Tele2 AB Class B

TEL2 B: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SEK 289.00	Vjlfw	Fnclgqbzf

Tele2 Delivers in 2022 and Raises Dividend Slightly; Baltics Continue to Grow Strongly

Javier Correonero

Jan 31, 2023

We are pleased with Tele2's fourth-quarter results, which showed healthy 3% organic growth in service revenue and EBITDA (after leases) thanks to the stability of the Swedish market and very strong performance in the Baltics. The ordinary dividend for fiscal 2022 was raised to SEK 6.80 per share compared with SEK 6.75 last year. Tele2 remains one of our favorite stocks in the European telecommunication sector thanks to its cost controls, right capital allocation decisions, and exposure to healthy markets. We maintain our SEK 115 fair value estimate.

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