UBS reaffirms its 'buy' recommendation on Telia, while adjusting its target price from SEK 32 to SEK 31, a new target that leaves 27% upside potential for the Scandinavian telecom operator's shares.
Telia offers an attractive entry point for good trends and optionality", says the broker in his summary note, adding that "if investors still don't like complexity, the valuation is sufficiently attractive".
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Telia Company AB is the leading Scandinavian telecommunications operator. Net sales (including intragroup) break down by activity as follows:
- telecommunications services (85.8%): mobile telephony (19.8 million subscribers at year-end 2022), fixed-line telephony (0.9 million), cable television transmission (3 million), broadband Internet access (2.9 million), etc.;
- media services (9.6%): production and broadcasting of audiovisual content (TV4, C More and MTV channels);
- other (4.6%).
Net sales are distributed geographically as follows: Sweden (46.4%), Finland (18.7%), Norway (16.5%), Denmark (5.8%), Lithuania (5.5%), Estonia (4%) and other (3.1%).
TELIA COMPANY AB 
