Q2 revenues were quite solid, up by 3% yoy and lfl, while the EBITDA was more in line with expectations with a stable margin yoy.
In our view, it is time to take advantage of the stock’s recent underperformance (linked to an extraordinary dividend representing 9% of the capital and to the sale by Kinnevik of 7% of the capital) to invest in Tele2 whose EBITDA should grow by c.5% yoy in 2022 while the EBITDA should be flat.
19 Jul 2022
Time to take advantage of the stock's recent underperformance?
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Time to take advantage of the stock's recent underperformance?
- Published:
19 Jul 2022 -
Author:
Jean-Michel Salvador -
Pages:
3
Q2 revenues were quite solid, up by 3% yoy and lfl, while the EBITDA was more in line with expectations with a stable margin yoy.
In our view, it is time to take advantage of the stock’s recent underperformance (linked to an extraordinary dividend representing 9% of the capital and to the sale by Kinnevik of 7% of the capital) to invest in Tele2 whose EBITDA should grow by c.5% yoy in 2022 while the EBITDA should be flat.