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 75,591 107,163 116,640 - -
Change - -34.02% 2.06% 26.15% 41.77% 8.84% - -
Enterprise Value (EV) 1 118,674 89,822 89,891 105,924 136,243 143,827 144,572 145,949
Change - -24.31% 0.08% 17.84% 28.62% 5.57% 0.52% 0.95%
P/E 20.8x 10.6x 16.1x 19.6x 23.5x 11.2x 20.4x 18.6x
PBR 2.86x 2.48x 2.63x 3.42x 4.81x 4.99x 5.35x 5.87x
PEG - 0.4x -0.5x 5.54x 1.3x 0x -0.5x 1.9x
Capitalization / Revenue 3.32x 2.09x 2.06x 2.56x 3.59x 3.84x 3.76x 3.69x
EV / Revenue 4.43x 3.2x 3.09x 3.58x 4.56x 4.74x 4.66x 4.62x
EV / EBITDA 10.9x 7.88x 7.56x 8.72x 10.2x 10.2x 9.93x 9.7x
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 15.9x
FCF Yield 5.87% 5.22% 6.63% 5.48% 5.61% 7.06% 6.15% 6.28%
Dividend per Share 2 6.75 19.8 6.9 6.35 10.5 11.2 11.29 12.51
Rate of return 5.23% 23.3% 7.97% 5.81% 6.79% 6.67% 6.72% 7.45%
EPS 2 6.21 8.03 5.37 5.56 6.58 15.01 8.222 9.026
Distribution rate 109% 247% 128% 114% 160% 74.6% 137% 139%
Net sales 1 26,789 28,102 29,099 29,583 29,890 30,359 30,999 31,608
EBITDA 1 10,900 11,395 11,885 12,149 13,397 14,045 14,552 15,041
EBIT 1 5,169 6,890 5,734 5,817 6,615 12,501 7,908 8,439
Net income 1 4,306 5,574 3,735 3,870 4,587 10,389 5,618 6,036
Net Debt 1 29,681 31,108 29,968 30,333 29,080 27,187 27,932 29,309
Reference price 2 129.10 85.10 86.54 109.25 154.55 167.90 167.90 167.90
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.($)
27.95x5.08x8.9x1.83% 116B
19.82x2.21x8.41x3.64% 74.23B
13.69x1.77x3.76x3.13% 21.57B
-214.35x8.45x10.49x3.34% 18.3B
28.99x2.92x6.59x4.38% 17.59B
-8.32x6.91x15.47x-.--% 15.94B
13.3x2.61x6.78x4.9% 13.11B
26.02x3.62x10.7x4.03% 11.95B
11.16x4.73x10.22x6.69% 11.69B
Average -9.08x 4.25x 9.04x 3.55% 33.41B
Weighted average by Cap. 6.95x 4.13x 8.75x 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