Tele2 AB (publ) (TLTZF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Tele2 AB (publ) $11.53, price $16.48, upside -30.0%, quality 67 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $4.03 – $20.98 · fair‑value band $8.65 – $15.29 · the $16.48 price screens above the $11.53 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Tele2 AB (publ) provides fixed and mobile connectivity and entertainment services in Sweden, Lithuania, Latvia, and Estonia.
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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.
Stock analysis
Tele2 AB (publ) (TLTZF) currently trades at $16.48, while our model-based Fair Value estimate is $11.53, 30.0% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $12.14 per share, and 2 of the 24 models we run sit above the $16.48 price.
Bear case: the Asset-Based group reads lowest at $2.17, and 22 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: $8.65 (bear) to $15.29 (bull), the price of $16.48 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 67/100 (solid quality), in the Communication Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Tele2 AB (publ) reported revenue of 29.9B SEK in FY2025 versus 26.8B SEK in FY2021, a compound +2.8%/yr. Reported net income was 4.6B SEK in FY2025, compounding +1.6%/yr from FY2021.
Key figures
Market cap $11.5B · P/E ratio 10.7 · P/S ratio 1.64 · EPS (TTM) $1.51 · Net margin 15.3% · Return on equity 39.1% · Return on assets (EBIT) 8.8% · Revenue (TTM) 29.6B SEK.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 55 out of 100 (medium confidence).
What moves the price
For context, the median of 10 Communication Services peers we cover trades at 36% fair-value upside, at −30%, TLTZF screens richer than that median.
Fair Value models
Bear $8.65Fair Value $11.53Bull $15.29
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($1.14 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.73/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+1.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.4%
Start year 2020 (pandemic). Over 10 years: +1.1% a year
Revenue growth 28 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−1.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−1.9%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−1.9% vs 1.8%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.28% → 22%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 2.7%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+3.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in SEK, Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +1.5% a year for the price and −0.1% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Telecom Services · 237 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside−29.4% · Bottom 25%
Profitability
Return on equity (TTM)39.1% · Top 25%
Return on assets6.9% · Top 25%
Net margin (TTM)33.7% · Top 25%
Operating margin (TTM)0.0% · Bottom 25%
Growth and dividend
Revenue growth1.3% · Below median
Balance sheet
Debt / equity0.90× · Above median
Valuation Multiplesvs Telecom Services median · lower = cheaper
P/E (TTM)10.7× · Cheapest 25%
P/B5.18× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (TTM)3.89× · Priciest 25%
P/FCF15.1× · Pricier than median
EV/EBITDA11.2× · Priciest 25%
PEG3.70× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 42
FUTURE (revenue growth)7· sector 22
PAST (return on equity)100· sector 34
HEALTH (low debt)55· sector 87
DIVIDEND (yield)0· sector 71
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Tele2 AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/TLTZF
Frequently asked questions
Is Tele2 AB (publ) (TLTZF) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $11.53 versus a price of $16.48, about −30% upside (overvalued).
What is the fair value of TLTZF?
Our model-based fair value for Tele2 AB (publ) is $11.53 (as of Sep 23, 2026), built from audited fundamentals. The current price: $16.48.
What is the quality score of TLTZF?
Tele2 AB (publ) has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Tele2 AB (publ) (TLTZF)?
Our model-based price target is the fair value of $11.53 (as of Sep 23, 2026) from 24 valuation models. Cautious scenario $8.65, optimistic scenario $15.29. It is a calculation from audited fundamentals, not an analyst target.
What is the Tele2 AB (publ) stock forecast for 2026?
Our models put fair value at $11.53, about −30% upside versus a price of $16.48 (overvalued). Cautious scenario $8.65, optimistic scenario $15.29. The calculation is refreshed regularly with new filings.
What is the revenue of Tele2 AB (publ) (TLTZF)?
Tele2 AB (publ) reported trailing-twelve-month revenue of about 29.6B SEK (latest available figure, as of Sep 23, 2026).
What growth is priced into Tele2 AB (publ) (TLTZF)?
For today's price to be fair in a discounted-cash-flow model, Tele2 AB (publ) would have to grow free cash flow by +3.5 % per year for five years (discount rate 8.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.4 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of TLTZF use?
Our models discount Tele2 AB (publ) at 8.1 %: a base by market capitalisation (large), damped by beta 0.32, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Tele2 AB (publ) that is +3.5 % per year a year over ten years, using the same discount rate (8.1 %) and the same formula as our fair value.
