Company Valuation: Tele2 AB

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 75,591 107,163 117,041 - -
Change - -34.02% 2.06% 26.15% 41.77% 9.22% - -
Enterprise Value (EV) 1 118,674 89,822 89,891 105,924 136,243 144,324 144,995 146,379
Change - -24.31% 0.08% 17.84% 28.62% 5.93% 0.47% 0.95%
P/E 20.8x 10.6x 16.1x 19.6x 23.5x 11.2x 20.4x 18.5x
PBR 2.86x 2.48x 2.63x 3.42x 4.81x 5.01x 5.37x 5.89x
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 3.86x 3.78x 3.71x
EV / Revenue 4.43x 3.2x 3.09x 3.58x 4.56x 4.76x 4.68x 4.64x
EV / EBITDA 10.9x 7.88x 7.56x 8.72x 10.2x 10.3x 9.98x 9.75x
EV / EBIT 23x 13x 15.7x 18.2x 20.6x 11.5x 18.3x 17.3x
EV / FCF 17x 19.2x 15.1x 18.2x 17.8x 14.2x 16.3x 16x
FCF Yield 5.87% 5.22% 6.63% 5.48% 5.61% 7.04% 6.13% 6.26%
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% 6.66% 6.7% 7.46%
EPS 2 6.21 8.03 5.37 5.56 6.58 15.01 8.25 9.084
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 30,982 31,580
EBITDA 1 10,900 11,395 11,885 12,149 13,397 14,017 14,524 15,013
EBIT 1 5,169 6,890 5,734 5,817 6,615 12,514 7,932 8,470
Net income 1 4,306 5,574 3,735 3,870 4,587 10,416 5,647 6,080
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 86.54 109.25 154.55 168.50 168.50 168.50
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.($)
11.23x4.76x10.3x6.66% 11.87B
29.12x5.27x9.23x1.76% 121B
19.97x2.22x8.45x3.61% 75.73B
13.84x1.78x3.8x3.1% 22.02B
31.23x2.99x6.76x4.07% 18.96B
-220.89x8.55x10.62x3.25% 19.02B
-8.2x6.86x15.37x-.--% 15.72B
13.42x2.64x6.86x4.86% 13.2B
25.78x3.52x10.5x3.97% 12.12B
12.29x3.23x6.01x6.79% 10.92B
Average -7.22x 4.18x 8.79x 3.81% 32.08B
Weighted average by Cap. 7.38x 4.19x 8.79x 2.99%

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

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