Telia Company AB (SE:TELIA)
:TELIA
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Telia Company AB
(TELIA)
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Rating:67Neutral
Price Target:
kr55.00
▲(18.89% Upside)
Action:Reiterated
Date:05/25/26
The score is driven primarily by resilient cash generation and improving profitability, supported by strong technical momentum. These positives are tempered by continued revenue contraction, meaningful leverage, and a relatively high P/E despite a supportive dividend yield.
Positive Factors
Strong cash generation
Consistent, sizable operating cash flow and healthy free cash flow provide durable funding for network investment, dividends, and debt service. Stable cash generation reduces refinancing risk and supports strategic flexibility across 2–6 months even if top-line growth is weak.
Negative Factors
Sustained revenue contraction
Material and persistent top-line decline pressures unit economics and limits margin expansion opportunities. Prolonged revenue shrinkage constrains reinvestment, makes margin maintenance harder, and raises execution risk for medium-term growth initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistent, sizable operating cash flow and healthy free cash flow provide durable funding for network investment, dividends, and debt service. Stable cash generation reduces refinancing risk and supports strategic flexibility across 2–6 months even if top-line growth is weak.
Read all positive factors
Telia Company AB (TELIA) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr185.01B
Dividend Yield5.14%
Average Volume (3M)6.10M
Price to Earnings (P/E)40.6
Beta (1Y)0.12
Revenue Growth-7.93%
EPS Growth-33.52%
CountrySE
Employees15,040
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)1.18
Shares Outstanding3,932,109,400
10 Day Avg. Volume4,937,340
30 Day Avg. Volume6,099,907
Financial Highlights & Ratios
PEG Ratio-0.88
Price to Book (P/B)3.03
Price to Sales (P/S)1.91
P/FCF Ratio12.27
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr45.32Price Target Upside-2.03% Downside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)2.25
Revenue Forecast (FY)kr83.16B
Telia Company AB Business Overview & Revenue Model
Company Description
Telia Company AB (publ) provides communication services in Sweden, Finland, Norway, Denmark, Lithuania, Estonia, and Latvia. The company offers mobile, broadband, television, and fixed-line services to businesses, individuals, families, and commun...
How the Company Makes Money
Telia makes money primarily by charging recurring service fees for telecommunications connectivity and related digital services. Its largest revenue stream is typically connectivity services to consumers, including mobile subscriptions (voice, SMS...
Telia Company AB Earnings Call Summary
Earnings Call Date:Jan 29, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 17, 2026
Earnings Call Sentiment Positive
The call conveyed clear operational and financial progress: free cash flow materially exceeded prior guidance, cost and CapEx discipline delivered, Sweden and the Baltics showed strong growth and network leadership, and the balance sheet strengthened (leverage ~1.93x). Offsetting these positives were meaningful near-term challenges in Finland (weak service revenue and EBITDA, increased competition and churn) and continued profitability pressure in Norway partly driven by a legacy contract (ICE). Management gave cautious but constructive guidance for 2026 (service revenue ~2%, EBITDA ~3%) and set out a path to at least SEK 10 billion free cash flow by 2027. Overall, the highlights—especially the cash generation, margin improvement, cost control and strong Sweden/Baltics performance—outweigh the country-specific lowlights, though execution in Finland and Norway remains important to achieve midterm targets.Positive Updates
Strong Free Cash Flow Outperformance
Full-year 2025 free cash flow (normalized spectrum CapEx) of SEK 9.6 billion, significantly above the upgraded outlook of around SEK 8 billion and well ahead of the initial ~SEK 7.5 billion. Reported free cash flow was SEK 9.3 billion after an SEK 800 million payment and FX headwind (>SEK 300 million). Q4 working capital improvements drove a strong finish.
Negative Updates
Finland: Weak Top-line and EBITDA in Q4
Finland service revenue decreased ~3% in Q4 and EBITDA declined ~6% in the quarter. Drivers included a weak enterprise market, higher marketing spend, ramp-down of noncore businesses and lumpy timing of large non-connectivity enterprise projects (strong last year, lower this year).
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Free Cash Flow Outperformance
Full-year 2025 free cash flow (normalized spectrum CapEx) of SEK 9.6 billion, significantly above the upgraded outlook of around SEK 8 billion and well ahead of the initial ~SEK 7.5 billion. Reported free cash flow was SEK 9.3 billion after an SEK 800 million payment and FX headwind (>SEK 300 million). Q4 working capital improvements drove a strong finish.
