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Tele2 Revenue, EBITDAal In Line And Guidance COnfirmed; Leverage Falls Below Target

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  • Q1 revenue and EBITDAal both in line with consensus at over +2% YoY each. Equity may be disappointed by EPS from continuing ops of SEK 1.16 against BBG consensus of SEK 1.29.
  • Credit metrics look stable with EBITDAal leverage falling from 2.5x to 2.3x, now below the 2.5x-3x target. OFCF was SEK 1.5bn vs. SEK 1.4bn last year while Equity FCF was EUR 1.3bn vs. 1.1bn. CapEx before spectrum was in line at -4.7% YoY; Capex to sales was 14% (vs. 14% in FY23).
  • FY/MT guidance unchanged. EUR spreads muted.

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