Telia Company AB (publ)
TELIA.ST · STO
Company research
Telia Company AB (publ) is a Swedish multinational telecommunications company and mobile network operator headquartered in Solna, Sweden, with roots dating back to 1853. Trading on the Stockholm Stock Exchange under the ticker TELIA.ST, the company serves over 25 million subscriptions across seven core markets in the Nordic and Baltic regions — Sweden, Finland, Norway, Denmark, Lithuania, Estonia, and Latvia — offering a comprehensive suite of services including mobile, fixed broadband, television, and advanced ICT solutions such as cloud, security, IoT, and managed enterprise services. Telia operates across both consumer and business segments, generating approximately SEK 89 billion in annual revenue, with recurring subscription-based income from mobile services representing the largest share. Led by President & CEO Patrik Hofbauer since February 2024, the company employs approximately 15,000 full-time staff and continues to expand its 5G and fiber infrastructure as part of its strategic transition toward becoming a data-driven Digital Telco.
Research reports
Inderes argues that Telia’s improved operational performance and prior cost savings are already fully reflected in a stretched valuation, leading to a Sell recommendation with a SEK 38 target price despite guidance for roughly 2% service revenue growth and 3% EBITDA growth in 2026. The report highlights risks around sustaining earnings growth once major efficiency gains fade, weaker performance in Finland and Norway, and the possibility of downside if elevated valuation multiples versus Nordic peers are not supported by faster earnings expansion.
Inderes · October 24, 2025Telia – Seeking better visibility into earnings growth in near termThis report maintains a Reduce recommendation and SEK 35 target price, judging Telia’s 2025 valuation (P/E and EV/EBIT around 17x and 15x) as broadly neutral while noting that earnings growth is driven mainly by a large cost‑saving program rather than strong underlying service‑revenue momentum. It stresses modest expected service revenue growth, continued reliance on cost efficiencies, heightened competitive activity especially in Finland, and the importance of capital expenditure discipline and cash flow coverage of the dividend (~5.5% yield) to contain downside risk.