Read all positive updates
Company Guidance
Management guided 2026 for service revenue growth of around 2% and EBITDA growth of around 3% (roughly +SEK 1bn in absolute EBITDA), with CapEx expected below SEK 13 billion and group free cash flow of around SEK 9 billion (on a path to at least SEK 10 billion in 2027). This guidance builds on 2025 results (service revenue +1.5% full year; Q4 service revenue +2.1%; EBITDA +5.2% in 2025 and Q4 EBITDA +3.7%), CapEx SEK 12.8bn, normalized free cash flow SEK 9.6bn (reported SEK 9.3bn after SEK 800m spectrum payment and >SEK 300m FX headwind), EBITDA–CapEx SEK 19bn (12‑month), cash conversion 60% (up from 57%), and leverage 1.93x; management also flagged no significant net working‑capital contribution expected in 2026, a more back‑end‑loaded FCF profile (c.30/70 H1/H2), continued OpEx discipline (Q4 OpEx −4.1%; OpEx/SR 31.9%, −200bp), and further cost actions including a targeted net reduction of ≥450 positions.Telia Company AB Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
54
Neutral
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 80.92B | 80.98B | 89.13B | 88.78B | 90.83B | 88.34B |
| Gross Profit | 42.52B | 19.72B | 55.65B | 40.22B | 30.88B | 30.03B |
| EBITDA | 30.94B | 32.00B | 35.11B | 29.53B | 14.02B | 40.15B |
| Net Income | 4.68B | 3.49B | 7.08B | 303.00M | -14.16B | 11.68B |
Balance Sheet | ||||||
| Total Assets | 194.09B | 189.25B | 204.27B | 226.47B | 222.79B | 237.03B |
| Cash, Cash Equivalents and Short-Term Investments | 10.22B | 11.89B | 10.93B | 19.85B | 9.18B | 20.45B |
| Total Debt | 85.72B | 83.27B | 94.38B | 112.57B | 53.72B | 40.58B |
| Total Liabilities | 135.57B | 134.43B | 144.91B | 169.47B | 155.12B | 153.48B |
| Stockholders Equity | 54.73B | 51.07B | 55.44B | 53.47B | 64.24B | 80.73B |
Cash Flow | ||||||
| Free Cash Flow | 13.20B | 12.62B | 7.31B | 9.21B | 8.09B | 11.73B |
| Operating Cash Flow | 27.79B | 27.60B | 21.20B | 24.67B | 24.00B | 27.38B |
| Investing Cash Flow | -9.75B | -7.15B | 4.11B | -22.06B | -9.94B | -10.91B |
| Financing Cash Flow | -16.78B | -18.80B | -27.34B | 2.65B | -21.78B | -10.60B |
Telia Company AB Technical Analysis
Neutral
46.26
Price Trends
48.32
Negative
45.76
Positive
40.77
Positive
Market Momentum
0.23
Positive
42.55
Neutral
26.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:TELIA, the sentiment is Neutral. The current price of 46.26 is below the 20-day moving average (MA) of 49.58, below the 50-day MA of 48.32, and above the 200-day MA of 40.77, indicating a neutral trend. The MACD of 0.23 indicates Positive momentum. The RSI at 42.55 is Neutral, neither overbought nor oversold. The STOCH value of 26.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:TELIA.
Telia Company AB Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | kr185.01B | 40.56 | 10.93% | 5.14% | -7.93% | -33.52% | |
67 Neutral | kr121.05B | 11.97 | 21.35% | 4.15% | 1.36% | 158.44% | |
67 Neutral | kr31.38B | 82.58 | 0.88% | ― | -8.44% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
60 Neutral | kr7.07B | -2,555.30 | -3.84% | ― | 24.86% | 83.20% | |
60 Neutral | kr12.46B | 56.00 | 21.88% | 0.87% | -0.03% | -25.45% |
* Communication Services Sector Average
SE:TELIA
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37.64%
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Telia Company AB Corporate Events
Telia Company Launches Share Buyback to Fund Long-Term Incentive Plan
May 4, 2026
Telia Company’s board has decided to exercise its AGM-approved mandate to repurchase shares in order to meet obligations under its Long Term Incentive Program 2023/2026. The company plans to buy back up to 2,297,938 shares on Nasdaq Stockhol...
Telia Starts 2026 with Higher Earnings, Strong Cash Flow and Nordic Network Moves
Apr 24, 2026
Telia Company reported first-quarter 2026 revenue of SEK 20.0 billion, with like-for-like service revenue up 2.1% driven mainly by Sweden and Lithuania. Adjusted EBITDA rose 4.0% on broad-based service growth and lower operating costs, while net i...
Telia Company Sets Date for Q1 2026 Results and Investor Call
Apr 10, 2026
Telia Company has scheduled the release of its first-quarter 2026 financial results for April 24, with publication set for early morning Central European Time. The operator will follow the announcement with an English-language webcast and conferen...
Telia AGM Confirms Dividend, Board Mandates and New Share Buyback Authority
Apr 9, 2026
Telia Company AB’s 2026 Annual General Meeting approved the 2025 financial statements and set a total dividend of SEK 2.05 per share, to be paid in four instalments, reaffirming its capital return policy to shareholders. The meeting also gra...
Telia Company Sets April Date and Agenda for 2026 Annual General Meeting
Mar 3, 2026
Telia Company has called its 2026 Annual General Meeting for April 9 at its Solna head office, offering shareholders the choice to participate in person, by proxy, or through postal and electronic voting in line with its articles of association. S...
Telia Lifts Stake in Finnish Fiber Leader Valokuitunen to 49%
Mar 2, 2026
Telia Company AB has agreed to raise its stake in Finnish fiber-to-the-home market leader Valokuitunen from 40% to 49%, paying an expected cash consideration of about EUR 30 million, with completion targeted for the second quarter of 2026. Valokui...
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.