contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


telia-operator-business-performing-tv-and-media-weighs-down

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Joni Grönqvist

Telia Company operates in the telecom sector. The company delivers a range of services within voice, IP and capacity services, mainly through wholly owned international carrier networks. Customers are found among private players and corporate customers. The largest operations are found in the Nordic countries, the Baltics and Europe. The company was formed as a merger of Telia and Sonera. The head office is located in Solna.

Bank of America raised Telia’s target price to 46 SEK. Finally, things are happening.

Here is a fresh company report from Joni on Telia after Q3.  We reiterate our target price of SEK 35.0 and a Reduce recommendation for Telia’s share. Telia’s Q3 figures were in line with our expectations. A positive surprise was the slight increase in cash flow guidance. However, the big picture challenge in the coming years remains how to maintain good earnings growth once the effects of the extensive cost-saving program diminish. The share’s valuation (2025e P/E and EV/EBIT 17x and 15x) remains neutral, considering the challenging earnings growth in the coming years.                   Inderes              Telia Q3'25: Haetaan parempaa näkyvyyttä lähivuosien tuloskasvuun - Inderes    Telian Q3 oli lukujen osalta linjassa odotuksiimme, mutta positiivinen yllätys raportilla oli kassavirtaohjeistuksen pieni nosto.

Here are @Joni_Gronqvist’s quick comments on Telia’s Q3 results.  Telia’s Q3 report was in line with our expectations in terms of figures. Comparable revenue grew but was slightly below our forecasts. Earnings grew driven by cost savings, which was in line with our forecasts, but geographically there were significant differences. The company slightly raised its cash flow guidance for 2025, driven by lower investments.                   Inderes              Telia Q3’25 -pikakommentti: Luvut linjassa odotuksiin ja positiivinen...    Telian vertailukelpoinen liikevaihto kasvoi Q3:lla jääden kuitenkin hieman ennusteistamme. Myös yhtiön tulos kasvoi kulusäästöjen ajamana, mikä oli linjassa ennusteidemme kanssa.

Here are Joni’s pre-report thoughts as Telia releases its Q3 report on Thursday.  We estimate revenue to have grown slightly and profitability to have improved, driven by cost savings. Combined, we expect slightly slower earnings growth for Q3 compared to the full year. For the full year, we forecast the company’s operational performance to be at the very low end of its guidance. Additionally, we will be monitoring comments on how earnings growth could be maintained at a brisk pace next year as well, when the effects of the extensive cost-saving program diminish. https://www.inderes.fi/analyst-comments/telia-q3

Here are Joni Grönqvist’s comments from Telia’s pre-quiet period analyst call.  Telia organized an analyst call before the quiet period began. During the analyst call, the company went through group-level and geographical observations. In the big picture, Q3 will, as previously communicated, have slower earnings growth than the full year (5%). Market-wise, there were no major changes in trends compared to before. Below are observations related to Q3.                   Inderes              Telia analyytikkopuhelu: Q3:lla koko vuotta hitaampi tuloskasvu - Inderes    Isossa kuvassa Q3:lla tulee aiemmin kommunikoidun mukaisesti olemaan kokovuotta (5 %) hitaampi tuloskasvu. Markkinoittain ei ollut mitään suurempia muutoksia trendeissä aikaisempaan verrattuna.

Here is Joni’s drafted company report on Telia right after its Q2 report.  We raise Telia’s share target price to SEK 35.0 (previously SEK 34.0) reflecting forecast changes and reiterate our ‘reduce’ recommendation for the stock. Telia’s Q2 report was overall relatively well in line with our expectations. However, the focus was on the recent M&A news. We forecast the company to grow exactly in line with guidance, which is a good level compared to historical performance. The stock’s valuation (2025e P/E and EV/EBIT 16x and 15x) remains neutral, considering the already stretched earnings growth expectations.                   Inderes              Telia Q2'25: Yritysjärjestelyiden värittämät päivät - Inderes    Telian Q2-raportti oli kokonaisuudessaan suhteellisen hyvin linjassa odotuksiimme. Fokuksen vei kuitenkin viime päivien yritysjärjestelyuutiset.

That “open network” is a bit misleading, because in this case, the network is still owned by Telia, which leases it to other service providers. These providers, in turn, pay Telia rent for using the network if they get a customer to take their subscription. So, in practice, because of this rent, the prices of other service providers rise to such an extent that, from the customer’s perspective, the subscription is likely cheapest to get from Telia in the end.

Telia Company

Telia's Q2 was operationally good and in line with expectations, but the lower earnings lines missed expectations. As expected, the company reiterated its guidance, but commented that cash flow was at the lower end of the guidance range, leaving clear room for improvement in H2. The cash flow is not sufficient to cover the dividend, but the company is again prepared to stick to its dividend policy, which is not sustainable in the longer term. We anticipate that the expected return will mainly rely on the dividend (8%). The valuation picture for the stock (2023e P/E 19x and EV/EBIT 16x) is neutral and uncertainty around the cash flow guidance keeps us cautious. 

<p>Telia's Q2 was operationally good and in line with expectations, but the lower earnings lines missed expectations. As expected, the company reiterated its guidance, but commented that cash flow was at the lower end of the guidance range, leaving clear room for improvement in H2. The cash flow is not sufficient to cover the dividend, but the company is again prepared to stick to its dividend policy, which is not sustainable in the longer term. We anticipate that the expected return will mainly rely on the dividend (8%). The valuation picture for the stock (2023e P/E 19x and EV/EBIT 16x) is neutral and uncertainty around the cash flow guidance keeps us cautious. </p> 

	2022	23e	24e
Revenue	90,827.3	94,823.6	97,697.6
growth-%	2.8 %	4.4 %	3.0 %
EBIT (adj.)	11,310.3	10,919.2	12,180.6
EBIT-% (adj.)	12.5 %	11.5 %	12.5 %
EPS (adj.)	0.53	1.30	1.59
Dividend	2.00	2.00	2.05
Dividend %	7.5 %	5.3 %	5.5 %
P/E (adj.)	50.3	28.9	23.6
EV/EBITDA	6.3	7.9	7.7

Telia: Operator business is performing, TV and Media weighs down

Key Estimate Figures2023-07-20

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