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Tele2 Results Broadly In Line As Leverage Drops Below Target

COMMUNICATIONS

TELBSS; NR/BBB


  • Doesn’t look like a spread mover but results look slightly credit positive with leverage dropping below target and in line with the stable nature of the credit.

  • Revenue +1.5% YoY (-1.2% vs. company consensus) o/w end-user service revenue was +4.2% YoY (+0.4% vs. consensus). Underlying EBITDAal +2.9% (-0.3% vs. consensus). Swedish results look in line with broader group results.
  • Credit metrics steady; EBITDAal leverage now below target the 2.5-3x target at 2.4x from 2.5x at FY23. CapEx remains elevated at SEK 1bn from SEK 0.9bn in Q223 (and SEK 0.9bn consensus) though headline eFCF flat YoY at SEK 1.2bn albeit with cash balance SEK 0.7bn lower from FY23 at SEK 1bn.
  • FY/MT guidance unchanged.
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