Rankings Software, cloud & internet Telia
Telia
67
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Quality of growth−4
- Multiples vs own history−4
- Debt−4
Strengths
- Debt reduction+2
- Delivery on guidance+1
- Stable customer base+1
How the score is built
From 100 to 67, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 49.32 SEK
- Median analyst target
- 49.00 SEK
- Upside to median
- −0.6%
- Analysts
- 20
- Target range
- 39.20 – 59.00 SEK
- 52-week change
- +31%
- P/E (trailing)
- 36.7
- Forward P/E
- 18.6
- PEG
- 1.33
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−11 of −30
- −4Quality of growthRevenue has fallen from SEK 88.3bn (2021) to 81.8bn (TTM), partly due to divestments; mobile service revenue fell from 35.8 to 34.9bn since 2024. Service revenue rose 2.8% like-for-like in Q2, and guidance is only about 2% for 2026.
- −3ROICROIC 6.0% (TTM) and 5.3–7.0% in 2021–2025 – low for a capital-intensive grid business with capex of about SEK 13bn a year.
- −3Capital allocationNet result of −SEK 14.6bn in 2022 and 0.3bn in 2023 after large write-downs; the dividend was held at SEK 2.00 all the way, so the payout ratio is now 160% of EPS.
- −1MarginOperating margin 12.8% and net margin 6.0% (TTM); high depreciation (SEK 16.2bn) eats most of the EBITDA margin of 32.5%.
Price
Today's multiples against the company's own history and its peers. · 3 findings−7 of −35
- −4Multiples vs own historyForward P/E 16.9 vs 13.0–19.9 in 2021–2025 (13.5–14.0 in 2023–2024); EV/EBITDA 8.5 vs 7.2–9.1; P/B 3.2 vs 1.6–2.8. In the upper part of the range for a company with about 2% growth.
- −2FCF yieldOn the company's own FCF guidance of approx. 9bn SEK, the FCF yield is approx. 5.2% of the market cap of 174bn, not the 7.7% that stockanalysis shows.
- −1PeersForward P/E 16.9 vs Telenor 14.4 – more expensive than the nearest Nordic peer, even though growth is similarly low.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−9 of −35
- −4DebtNet debt approx. SEK 80bn; debt/EBITDA 3.0 and interest cover only 3.0×. The company's own gearing is 2.06× after Q2.
- −3Dividend coverageDividend of SEK 2.08 × 3.93bn shares ≈ SEK 8.2bn vs guided FCF of approx. 9bn – approx. 90% of FCF and 160% of net income, so there is almost no buffer.
- −2CompetitionManagement calls conditions in Finland 'challenging in some areas'; cost savings and customer wins are meant to offset the pressure.
Plus
Only documented strengths. · 3 findings+4 of +15
- +2Debt reductionLeverage has fallen to 2.06× from 2.43× in Q1 2024 after the sale of Telia Danmark, and the sale of the Latvian companies (49% of Tet, 60.3% of LMT) is to reduce it further.
- +1Delivery on guidanceAdjusted EBITDA +3.4% like-for-like in Q2 and FCF of SEK 2.2bn above expectations; guidance for 2026 (service revenue approx. +2%, EBITDA approx. +3%, FCF approx. 9bn) maintained.
- +1Stable customer baseBroad subscription base in the Nordics and Baltics with low price sensitivity (beta 0.23).
Caveats
What the score does not capture, or where the data is weak.
Telecom (no suitable industry – closest chosen, as for Telenor). The Nordnet line is Helsinki (TELIA1, EUR), but stockanalysis has no data for it, so path and price data are the main listing in Stockholm (SEK); currency is therefore set to SEK. Stockanalysis' FCF (13.2bn) is before lease payments; the company's own FCF guidance is about SEK 9bn. The sale of the Latvian operations (Tet and LMT) is not completed. Q3 report 22/10.
Also in Software, cloud & internet
The highest scores in the same industry.
