Tele2 AB (TEL2-B) Fair Value & Analysis
Communication Services · SE · Market cap 119B SEK (≈ $12.4B) · ISIN SE0005190238
Strengths
Risks
Fair value as of: Aug 27, 2026
From 22 valuation models · updated 3 days ago
Share price +1.5% over the past month.
A solid business, but trading 50% above our fair value.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (kr 151.26). The favourable scenario is already priced in.
- Solid but not exceptional quality (69/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (kr 83.23 to kr 151.26) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.
How to read this chart
60‑month range kr 63.24 – kr 192.10 · fair‑value band kr 83.23 – kr 151.26 · the kr 170.80 price screens above the kr 114.04 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.
Analysis
Tele2 AB (TEL2-B) currently trades at kr 170.80, while our model-based Fair Value estimate is kr 114.04, implying the stock looks roughly 33.2% overvalued today. The Quality Score stands at 69/100 (solid quality), in the Communication Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Tele2 AB generated revenue of 30.0B SEK at a net margin of 33.7%. Revenue grew 1.3% year over year. It earns a return on equity of 39.1%. Net debt stands at 28.9B SEK. Fundamentals as of Aug 27, 2026
Our scenario range runs from kr 83.23 (bear case) to kr 151.26 (bull case); at kr 170.80, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. Analysts expect earnings well below the last reported figure (earnings in transition, for example expiring patents or contracts); a fair value that looks fair on trailing earnings may then be too optimistic. The share trades about 11% below its 52-week high and 32% above its 52-week low, currently above its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 30% fair-value upside, at -33%, TEL2-B screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 2.64 SEK per share, which is 2.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 22 models by family
Widest divergence: Multiples (kr 114.04) versus Asset-Based (kr 21.82). Highest evidence: FCF DCF (79).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 64 · Market factors (momentum, volatility) 59
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Tele2 AB (publ) provides fixed and mobile connectivity and entertainment services in Sweden, Lithuania, Latvia, and Estonia.
Full company description
Tele2 AB (publ) provides fixed and mobile connectivity and entertainment services in Sweden, Lithuania, Latvia, and Estonia. The company offers handset related data services, linear and streaming services, mobile telephony and data, fixed broadband and telephony, switch and contact center, cloud services, IT services, network services, workplace, video and collaboration, united communications, and security services. It also provides data network services, including dark fiber, dedicated wavelength, ethernet and IP VPN, and internet services; and unified communications comprising service provider, mobile virtual network operator, and carrier SIP-interconnect services. In addition, the company offers single and dual IMSI solutions for consumer and IoT applications; on-demand roaming services, such as subscription management, data plan management, real time charging, eSIM delivery, SIM management, and set up services; routing and termination solutions for international voice traffic; application-2-person messaging services; and value-added services comprising shortcodes and long numbers for businesses to have 2-way communication with their customers. Tele2 AB (publ) was formerly known as NetCom AB and changed its name to Tele2 AB (publ) in February 2001. The company was incorporated in 1990 and is headquartered in Kista, Sweden.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Tele2 AB reported revenue of kr 29.9B in FY2025 versus kr 26.8B in FY2021, a compound +2.8%/yr. Reported net income was kr 4.6B in FY2025, compounding +1.6%/yr from FY2021.
of which total revenue +1.2 % · buybacks/dilution −4.0 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
TEL2-B screens 50% overvalued. Compare with China Mobile Limited →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Tele2 AB (TLTZF) Q2 2026 Earnings Call Highlights: Strategic Growth Amidst Competitive Challenges
- All You Need to Know About Tele2 (TLTZY) Rating Upgrade to Strong Buy
- Tele2 AB (TLTZF) Q1 2026 Earnings Call Highlights: Strong EBITDA Growth and Strategic Expansions
- How The Tele2 (OM:TEL2 B) Investment Story Is Shifting With Mixed Analyst Signals
Peer Group
Telecom Services · 258 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Telecom Services median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Telecom Services stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| China Mobile Limited 600941 | ¥96.11 | ¥109.88 | +14% |
| T-Mobile US, Inc TMUS | $177.75 | $172.67 | -3% |
| Verizon Communications Inc VZ | $49.43 | $64.43 | +30% |
| AT&T Inc T | $26.01 | $43.97 | +69% |
| Bharti Airtel Limited BHARTIARTL | ₹1,935 | ₹941.48 | -51% |
| Comcast Corporation CMCSA | $26.41 | $95.42 | +261% |
| China Telecom Corporation 601728 | ¥6.43 | ¥8.36 | +30% |
| América Móvil, S.A. AMX | $23.50 | $39.45 | +68% |
| Singapore Telecommunications Limited Z77 | 4.29 SGD | 3.03 SGD | -29% |
| Swisscom AG SCMN | CHF 626.50 | CHF 463.92 | -26% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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