Tele2 AB (SE:TEL2.B)
:TEL2.B
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Tele2 AB
(TEL2.B)
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Rating:67Neutral
Price Target:
kr206.00
▲(9.90% Upside)
Action:ReiteratedDate:04/23/26
The score is driven primarily by strong recent financial performance (accelerating revenue growth and solid margins) tempered by moderate leverage and uneven cash flow quality. Technical indicators are neutral-to-soft, and valuation is reasonable but not cheap given the ~23x P/E, partly offset by a ~3.3% dividend yield.
Positive Factors
Strong revenue growth and margins
Sustained ~31% TTM revenue growth alongside high gross/EBITDA/EBIT margins indicates Tele2's core services scale efficiently. Durable margin structure supports reinvestment, competitive pricing flexibility and resilience to cost shocks, underpinning multi-quarter earnings durability and reinvestment capacity.
Negative Factors
Meaningful balance sheet leverage
A debt-to-equity ratio around 1.3 represents material leverage for a telecom operator, limiting capital flexibility. In adverse conditions higher interest or refinancing needs could constrain investment, dividend policy or M&A capacity and heighten downside risk over 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth and margins
Sustained ~31% TTM revenue growth alongside high gross/EBITDA/EBIT margins indicates Tele2's core services scale efficiently. Durable margin structure supports reinvestment, competitive pricing flexibility and resilience to cost shocks, underpinning multi-quarter earnings durability and reinvestment capacity.
Read all positive factors
Tele2 AB (TEL2.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr130.77B
Dividend Yield4.15%
Average Volume (3M)1.84M
Price to Earnings (P/E)5.3
Beta (1Y)0.20
Revenue Growth1.36%
EPS Growth158.44%
CountrySE
Employees4,135
SectorGeneral
Sector StrengthN/A
IndustryTelecommunications Services
Share Statistics
EPS (TTM)9.16
Shares Outstanding685,344,200
10 Day Avg. Volume1,358,044
30 Day Avg. Volume1,840,046
Financial Highlights & Ratios
PEG Ratio1.20
Price to Book (P/B)4.81
Price to Sales (P/S)3.58
P/FCF Ratio14.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr196.25Price Target Upside4.69% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)11.64
Revenue Forecast (FY)kr30.31B
Tele2 AB Business Overview & Revenue Model
Company Description
Tele2 AB (publ), a telecom operator, provides fixed and mobile connectivity and entertainment services in Sweden, Lithuania, Latvia, and Estonia. The company offers mobile telephony and data, fixed broadband, fixed telephony, switch and contact ce...
How the Company Makes Money
Tele2 makes money mainly by selling recurring subscription-based telecommunications services and related connectivity products. Its largest revenue stream is typically service revenue from mobile customers (consumer and enterprise), generated thro...
Tele2 AB Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
64
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 29.98B | 29.89B | 29.58B | 29.10B | 28.10B | 26.79B |
| Gross Profit | 13.05B | 13.00B | 12.73B | 11.81B | 11.22B | 10.92B |
| EBITDA | 18.46B | 12.85B | 11.89B | 11.79B | 11.02B | 10.72B |
| Net Income | 10.10B | 4.59B | 3.87B | 3.73B | 5.57B | 4.31B |
Balance Sheet | ||||||
| Total Assets | 69.93B | 62.88B | 64.44B | 66.06B | 67.66B | 74.25B |
| Cash, Cash Equivalents and Short-Term Investments | 5.44B | 305.00M | 191.00M | 1.63B | 1.14B | 837.00M |
| Total Debt | 30.34B | 29.12B | 30.67B | 31.78B | 32.45B | 30.81B |
| Total Liabilities | 41.14B | 40.61B | 42.34B | 43.28B | 43.97B | 43.11B |
| Stockholders Equity | 28.78B | 22.27B | 22.10B | 22.78B | 23.68B | 31.14B |
Cash Flow | ||||||
| Free Cash Flow | 7.84B | 7.63B | 5.81B | 5.96B | 4.67B | 6.97B |
| Operating Cash Flow | 11.54B | 11.34B | 9.78B | 10.01B | 8.25B | 10.30B |
| Investing Cash Flow | 987.00M | -3.67B | -4.00B | -3.93B | 5.26B | -3.02B |
| Financing Cash Flow | -8.84B | -7.72B | -7.10B | -5.59B | -13.64B | -7.26B |
Tele2 AB Technical Analysis
Neutral
187.45
Price Trends
189.86
Negative
171.72
Positive
162.16
Positive
Market Momentum
1.01
Positive
41.60
Neutral
21.45
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:TEL2.B, the sentiment is Neutral. The current price of 187.45 is below the 20-day moving average (MA) of 192.28, below the 50-day MA of 189.86, and above the 200-day MA of 162.16, indicating a neutral trend. The MACD of 1.01 indicates Positive momentum. The RSI at 41.60 is Neutral, neither overbought nor oversold. The STOCH value of 21.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:TEL2.B.
