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Telia Company operates in the telecom sector. The company delivers a range of services within voice, IP and capacity services, mainly through wholly owned international carrier networks. Customers are found among private players and corporate customers. The largest operations are found in the Nordic countries, the Baltics and Europe. The company was formed as a merger of Telia and Sonera. The head office is located in Solna.
In the big picture, confidence in earnings growth and particularly in cash flow has improved over the past couple of years, which at the same time has lowered the company's risk level. However, the trajectory of earnings growth is challenging to maintain for longer, and thus, in our view, the valuation picture is tight.
Telias Q3-regnskabsmeddelelse overgik vores forventninger takket være bred baseret vækst i serviceomsætningen og god omkostningsstyring. Selskabet opjusterede sin EBITDA-forventning og frie pengestrøm for indeværende år en smule, hvilket afspejler en operationel momentum, der er stærkere end ventet.
I regnskabsmeddelelsen hæfter vi os særligt ved udviklingen på turnaround-markederne (Norge og Finland), stabiliseringen af pengestrømmen samt selskabets nyligt offentliggjorte effektiviseringsprogram.
Efter vores opfattelse er de netop annoncerede tiltag i overensstemmelse med selskabets tidligere udmeldinger. Telia har tidligere oplyst, at det sigter mod at understøtte sin rentabilitet med årlige effektiviseringstiltag på cirka en milliard kroner.
Samlet set en god og markedsmæssigt forventet regnskabsmeddelelse, men efter vores investeringsbetragtning handles den gode udvikling og indtjeningsvækst allerede ind i aktien.
Vi forventer, at omsætningen og indtjeningen er vokset moderat. Derudover forventer vi, at guidance gentages, og vi følger udviklingen på turnaround-markederne.
In the big picture, confidence in earnings growth and particularly in cash flow has improved over a little more than the past year. However, the slope of earnings growth is insufficient to turn the valuation positive, as the valuation picture is very tight.
Den sammenlignelige omsætning voksede en smule. Den justerede EBITDA voksede i overensstemmelse med forventningerne, men engangsposterne var lidt højere end forventet.
