Telia Company AB (publ) (TELIA.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

-6.3%

SEK 46.29

vs SEK 49.40 price

Levered DCF

SEK 28.29

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.31

Distress zone

Rating

C+

Overall 2 / 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	44.25×	17.04×	333.72×	-7.6×	12.6×	-6.17×	23.68×	56.97×
P/B	3.03×	2.18×	1.89×	1.67×	1.79×	2.21×	1.84×	1.86×
P/S	1.91×	1.35×	1.14×	1.18×	1.64×	1.56×	1.95×	2.17×
EV / EBITDA	7.66×	5.75×	6.45×	13.89×	4.99×	12.69×	7.25×	7.82×
Gross margin	24.4%	62.4%	45.3%	34.0%	34.0%	36.1%	37.1%	37.6%
Operating margin	13.3%	11.8%	5.6%	10.9%	17.2%	-10.1%	14.3%	15.8%
Net margin	4.3%	7.9%	0.3%	-15.6%	13.2%	-25.2%	8.3%	3.8%
Current ratio	0.92×	0.81×	0.96×	0.88×	0.99×	0.92×	0.8×	1.22×
Debt / equity	1.99×	1.7×	2.11×	1.46×	0.5×	0.76×	0.65×	0.43×
Interest coverage	2.91×	2.18×	1.01×	3.34×	5.49×	-2.64×	3.96×	5.37×
Dividend yield	5.1%	6.5%	5.8%	7.7%	5.6%	7.2%	5.9%	5.5%
Payout ratio	225.1%	111.1%	1946.5%	-58.3%	70.0%	-44.6%	138.9%	310.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.8%	12.8%	0.6%	-22.0%	14.5%	-35.8%	7.8%	3.3%
Return on invested capital	5.3%	4.8%	0.0%	5.3%	7.1%	-4.6%	4.3%	5.3%
Return on assets	1.8%	3.5%	0.1%	-6.4%	4.9%	-9.9%	2.7%	1.3%
Free cash flow yield	8.2%	6.1%	9.1%	7.5%	8.1%	10.9%	7.4%	6.6%
Earnings yield	2.3%	5.9%	0.3%	-13.2%	8.1%	-16.2%	4.2%	1.8%
Enterprise value	SEK 245.1B	SEK 205.2B	SEK 202.5B	SEK 194.8B	SEK 171B	SEK 178.4B	SEK 221.3B	SEK 203.9B
Net debt / EBITDA	2.82×	2.37×	3.23×	6.22×	0.77×	2.81×	1.75×	0.88×
Cash conversion cycle (days)	48	2	72	-26	-34	-17	-25	-16