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Analyse

Telia: Not setting sail just yet

Af Joni GrönqvistAnalytiker
Telia Company
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Operationally, Telia's Q4 was slightly softer than expected. Operational guidance was in line with our expectations but left some downward pressure on market expectations for EBITDA. In addition, the cash flow guidance was broad and cash flow will have to fall at the upper end of the guidance for a sustainable dividend payment. We made only minor revisions to our estimates and believe that that expected return will mainly be driven by the dividend (8%). The valuation picture for the stock (2023e P/E 17x and EV/EBIT 16x) still argues for caution, especially given the uncertainty. In addition, there are better risk/return ratios available on the stock market.

Telia Company

26,71SEK26.01.2023, 18.00
29SEKKursmål
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Ændret fra:Reducer
Anbefaling opdateret:26.01.2023

Telia Company is active in the telecom sector. The company delivers a wide range of services within voice, IP and capacity services, mainly through wholly-owned international carrier networks. The customers are found among private customers and corporate customers. Most of the business is done in the Nordic countries, the Baltics, and Europe. The company was formed by a merger of Telia and Sonera. The head office is located in Solna.

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Key Estimate Figures26.01.2023

202223e24e
Omsætning90.827,393.084,295.480,3
vækst-%2,8 %2,5 %2,6 %
EBIT (adj.)11.310,311.931,412.575,5
EBIT-% (adj.)12,5 %12,8 %13,2 %
EPS (adj.)0,531,621,81
Udbytte2,002,002,05
Udbytte %7,5 %5,6 %5,8 %
P/E (adj.)50,322,019,7
EV/EBITDA6,37,47,4
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