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

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...

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

Northern Lights

Stefan Gauffin

Telia Company (Sell, TP: SEK40.00) - Cost savings already discounted

Ahead of Telia’s CMD on 26 March, we have looked at cost savings already accounted for by consensus. We see the consensus assumptions as not unreasonable, but tough to accomplish. Following the strong share price performance, while we maintain our SEK40 target price, we have downgraded Telia to SELL (HOLD).

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.

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 March 15, 2019, the closing price was EUR 4.05 and its potential was estimated at EUR 4.35.

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

Stefan Gauffin

Telia Company (Sell, TP: SEK40.00) - Cost savings already discounted

Ahead of Telia’s CMD on 26 March, we have looked at cost savings already accounted for by consensus. We see the consensus assumptions as not unreasonable, but tough to accomplish. Following the strong share price performance, while we maintain our SEK40 target price, we have downgraded Telia to SELL (HOLD).

Allan C. Nichols

Morningstar | Maintaining Telia’s SEK 40 FVE After Finalizing Model, Despite Weak Q4 Results; Shares Fairly Valued

Telia reported fourth-quarter revenue and EBITDA margin below our expectations but did generate strong free cash flow. While the weakness is concerning, we are maintaining our SEK 40 fair value estimate after reviewing our model. Our narrow moat rating is intact, and we believe the shares are fairly valued. The firm reported revenue grew 4.9% year over year in the quarter, but this was all currency driven. On an organic basis, revenue declined 2.9%. This caused full-year revenue growth of 4.7% to fall well short of our 7.3% projection. Most of the revenue shortfall came from weak fixed-line t...

Allan C. Nichols

Morningstar | Maintaining Telia’s SEK 40 FVE After Finalizing Model, Despite Weak Q4 Results; Shares Fairly Valued. See Updated Analyst Note from 29 Jan 2019

Telia reported fourth-quarter revenue and EBITDA margin below our expectations but did generate strong free cash flow. While the weakness is concerning, we are maintaining our SEK 40 fair value estimate after reviewing our model. Our narrow moat rating is intact, and we believe the shares are fairly valued. The firm reported revenue grew 4.9% year over year in the quarter, but this was all currency driven. On an organic basis, revenue declined 2.9%. This caused full-year revenue growth of 4.7% to fall well short of our 7.3% projection. Most of the revenue shortfall came from weak fixed-line t...

Allan C. Nichols

Maintaining Telia’s SEK 40 FVE After Finalizing Model, Despite Weak Q4 Results; Shares Fairly Valued

Telia reported fourth-quarter revenue and EBITDA margin below our expectations but did generate strong free cash flow. While the weakness is concerning, we are maintaining our SEK 40 fair value estimate after reviewing our model. Our narrow moat rating is intact, and we believe the shares are fairly valued. The firm reported revenue grew 4.9% year over year in the quarter, but this was all currency driven. On an organic basis, revenue declined 2.9%. This caused full-year revenue growth of 4.7% t...

Allan C. Nichols

Morningstar | Telia Reports Weak 4Q Revenue and EBITDA Margin but Strong Free Cash Flow; Shares Fairly Valued

Telia reported fourth-quarter revenue and EBITDA margin below our expectations but strong free cash flow. While the weakness provides some concerns, we don’t expect to make any significant changes to our SEK 40 fair value estimate. Our narrow moat rating is intact, and we believe the shares are fairly valued. The firm reported revenue grew 4.9% year over year in the quarter, but this was all currency driven. On an organic basis, revenue declined 2.9%. This brought full-year revenue growth to 4.7% versus our projection of 7.3%. Most of the revenue shortfall came from weak fixed-line telephone ...

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...

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

Frank Maaø ...
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin

Northern Lights

Jon Masdal ...
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Nicolai Farstad Olsen
  • 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 (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 March 15, 2019, the closing price was EUR 4.05 and its potential was estimated at EUR 4.35.

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 March 12, 2019, the closing price was SEK 41.72 and its potential was estimated at SEK 44.65.

Ng Adrian

Telia Company AB

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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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