Tele2 AB Class B

TEL2 B: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SEK 789.00	Wjvrqt	Cgyrtzxjt

Relaunching Coverage of Tele2 and Telia; We Upgrade Tele2 to Exemplary Capital Allocation Rating

Javier Correonero

Feb 15, 2023

We relaunch coverage of Tele2 and Telia, maintaining our narrow moat and stable moat trend ratings for both. Our new fair value estimates are SEK 100 and SEK 29 respectively, compared with SEK 115 and SEK 35 previously, after revisiting our medium- and long-term forecasts.

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