Tele2 AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | kr348.35B | 99.75 | 26.04% | 3.18% | -7.45% | 1465.25% | |
70 Outperform | kr6.48B | 21.63 | -1.33% | ― | 152.09% | ― | |
67 Neutral | kr130.77B | 5.29 | 21.35% | 4.15% | 1.36% | 158.44% | |
67 Neutral | kr184.28B | 28.50 | 10.93% | 5.14% | -7.93% | -33.52% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | kr21.51B | 121.04 | 0.88% | ― | -5.68% | ― |
* General Sector Average
SE:TEL2.B
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186.40
51.97
38.66%
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Tele2 AB Corporate Events
Tele2 boosts profits and cash flow on Baltic tower deal and strong Q1
Apr 22, 2026
Tele2 reported a solid start to 2026, with end‑user service revenue up 3% organically to SEK 5.5 billion and total revenue rising 3% to SEK 7.2 billion, driven by growth across all operations. Underlying EBITDAaL increased 11% organically to...
Tele2 Sets 2026 AGM to Decide on Governance, Incentives and Capital Mandates
Apr 8, 2026
Tele2 AB has called its 2026 Annual General Meeting for 18 May in Stockholm, offering shareholders the option to attend in person or vote in advance by post or electronically, provided they are registered with Euroclear Sweden by 7 May and give no...
Tele2 Board Set for Refresh as Nomination Committee Proposes Two New Directors
Apr 2, 2026
Tele2’s Nomination Committee has proposed a refreshed Board line-up ahead of the 2026 Annual General Meeting, recommending the election of JobandTalent CFO Linda Höglund and iliad Group CFO Thomas Kienzi as new directors. The committee ...
Tele2 flags sharper, leaner operations and stronger sustainability in 2025 report
Apr 1, 2026
Tele2’s 2025 Annual Sustainability Report frames the year as a turning point in which the group simplified its operations, cut complexity and instilled tighter discipline to become faster and leaner. Management highlights that these changes...
Tele2 sets date for first-quarter 2026 results and investor presentation
Mar 31, 2026
Tele2 AB will release its financial results for the first quarter of 2026 on 22 April, with the figures scheduled to be published early in the morning Central European time. The results will be presented later that morning via an English-language ...
Tele2 Boosts Share Capital to Support Executive Incentive Programs
Mar 31, 2026
Tele2 AB has expanded its share capital and voting rights by issuing and immediately repurchasing 1,500,000 class C shares, lifting the total share count to 697,721,597 and total votes to 785,718,269. Excluding treasury holdings, the effective vot...
Tele2 Issues and Repurchases Class C Shares for Executive Incentive Program
Mar 18, 2026
Tele2 AB has issued and immediately repurchased 1.5 million new class C shares at SEK 1.25 per share, in line with its retention and performance-based incentive programs for senior executives and key employees. The C shares, which carry no dividen...
Tele2 and GCI Launch First Pan-Baltic Tower Company in Asset-Light Shift
Feb 27, 2026
Tele2 AB has completed the separation of its telecom infrastructure assets to form Baltic Tower Company UAB with Global Communications Infrastructure, creating the first pan-Baltic tower operator. Based in Lithuania, the new entity will own around...
Tele2 Adjusts Voting Structure After Conversion of Class A Shares
Feb 27, 2026
Tele2 AB has adjusted its share capital structure following the conversion of 5,994 class A shares, each carrying ten votes, into class B shares with one vote each at the request of their owners. After the reclassification, the company’s tot...
Tele2 lifts dividend after 42% cash-flow surge on cost cuts and 5G push
Jan 28, 2026
Tele2 reported solid fourth-quarter and full-year 2025 results, with end-user service revenue up 2% organically for the year and underlying EBITDAaL rising 11%, supported by sharp cost control, contract renegotiations and a workforce reduction of ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.