olivLaw · European equity research
Telia Company AB TELIA.ST
Sweden · Nasdaq Stockholm · ISIN SE0000667925 · Vertical: Listed companies from Sweden
Telia Company is a telecommunications operator and digital services provider in northern Europe and the Baltics, with main activity in Sweden, Finland, Norway, Lithuania, Latvia and Estonia. In 2025 comparable revenue grew slightly, and while the company restores profitability through efficiency programmes, its infrastructure role in digital services and security is growing. Key figures are revenue of 36082 MSEK and adjusted EBITDA of 14301 MSEK in 2025.
At the close of 03 Nov 2026, Telia Company AB (TELIA.ST) stock was 49.03 SEK (+0.31% on the day), with P/E 54.5 on diluted EPS of 0.90 SEK over the last 12 months, dividend yield 4.18%, beta 0.13, 52-week range 36.54–51.68 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 66.6
- strong (55–70)
- Bollinger (20, 2)
- 42.51 – 50.46
- in the upper half of the band · %B 0.82 · band width 17.1%
- SMA 50 / 200
- 45.61 / 46.12
- mixed trend
- MACD (12, 26, 9)
- 1.09 / 0.80
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.9% | −1.0% | +11.9 pp | — |
| 3 months | +11.6% | −3.9% | +15.5 pp | — |
| 6 months | +0.3% | +7.2% | −6.8 pp | — |
| Year to date | +24.5% | +6.6% | +18.0 pp | — |
| 1 year | +32.6% | +9.1% | +23.5 pp | −9.0% |
| 3 years | +98.8% | +47.9% | +50.9 pp | +8.8% |
| 5 years | +43.2% | +43.3% | −0.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 17.0, median 43.8, max 321.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 88.6 bn | 81.0 bn | 81.0 bn |
| Revenue YoY | unavailable | −8.6% | +0.0% |
| Net income | 303.0 m | 7.1 bn | 3.5 bn |
| Net income YoY | unavailable | +2,236.3% | −50.2% |
| Diluted EPS | 0.08 | 1.80 | 0.90 |
| Diluted EPS YoY | unavailable | +2,150.0% | −50.0% |
| net % | 0.3% | 8.7% | 4.4% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 11.5 bn SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 54.8 bn SEK
- Total assets
- 189.3 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 0.92x
- ROE
- 6.2%
- ROA
- 1.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 88.6 bn | 81.0 bn | 81.0 bn | esef· 26 Oct 2026verified |
| Operating income | 5.0 bn | 10.8 bn | 10.4 bn | esef· 26 Oct 2026verified |
| Interest expense | 5.0 bn | 6.5 bn | 4.1 bn | esef· 26 Oct 2026verified |
| Pre-tax income | 1.1 bn | 6.2 bn | 7.3 bn | esef· 26 Oct 2026verified |
| Income tax | 1.1 bn | 1.3 bn | 1.5 bn | esef· 26 Oct 2026verified |
| Net income | 303.0 m | 7.1 bn | 3.5 bn | esef· 26 Oct 2026verified |
| Diluted EPS | 0.08 | 1.80 | 0.90 | esef· 26 Oct 2026verified |
| Dividend per share | 2.00 | 2.00 | 2.05 | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 11.6 bn | 9.8 bn | 11.5 bn | esef· 26 Oct 2026verified |
| Receivables | 14.4 bn | 13.8 bn | 12.3 bn | esef· 26 Oct 2026verified |
| Inventories | 2.3 bn | 1.9 bn | 1.6 bn | esef· 26 Oct 2026verified |
| Current assets | 53.6 bn | 33.4 bn | 30.9 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 70.2 bn | 68.8 bn | 67.5 bn | esef· 26 Oct 2026verified |
| Goodwill | 43.8 bn | 44.3 bn | 41.4 bn | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 22.2 bn | 21.2 bn | 15.5 bn | esef· 26 Oct 2026verified |
| Total assets | 226.5 bn | 204.3 bn | 189.3 bn | esef· 26 Oct 2026verified |
| Current liabilities | 54.2 bn | 41.1 bn | 33.6 bn | esef· 26 Oct 2026verified |
| Equity | 57.0 bn | 59.4 bn | 54.8 bn | esef· 26 Oct 2026verified |
Cash flow · SEK
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.4% | 53 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.5x | 16 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.9x | 10 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 54.5x | 12 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet14/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial53/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial12/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TELIA COMPANY AB (TELIA.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 81.0 bn SEK in 2025; YoY growth 0.0%; net margin 4.4%; ROE 6.6%.
