Tele2 AB (publ) (TEL2-B.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+80.3%

SEK 288.24

vs SEK 159.85 price

Levered DCF

SEK 231.82

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.33

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	23.35×	19.72×	16.03×	11.23×	22.53×	10.18×	35.94×	36.47×
P/B	4.81×	3.42×	2.63×	2.48×	2.86×	2.28×	2.68×	1.62×
P/S	3.58×	2.56×	2.06×	2.09×	3.32×	2.82×	3.38×	2.48×
EV / EBITDA	10.58×	8.93×	7.63×	8.18×	11.1×	8.44×	12.2×	12.05×
Gross margin	43.5%	43.0%	40.6%	39.9%	40.8%	43.1%	40.0%	43.7%
Operating margin	22.1%	19.7%	18.8%	23.5%	17.9%	27.8%	14.5%	15.8%
Net margin	15.3%	13.1%	12.8%	19.8%	16.1%	27.9%	9.4%	6.8%
Current ratio	0.57×	0.54×	0.65×	0.83×	1.32×	0.64×	0.74×	1.16×
Debt / equity	1.31×	1.39×	1.39×	1.37×	0.99×	0.92×	0.88×	0.78×
Interest coverage	6.72×	4.86×	5.15×	10.8×	10.32×	15.49×	8.54×	10.25×
Dividend yield	4.1%	6.3%	7.9%	23.2%	7.0%	8.3%	7.7%	3.4%
Payout ratio	96.0%	123.4%	125.9%	244.5%	144.1%	83.7%	275.0%	125.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.6%	17.5%	16.4%	23.5%	13.8%	22.6%	7.5%	4.4%
Return on invested capital	9.6%	8.2%	7.5%	9.5%	6.5%	10.7%	4.1%	2.5%
Return on assets	7.3%	6.0%	5.6%	8.2%	5.8%	9.8%	3.3%	1.9%
Free cash flow yield	7.1%	7.7%	10.0%	7.9%	7.8%	8.1%	6.5%	3.0%
Earnings yield	4.3%	5.1%	6.2%	9.5%	4.8%	9.9%	2.8%	2.7%
Enterprise value	SEK 136B	SEK 106.2B	SEK 90B	SEK 90.2B	SEK 119B	SEK 104.1B	SEK 123.7B	SEK 86.5B
Net debt / EBITDA	2.25×	2.57×	2.56×	2.85×	2.8×	2.38×	2.99×	3.87×
Cash conversion cycle (days)	37	31	19	43	21	41	48	31