Tele2 - Public Comps and Valuation Multiples

Tele2 Overview

About Tele2

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.

Founded

1993

HQ

Employees

4.3K+

Website

tele2.com

Sectors

Cable Service Providers
Telecom Service Providers
Internet Service Providers

Financials

LTM Revenue $3.1B

LTM EBITDA $1.4B

EV

$14.7B

Valuation Multiples

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Tele2 Financials

As of September 2025, Tele2 reported last 12-month revenue of $3.1B and EBITDA of $1.4B.

In the same period, Tele2 generated $1.4B in LTM gross profit and $481M in net income.

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Tele2 P&L

In the most recent fiscal year, Tele2 reported revenue of $3.1B and EBITDA of $1.3B.

Tele2 expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$3.1B	XXX	$3.1B	XXX	XXX	XXX
Gross Profit	$1.4B	XXX	$1.3B	XXX	XXX	XXX
Gross Margin	43%	XXX	43%	XXX	XXX	XXX
EBITDA	$1.4B	XXX	$1.3B	XXX	XXX	XXX
EBITDA Margin	44%	XXX	40%	XXX	XXX	XXX
EBIT	$704M	XXX	$639M	XXX	XXX	XXX
EBIT Margin	23%	XXX	21%	XXX	XXX	XXX
Net Profit	$481M	XXX	$407M	XXX	XXX	XXX
Net Margin	15%	XXX	13%	XXX	XXX	XXX
Net Debt	XXX	XXX	$2.8B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Tele2 including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $3.1B. EBITDA for the last twelve months was $1.4B. In the most recent fiscal year, Tele2 achieved $3.1B in revenue and $1.3B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$3.1B	Analyst estimates available to subscribers	$3.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$1.4B	Analyst estimates available to subscribers	$1.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	43.3% gross margin	Analyst estimates available to subscribers	43.0% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$1.4B	Analyst estimates available to subscribers	$1.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	43.8% EBITDA margin	Analyst estimates available to subscribers	40.2% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$704M	Analyst estimates available to subscribers	$639M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	22.5% EBIT margin	Analyst estimates available to subscribers	20.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$481M	Analyst estimates available to subscribers	$407M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	15.4% net profit margin	Analyst estimates available to subscribers	13.1% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$2.8B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Tele2

This financial data table provides comprehensive performance metrics for Tele2, a company based in Sweden. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Tele2 generated $3.1B in revenue over the last twelve months.
The company achieved $1.4B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $1.4B.
Net income over the last twelve months reached $481M.

Fiscal Year Performance

In the most recent fiscal year, Tele2 reported $3.1B in total revenue.
Fiscal year EBITDA was $1.3B.
The company maintained a gross profit margin of 43.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 40.2%.
Net profit margin reached 13.1% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Tele2. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Tele2 Stock Performance

Tele2 has current market cap of SEK 110B (or $11.6B), and EV of SEK 140B (or $14.7B).

Market Cap Evolution

Tele2 Stock Data

As of October 17, 2025, Tele2's stock price is SEK 158 (or $17).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$14.7B	$11.6B	XXX	XXX	XXX	XXX	$0.70

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Tele2 Valuation Multiples

Tele2's trades at 4.7x EV/Revenue multiple, and 11.7x EV/EBITDA.

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Tele2 Financial Valuation Multiples

As of October 17, 2025, Tele2 has market cap of $11.6B and EV of $14.7B.

Equity research analysts estimate Tele2's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Tele2 has a P/E ratio of 24.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$11.6B	XXX	$11.6B	XXX	XXX	XXX
EV (current)	$14.7B	XXX	$14.7B	XXX	XXX	XXX
EV/Revenue	4.7x	XXX	4.7x	XXX	XXX	XXX
EV/EBITDA	10.8x	XXX	11.7x	XXX	XXX	XXX
EV/EBIT	20.9x	XXX	23.0x	XXX	XXX	XXX
EV/Gross Profit	10.9x	XXX	n/a	XXX	XXX	XXX
P/E	24.0x	XXX	28.4x	XXX	XXX	XXX
EV/FCF	24.2x	XXX	24.1x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Tele2 Margins & Growth Rates

Tele2's last 12 month revenue growth is 2%

Tele2's revenue per employee in the last FY averaged $0.7M, while opex per employee averaged $0.2M for the same period.

Tele2's rule of 40 is 42% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Tele2's rule of X is 48% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Tele2 Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	2%	XXX	1%	XXX	XXX	XXX
EBITDA Margin	44%	XXX	40%	XXX	XXX	XXX
EBITDA Growth	6%	XXX	6%	XXX	XXX	XXX
Rule of 40	42%	XXX	42%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	48%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.7M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	15%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	22%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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