Tele2 AB Class B

TEL2 B: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SEK 731.00	Lnrjdf	Fpdgbhbjb

Tele2 Earnings: Delivers Growth and on Track to Reach 2023 Guidance

Javier Correonero

Oct 18, 2023

Narrow-moat Tele2's results were positive, overall, as they have removed investors' concerns that the company would not reach its 2023 guidance. Last quarter Tele2 shares took a 10% hit as there were concerns the company would not achieve its guidance of low-single-digit growth in EBITDA after leases, following a 0.4% decline in the first quarter and flat growth in the second quarter. EBITDAal has grown by a healthy 2.9% in the third quarter, leaving Tele2 in a good position for the full year. We maintain our SEK 100 fair value estimate with shares being slightly undervalued and trading around SEK 85.

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