Telia Company

In the big picture, confidence in earnings growth and particularly in cash flow has improved over a little more than the past year. However, the slope of earnings growth is insufficient to turn the valuation positive, as the valuation picture is very tight.

Den jämförbara omsättningen ökade något. Justerad EBITDA ökade i linje med förväntningarna, men engångsposterna var något högre än väntat.

Our estimates particularly emphasize the strong momentum in the Swedish and Baltic businesses, and we are looking for signs of a gradual turnaround in the Finnish and Norwegian markets.