Telia Company AB

TELIA: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SEK 62.00	Gflnplm	Fyxqg

Telia Earnings: EBITDA Growth of 4.6% Due to Cost Savings and Service Revenue

Javier Correonero

Apr 25, 2024

Telia’s first-quarter revenue declined by 2%, with 2.2% growth in service revenue offset by lower equipment sales. EBITDA performance was stronger, up 4.6%, boosted by a 5% decline in personnel and other operating expenses in reported terms. Telia has started the year on track to meet its full-year guidance and expects low- to mid-single-digit growth in EBITDA and low-single-digit growth in revenue. We maintain our EUR 29 fair value estimate.

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