Sweden fell 5% ...

Stefan Gauffin

Telia Company (Sell, TP: SEK39.00) - Downside risk on cash flow guidance

The Q2 results were in line with consensus expectations. With increasing addressable costs, especially in Sweden, we see downside risk to the guided 2019 cash flow of SEK12-12.5bn. We reiterate our SELL and SEK39 target price.

Stefan Gauffin

Telia Company (Sell, TP: SEK39.00) - Trends improving but weak overall

Although we have included improved service revenue growth YOY and better EBITDA growth YOY over Q1, we still forecast around -2% service revenue growth and -2.8% EBITDA growth in Q2. Accordingly, we reiterate our SELL and SEK39 target price.

Neil Macker

Morningstar | Telia Growth Now Recentered on Sweden and Finland

With the Finnish government selling down its stake in the company, TeliaSonera has changed its name to Telia. After lapses in judgment in its dealings in Uzbekistan, which led to the resignation of much of its senior leadership, Telia has a new management team, which decided to exit from Eurasia. With the divestitures mostly complete, Sweden now accounts for about 44% of Telia's revenue. Sweden has been one of the best-performing markets in Europe, but it witnessed a slowdown in the past couple of years. The small and midsize enterprise market, and the fixed-line telephone business have partic...

1 director bought

A director at Telia Company Ab bought 10,000 shares at 41.360SEK and the significance rating of the trade was 59/100. 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 showing Close periods where trading activity is restricted under listing rules. The name...

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Håkon Astrup
  • Jon Berggren
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Stefan Gauffin
  • Tomi Railo

Weak report across the board

Håkon Astrup ...
  • Nicolas McBeath
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Stefan Gauffin

Northern Lights

Joachim Gunell ...
  • Mats Bye
  • Ole-Andreas Krohn
  • Patrik Ling
  • Stefan Gauffin

Northern Lights

Christoffer Wang Bjørnsen ...
  • Håkon Astrup
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Stefan Gauffin

Northern Lights

Håkon Astrup ...
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Stefan Gauffin

Northern Lights

TELIA COMPANY AB sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of TELIA COMPANY AB (SE), a company active in the Mobile Telecommunications industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date July 12, 2019, the closing price was SEK 43.40 and its potential was estimated at SEK 45.57.

TELIA COMPANY AB sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of TELIA COMPANY AB (FI), a company active in the Mobile Telecommunications industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date July 2, 2019, the closing price was EUR 3.97 and its potential was estimated at EUR 4.19.

Ng Adrian

Telia Company AB

Ng Adrian

Telia Company AB

Ng Adrian

Telia Company AB

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/UBS, key bank calls, Telia and Vodafone

UBS (UBS) highlighted yesterday that the first quarter of 2019 has been one of the worst in recent history for investment banking, lacking signs of any elements of positive seasonality. Moreover the bank indicated to expect its investment banking revenues to decline by about a third from a year ago. UBS is not likely to be the only one suffering from the poor market backdrop and we expect European banks across the board with similar activities to have faced the same market malaise resulting in higher likelihood of sluggish bank earnings again for 1Q.

ING
Hendrik Wiersma

Telia/Bonds fairly valued

Telia released 3Q18 numbers this morning. The company slightly increased its EBITDA guidance for the full year. Most Telia bonds now trade slightly inside Vodafone in maturities up to 10 years and therefore we view them as fairly valued. With the company's re-leveraging profile priced in, we don't see significant downside at this stage. The company's longer-dated bonds continue to trade expensively.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Casino and Telia

Casino (COFP) published its 3Q18 sales update yesterday after market close, which we view as a small negative for spreads. Total sales came in at €8,922m (Bloomberg consensus: €8.98bn) with LFL growth of 3.3%, only a minor uptick compared to the previous quarter (+3.2%) but stronger than the 2.2% LFL growth achieved in 3Q17. Reported sales fell 2.4% due to a currency headwind of 7.6%. France Retail generated LFL growth of 1.9%, a touch ahead of consensus of +1.6% with sales of €4.83bn in line. Growth accelerated most for Convenience/other, which saw LFL growth pick up from +0.7% in 2Q18 to +3....

ING
Hendrik Wiersma

Telia/Re-leveraging largely priced in

The intended acquisitions of Bonnier Broadcasting and TDC's Norwegian operations will increase Telia's net debt/EBITDA ratio by c.0.9x on a pro-forma basis. The company's shareholder remuneration commitments will put slight additional pressure on the company's credit metrics. However, with the phasing of the closing of the transactions and with no large scale M&A on the agenda we see limited downside potential for most of Telia's bonds with maturities up to 10 years and believe that the company's re-leveraging is largely priced in. The company's net debt/adjusted EBITDA ratio target of 2x, +/-...

ING
Hendrik Wiersma

Telia/Re-leveraging largely priced in

The intended acquisitions of Bonnier Broadcasting and TDC's Norwegian operations will increase Telia's net debt/EBITDA ratio by c.0.9x on a pro-forma basis. The company's shareholder remuneration commitments will put slight additional pressure on the company's credit metrics. However, with the phasing of the closing of the transactions and with no large scale M&A on the agenda we see limited downside potential for most of Telia's bonds with maturities up to 10 years and believe that the company's re-leveraging is largely priced in. The company's net debt/adjusted EBITDA ratio target of 2x, +/-...

Expert Corporate Governance Service (ECGS)

Telia Company April 10th, 2019

In general, Telia Company ("Telia") is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEMS 12.1-12.8, the (re-)election of the board of directors is proposed.  Under ITEM 12.2, the nomination committee proposed to newly appoint Mr. Rickard Gustafson as Member of the board of directors. In view of concerns over aggregate time commitments, ECGS recommends to vote OPPOSE. Under ITEM 12.3, the nomination committee proposes to re-appoint Mr. Olli-Pekka Kallasvuo as Member of the board of directors. ECGS is not in favour...

Telia Company – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global indexes approaching major resistance Broad global indexes are bumping up against logical downtrend resistance. As a result, our outlook remains cautious and our baseline expectation for continued downward pressure on global equities remains intact. At the same time, we are seeing signs that the worst of the declines may be behind us as global cyclical Sectors show RS improvements while defensive Sectors display early signs of RS deterioration. • Regional/Country Overview. The U.S., Europe, and Japan all remain in downtrends from a price perspective, though major resistance levels are...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Our outlook remains neutral - bordering on cautious - on the MSCI ACWI ex-U.S. index (local currency) on an absolute basis with horizontal support continuing to hold for now. Our concern stems from the recent pattern of lower highs and continued underperformance relative to MSCI ACWI - remain underweight... see chart below. • Bullish developments in Japan. We have been fairly downbeat recently on Japan given the TOPIX's descending triangle pattern and underperformance relative to the MSCI ACWI. However, both the TOPIX and Nikkei 225 now exhibit bullish price and RS inflections. Add exposure.....

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