REAL-TIME GLOBAL RESEARCH
Tele2 AB (TEL2b.ST) Model Update
Research evidence excerpt
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18 Aug 2026 11:32:24 ET │ 13 pages
Tele2 AB (TEL2b.ST)
Model Update
CITI'S TAKE
Neutral
Price (17 Aug 26 17:30)
SKr164.70
Target price
SKr170.00↓
from SKr185.00
Expected share price return
3.2%
Expected dividend yield
6.4%
Expected total return
9.6%
Market Cap
SKr114,499M
US$12,036M
We update our model to reflect the Q2 26 results. Our changes to
estimates are minimal, with FY26 revenue and adjusted EBITDAaL
forecasted flat and -0.3% lower than our previous estimates respectively.
Beyond FY26, our revenue forecasts do not change materially and our
adjusted EBITDAaL forecasts are up by 0.2% for FY27 and FY28. Our
Target Pirce moves to SEK 170 (from SEK 185) based on changes in our
WACC estimates (up to 7.1% from 6.6%, reflecting modestly higher yield
assumptions). We maintain our Neutral rating.
Pavan Daswani, CFAAC
Tele2 AB (SEK)
Year to 31 Dec
2024A
2025A
2026E
2027E
2028E
Sales (SKrM)
29,582.8
Net Income (SKrM)
3,834.0
29,890.0
30,365.1
31,107.0
31,954.5
4,579.4
10,454.0
5,581.7
Diluted EPS (SKr)
5,870.5
5.56
6.64
15.15
8.09
8.51
Diluted EPS (Old) (SKr)
5.56
6.64
15.36
8.12
8.54
PE (x)
29.6
24.8
10.9
20.4
19.4
EV/EBITDA (x)
13.6
12.6
11.8
11.3
11.0
DPS (SKr)
6.35
10.50
11.00
11.50
12.00
Net Div Yield (%)
3.9
6.4
6.7
7.0
7.3
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