Company Valuation: Tele2

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 88,993 58,714 59,923 75,591 107,163 117,428 - -
Change - -34.02% 2.06% 26.15% 41.77% 9.58% - -
Enterprise Value (EV) 1 118,674 89,822 89,891 105,924 136,243 144,710 145,382 146,765
Change - -24.31% 0.08% 17.84% 28.62% 6.21% 0.46% 0.95%
P/E 20.8x 10.6x 16.1x 19.6x 23.5x 11.3x 20.5x 18.6x
PBR 2.86x 2.48x 2.63x 3.42x 4.81x 5.03x 5.39x 5.91x
PEG - 0.4x -0.5x 5.54x 1.3x 0x -0.5x 1.8x
Capitalization / Revenue 3.32x 2.09x 2.06x 2.56x 3.59x 3.87x 3.79x 3.72x
EV / Revenue 4.43x 3.2x 3.09x 3.58x 4.56x 4.77x 4.69x 4.65x
EV / EBITDA 10.9x 7.88x 7.56x 8.72x 10.2x 10.3x 9.99x 9.76x
EV / EBIT 23x 13x 15.7x 18.2x 20.6x 11.6x 18.3x 17.3x
EV / FCF 17x 19.2x 15.1x 18.2x 17.8x 14.3x 16.4x 16x
FCF Yield 5.87% 5.22% 6.63% 5.48% 5.61% 7.02% 6.11% 6.25%
Dividend per Share 2 6.75 19.8 6.9 6.35 10.5 11.22 11.28 12.57
Rate of return 5.23% 23.3% 7.97% 5.81% 6.79% 6.64% 6.67% 7.44%
EPS 2 6.21 8.03 5.37 5.56 6.58 15.01 8.252 9.086
Distribution rate 109% 247% 128% 114% 160% 74.8% 137% 138%
Net sales 1 26,789 28,102 29,099 29,583 29,890 30,346 30,984 31,584
EBITDA 1 10,900 11,395 11,885 12,149 13,397 14,038 14,553 15,044
EBIT 1 5,169 6,890 5,734 5,817 6,615 12,514 7,933 8,473
Net income 1 4,306 5,574 3,735 3,870 4,587 10,417 5,648 6,083
Net Debt 1 29,681 31,108 29,968 30,333 29,080 27,282 27,954 29,337
Reference price 2 129.10 85.10 86.54 109.25 154.55 169.05 169.05 169.05
Nbr of stocks (in thousands) 688,651 689,909 691,633 691,933 693,390 694,578 - -
Announcement Date 2/1/22 1/31/23 1/30/24 1/28/25 1/28/26 - - -
1SEK in Million2SEK
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
29.21x5.29x9.26x1.75% 123B
19.78x2.17x8.32x3.71% 72.16B
12.48x1.78x3.79x2.91% 22.57B
32.1x3.03x6.85x3.96% 19.77B
-213.16x8.61x10.74x3.17% 19.68B
-8.45x6.74x15.05x-.--% 16.05B
13.86x2.71x7.05x4.71% 13.55B
11.26x4.77x10.31x6.64% 12.24B
13.61x3.55x6.6x6.14% 12.07B
Average -9.92x 4.29x 8.66x 3.67% 34.57B
Weighted average by Cap. 6.74x 4.25x 8.73x 2.92%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield