May 2026
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 | Telia is the incumbent telecom operator in Sweden. It also operates in Norway, Finland and the Baltic countries. In the past five years, Telia has been narrowing its business focus, divesting businesses in Asia and focusing on its core markets. | $5 | +46% | $21B | $29B | 3.2x | 8.1x | ||
| Tele2 is the second-largest telecom operator by market share in Sweden, after Telia. Tele2 was a pure mobile operator until 2018 when it acquired Com Hem, Sweden’s largest cable company. Tele2 is also present in the Baltic markets, where it runs a pure mobile business. Tele2 is a well-managed firm, showing good cost discipline and a healthy dividend policy, which we expect will remain. | $19 | +26% | $13B | $16B | 4.7x | 10.7x | ||
| Ovzon AB offers a satellite-based mobile broadband service that combines high data speeds with high mobility. The company’s services and technologies are applicable for providing secure broadband satellite communication in remote and dynamic coverage areas, for high-resolution live broadcasts, and for secure, broadband communication for drones. It reports the segment’s division that is based on the customer types and is divided into: Defense, National Security, and Public Safety. | $7 | +36% | $759M | $779M | 9.6x | 21.7x | ||
| Bahnhof AB is an independent national Internet provider. It provides IP-based communication and entertainment services to consumers and companies in Europe. The company offers broadband, cloud, colocation, operational services, corporate, and customer testimonials services. | $5 | -17% | $584M | $526M | 2.2x | 13.5x | ||
| Eltel AB is a Sweden-based company that provides technical services for infrastructure networks. The company operates in two key business areas; Communication, and Power. In the Communication business which derives key revenue, it establishes networks and supports digitalization by providing design, installation, upgrades and services to mobile and fixed communication networks. In the Power business, it enables the transmission of renewable energy and electrification by providing maintenance and upgrades to power distribution and transmission, smart grids, and turnkey solutions in e-mobility, solar photovoltaic, wind energy and battery energy storage systems. The company reports its operations in four country segments: Finland, Sweden, Norway, and Denmark. | $1 | +17% | $205M | $402M | 0.4x | 6.9x | ||
| Transtema Group AB delivers network and communication solutions. The company offers design, construction, operation and maintenance of communication networks as well as technical consulting services to telecom operators, city networks, municipalities, power companies and larger companies. The company is active in the entire value chain, from planning, design and construction, to operation and maintenance. The company is also a reseller of network equipment. | $0 | -75% | $20M | $75M | 0.3x | 4.6x | ||
| My Beat operates as a mobile operator that offers private individuals mobile subscriptions and mobile broadband. It offers Internet plans, voice calling, video streaming, bills payments, and other related services. | $0 | -88% | $568K | $2M | 0.9x | (5.3x) | ||
| Median | $5 | +17% | $584M | $526M | 2.2x | 8.1x |
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