Telia Company AB

TELIA: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SEK 16.00	Bwkzw	Zzqb

Telia Earnings: TV Division Again Obscures Good Performance in Telecom

Javier Correonero

Jul 20, 2023

In our view, Telia had a satisfactory performance in its telecom business this quarter, with 3.2% organic growth in service revenue and 4.7% growth in EBITDA. However, this was offset by poor performance in the TV business as companies cut advertising expenditures due to recessionary fears. The TV business wiped out most of the growth, turning 4.7% EBITDA growth in telecom to flat EBITDA for the group overall. Telia´s TV business has been a drag for a long time as linear TV is a market in structural decline with lumpy variations between quarters. We maintain our SEK 29 fair value estimate.

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