Tele2 AB（TEL2b.ST）模型更新

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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