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Swedish telecom operator providing mobile, fixed broadband and IoT connectivity in Sweden and the Baltics.
Swedish telecom operator providing mobile, fixed broadband and IoT connectivity in Sweden and the Baltics.
Customers pay monthly subscriptions through Tele2 and its budget brand Comviq, and the 2018 combination with cable-broadband operator Com Hem added fixed broadband and TV in Sweden. It has sold off most operations outside Sweden and the Baltic states.
Moat: narrow (installed base, regulatory licence, scale). Spectrum and network infrastructure in a rational, consolidated Nordic/Baltic telecom market.
Headquarters: Stockholm, Sweden · Founded: 1993 · Employees: 3,866
Size Tele2 (TEL2-A.ST) is a Sweden Communication Services company (Major Telecommunications) with a market value of $11.2B, the 27th largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 159.00 on 6 Nov 2026.
Performance Over six months the shares fell 14.3%, against -7.8% for the median peer and +8.2% for the Sweden market (cap-weighted) — 6th lowest of 20 in its peer set.
Growth Revenue grew 2.2% over the last twelve months (peer median +1.6%); the operating margin is 24.0% (peer median 9.4%).
Valuation It trades at 10.7× forward earnings against a peer median of 16.8× (4th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.7 points above its cost of capital (5.0% WACC).
Credit Tele2 has 5 bonds outstanding ($1.68B), rated BBB by the agencies and trading like BBB+ at a weighted spread of 91 bp.
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 30.3B | SEK 29.9B | SEK 29.6B | SEK 29.1B | SEK 28.1B |
| Revenue growth | — | +1% | +2% | +4% | — |
| Gross profit | SEK 13.1B | SEK 12.0B | SEK 11.7B | SEK 10.7B | SEK 9.95B |
| EBITDA | SEK 13.5B | SEK 13.1B | SEK 11.8B | SEK 11.5B | SEK 11.2B |
| Net income | SEK 10.2B | SEK 4.58B | SEK 3.83B | SEK 3.73B | SEK 5.24B |
| Free cash flow | SEK 9.31B | SEK 8.66B | SEK 6.70B | SEK 7.25B | SEK 5.66B |
| Capital expenditure | SEK 2.58B | SEK 3.72B | SEK 3.98B | SEK 4.06B | SEK 3.58B |
| Total debt | SEK 31.1B | SEK 29.1B | SEK 30.8B | SEK 31.8B | SEK 32.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tele2 TEL2-A.ST | $11.2B | -14% | +2% | 24% | 10.7× | -2.4% |
| Telia TELIA.ST | $19.2B | 0% | 0% | 18% | 21.1× | -1.1% |
| Telenor TEL.OL | $19.8B | -14% | -7% | 24% | 13.5× | -7.7% |
| Elisa ELISA.HE | $6.11B | -17% | 0% | 20% | 14.3× | -2.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TEL2-A.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.9% | +4.7% | 3rd lowest of 20 |
| 6-month return | -14.3% | -7.8% | 6th lowest of 20 |
| Distance from 52-week high | -20.5% | -18.3% | 7th lowest of 20 |
| Revenue growth (TTM) | +2.2% | +1.6% | 9th highest of 20 |
| Operating margin | 24.0% | 9.4% | 3rd highest of 20 |
| Forward P/E | 10.7× | 16.8× | 4th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -2.4% | 0.8% | 8th least demanding of 19 |
| Growth delivered (Del g) | +2.4% | +2.6% | 8th lowest of 19 |
| Hurdle (Req g minus delivered) | -4.8 pp | -3.3 pp | 8th least demanding of 19 |
| ROIC minus cost of capital | +6.7 pp | +0.7 pp | 2nd highest of 20 |
| EV / EBITDA | 10.0× | 7.9× | 6th most expensive of 17 |
| Net debt / EBITDA | 1.9× | 2.9× | 6th least indebted of 17 |
| Bond spread | 91 bp | 83 bp | 2nd widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tele2 TEL2-A.ST | Sweden | $11.2B | -14% | +2% | 24% | 10.7× | -2.4% | +2.4% |
| HKT Trust and HKT 6823.HK | Hong Kong | $11.9B | -2% | +7% | 22% | 16.8× | -3.1% | +2.4% |
| Quebecor QBR-B.TO | Canada | $12.3B | +36% | +3% | 27% | 16.8× | 0.4% | +5.6% |
| KT 030200.KS | South Korea | $9.46B | -12% | +9% | 7% | 9.0× | -4.1% | +3.4% |
| Royal KPN KPN.AS | Netherlands | $18.6B | -4% | +2% | 24% | 18.2× | -2.5% | +1.9% |
| Telenor TEL.OL | Norway | $19.8B | -14% | -7% | 24% | 13.5× | -7.7% | -8.0% |
| BCE BCE.TO | Canada | $20.3B | -9% | +2% | 22% | 12.3× | -0.9% | +1.3% |
| China United Network Communications 600050.SS | China | $20.4B | -1% | 0% | 2% | 17.9× | -14.9% | +5.2% |
| China Unicom 0762.HK | Hong Kong | $21.3B | -26% | +4% | 2% | 8.2× | -8.3% | +4.5% |
| United Internet UTDI.DE | Germany | $5.17B | -9% | -8% | 9% | 15.5× | 1.4% | +2.7% |
| LG Uplus 032640.KS | South Korea | $5.17B | +6% | 0% | 7% | 9.8× | -17.5% | +2.9% |
| Tata Communications TATACOMM.NS | India | $5.15B | +7% | +9% | 8% | 30.9× | 34.1% | +7.7% |
| PCCW 0008.HK | Hong Kong | $5.04B | -17% | +7% | 13% | 46.4× | 1.2% | +2.3% |
| Telecom Argentina SA Sponsored ADR TEO | United States | $4.87B | -16% | +33% | 9% | 12.8× | 4.1% | +8.4% |
| BT Group plc BT.A.L | United Kingdom | $28.8B | -8% | -4% | 17% | 12.2× | 4.3% | -1.7% |
| Lumen Technologies LUMN | United States | $4.12B | -59% | -8% | -3% | n/a | 5.1% | -9.7% |
| Internet Initiative Japan 3774.T | Japan | $4.05B | +30% | +14% | 9% | 25.3× | 2.3% | +10.2% |
| Chunghwa Telecom 2412.TW | Taiwan | $38.4B | +20% | -10% | 20% | 30.1× | 7.4% | +2.6% |
| Liberty Global LBTYA | United States | $3.28B | -19% | -27% | -1% | n/a | n/a | n/a |
| NetLink NBN Trust CJLU.SI | Singapore | $2.87B | -7% | 0% | 22% | 44.5× | 16.0% | +2.3% |
Tele2 has 5 bonds outstanding with $1.68B face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 3.87%, a spread of 91 bp over government bonds.