How much growth has Tele2 AB (publ) (TLTZF) delivered so far?
Over the past 5 years revenue at Tele2 AB (publ) grew +2.4 % a year. The price currently implies +3.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Tele2 AB (publ) (TLTZF) growing?
The median revenue growth in the sector is +3.0 % a year. That is the yardstick for the growth priced into Tele2 AB (publ) (+3.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Tele2 AB (publ) (TLTZF)?
The free-cash-flow yield on the price is 6.61 %: that much free cash flow Tele2 AB (publ) produces per unit of market value. When it exceeds the discount rate of our models (8.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Tele2 AB (publ) (TLTZF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tele2 AB (publ) it is $11.53 per share (as of Sep 23, 2026), against a price of $16.48. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Tele2 AB (publ) stock overvalued or undervalued in 2026?
As of Sep 23, 2026, TLTZF trades above its calculated fair value: price $16.48, fair value $11.53, a gap of about −30% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TLTZF?
No. The price is what the market pays today ($16.48); the fair value is what the company's own numbers justify ($11.53). For Tele2 AB (publ) the two are $4.95 per share apart. That gap is exactly why we show both numbers side by side.
How much is Tele2 AB (publ) worth?
The market values Tele2 AB (publ) at about $11.5B (market capitalisation, as of Sep 23, 2026). Per share that is $16.48; our models calculate a fair value of $11.53 per share.
What do the bullish and bearish scenarios say about TLTZF?
Our models span a range for Tele2 AB (publ): cautious scenario $8.65, base $11.53, optimistic $15.29 per share (as of Sep 23, 2026, price $16.48). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TLTZF?
Tele2 AB (publ) trades at a price-to-earnings ratio of 10.7 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $11.53 is built from several models across several years. Other multiples: PEG 3.7, P/B 5.2, P/S 3.9, EV/EBITDA 11.2.
What is the PEG ratio of TLTZF?
The PEG ratio of Tele2 AB (publ) is 3.70 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Tele2 AB (publ) (TLTZF)?
Balance-sheet figures for Tele2 AB (publ) (as of Sep 23, 2026): return on equity 39.1%, debt of 0.90 per unit of equity. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
Which stocks are comparable to Tele2 AB (publ)?
From the same area (Communication Services) we also value China Mobile Limited, Verizon Communications Inc, T-Mobile US, Inc, AT&T Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Tele2 AB (publ) stock attractive at the current price?
The data as of Sep 23, 2026: price $16.48, calculated fair value $11.53 (−30%), Quality Score 67/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TLTZF calculated?
We run Tele2 AB (publ) through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $11.53, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Tele2 AB (publ) itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Tele2 AB (publ) (TLTZF)?
The closing price on Oct 2, 2026 was $16.48. Our model-based fair value is $11.53, about −30% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tele2 AB (publ) right now?
The price sits above even our optimistic bull case ($15.29). The favourable scenario is already priced in. Solid but not exceptional quality (67/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Tele2 AB (publ) (TLTZF) come from?
Earnings per share at Tele2 AB (publ) grew +0.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share −2.9 %, EBIT margin +6.4 %, tax rate +0.6 %, residual (interest, one-offs) −3.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Tele2 AB (publ)
How large is the market capitalisation of Tele2 AB (publ) (TLTZF)?
The market capitalisation of Tele2 AB (publ) is $11.5B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Tele2 AB (publ) (TLTZF)?
The price-to-sales ratio of Tele2 AB (publ) is 1.64 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Tele2 AB (publ) (TLTZF)?
Earnings per share at Tele2 AB (publ) are $1.51 (price ÷ EPS = P/E 10.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Tele2 AB (publ) (TLTZF)?
The net margin of Tele2 AB (publ) is 15.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Tele2 AB (publ) (TLTZF)?
The return on equity (ROE) of Tele2 AB (publ) is 39.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Tele2 AB (publ) (TLTZF)?
On an EBIT basis the return on assets of Tele2 AB (publ) is 8.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How fast is revenue growing at Tele2 AB (publ) (TLTZF)?
Revenue at Tele2 AB (publ) is growing +1.3% versus a year earlier (3y avg +2.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Tele2 AB (publ) (TLTZF)?
Earnings per share at Tele2 AB (publ) are growing +627% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Tele2 AB (publ) (TLTZF) carry?
The net debt of Tele2 AB (publ) is 28.9B SEK (fiscal year 2025, ≈ 3.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Sep 23, 2026