The estimated value range is 17.05–27.07 SEK per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 20.75 SEK, the price of 49.03 SEK leaves a potential of -57.7% (value / price − 1) and a margin of safety of -136.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Interest coverage: 2.5x
- Current ratio: 0.9x
- P/E (TTM): 54.5x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 224.6 bn | 27.2 | 19.4% | 11.9% | +4.1% | +22% / +39% |
| BOL.STBoliden Ab | 140.5 bn | 14.9 | 13.3% | 10.1% | +4.8% | +10% / +78% |
| CAST.STCastellum Aktiebolag | 65.4 bn | 69.7 | 1.2% | 9.8% | −2.6% | +24% / +4% |
| AAK.STAak Ab (publ) | 45.3 bn | 13.3 | 17.2% | 7.5% | +2.2% | −34% / −18% |
| CAMX.STCamurus AB | 40.1 bn | 55.3 | 19.5% | 32.5% | +21.3% | +10% / +47% |
| BRAV.STBravida Holding AB | 32.0 bn | 26.0 | 13.7% | 4.4% | −4.9% | +95% / +137% |
| ASKER.STAsker Healthcare Group AB | 27.0 bn | 54.8 | 9.8% | 2.9% | +11.7% | −25% / unavailable |
| ALLEI.STAlleima AB | 22.9 bn | 34.1 | 4.1% | 3.6% | −5.4% | +11% / +20% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +20% |
| AQ.STAQ Group AB | 21.0 bn | 31.0 | 14.9% | 7.5% | +6.0% | +21% / +132% |
| ALTRA.STAltra Fastigheter AB | 17.6 bn | 32.6 | 3.0% | 15.1% | −2.2% | +4% / +15% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.8 | 15.1% | 4.3% | +0.1% | +34% / +225% |
| AFRY.STAfry Ab | 14.7 bn | 18.3 | 6.2% | 3.1% | −5.2% | −18% / +2% |
| ATRLJ-B.STAtrium Ljungberg AB | 13.4 bn | 16.3 | 2.9% | 23.9% | −2.0% | −36% / −47% |
| ALIG.STAlimak Group AB (publ) | 12.8 bn | 21.4 | 8.2% | 8.8% | −3.2% | −17% / +51% |
| ACAD.STAcadeMedia AB | 12.5 bn | 15.3 | 12.7% | 4.3% | +9.7% | +21% / +136% |
| APOTEA.STApotea AB (publ) | 9.8 bn | 42.8 | 31.3% | 3.2% | +10.1% | +5% / unavailable |
| BOOZT.STBoozt AB | 9.6 bn | 34.1 | 10.4% | 3.6% | +0.5% | +42% / +29% |
| ACTI.STActive Biotech AB (publ) | 5.1 bn | — | -84.5% | — | unavailable | −30% / −76% |
| BUFAB.STBufab AB (publ) | 5.1 bn | 9.3 | 15.1% | 6.9% | −7.4% | +38% / +113% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.3 | 13.0% | 2.2% | +16.7% | +2% / +25% |
| CEVI.STCellaVision AB | 4.6 bn | 29.8 | 18.0% | 20.2% | +4.9% | +16% / +8% |
| BHG.STBHG Group AB | 4.4 bn | 30.5 | 2.5% | 1.4% | +6.2% | −20% / +109% |
| CARA.STCarasent AB (publ) | 1.9 bn | 53.4 | 4.1% | 10.1% | +24.9% | −5% / +93% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +11% / −54% |
1- and 3-year price returns: for TELIA.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Telia Company is a telecommunications operator and digital services provider in northern Europe and the Baltics, with main activity in Sweden, Finland, Norway, Lithuania, Latvia and Estonia. In 2025 comparable revenue grew slightly, and while the company restores profitability through efficiency programmes, its infrastructure role in digital services and security is growing. Key figures are revenue of 36082 MSEK and adjusted EBITDA of 14301 MSEK in 2025 1.
SWOT
Strengths
- Strong infrastructure position, with advanced 5G coverage and network quality awards in several countries 1.
- Recurring subscription revenues and an extensive customer base across six Nordic and Baltic markets 1.
- Recognition in customer satisfaction surveys for mobile, television and business solutions 1.
Weaknesses
Opportunities
- Extending 5G and connectivity coverage to rural areas and along railways could open new revenue sources 1.
- Secure connectivity solutions for businesses and public institutions could grow in share if demand for resilience persists 1.
- Partnerships with energy providers and smart grid projects could generate new services for industrial customers 1.
Threats
- Macroeconomic pressure and customer migration to cheaper brands could reduce ARPU and service revenues 1.
- Geopolitical uncertainty and cyber threats could affect critical services and the company's reputation 1.
- Illegal television and streaming services continue to erode revenues in the content segment 1.
Risks
- Demand and pricing in a difficult macroeconomic environmenthigh
If customers continue to cut spending or migrate to cheaper offers, service revenues could fall and the company could be forced to adjust prices 1.
- Cybersecurity and network resiliencehigh
Telia is a provider of critical infrastructure subject to several security regulations, and a major incident could affect services and reputation 1.
- Geopolitical uncertaintymedium
The geopolitical context remains uncertain and could influence demand, supply chains and operating costs in the regions where the company operates 1.
- Loss of wholesale contractsmedium
The loss of a major wholesale contract can have rapid and significant financial effects, as happened in Norway in 2025 1.
- Energy and climate-related riskslow
Volatile energy prices and efficiency requirements could affect EBITDA margins and investment levels, and the energy transition entails additional costs 1.
Investment thesis
What would need to be true (bull case)
- If the 5G transition and the shutdown of the copper network proceed as planned, operating costs could fall and EBITDA margins could keep improving.
- Rising demand for secure connectivity and business services could support revenues over the medium term, especially in multi-year contract segments.
- The infrastructure position and recognition of network quality could allow stable pricing even in a difficult economic environment.
What would break the thesis
- If fixed telephony and hardware revenues continue to decline, total growth could remain weak even if services grow.
- Price pressure and customer migration to cheaper brands could limit ARPU and reduce margins in mature markets.
- Large network investments and cyber risks could consume significant resources without a proportional return in revenue.
What to watch
- Quarterly results by segment, especially service revenues in Sweden and FinlandQ1 2027
- Progress of copper network dismantling and 5G coverage across all markets2026
- Financial effect of the loss of the Norwegian wholesale contract on future revenuesnext 10-K
- Development of capex and adjusted EBITDA margin after the efficiency programme2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Telia Company AB is a telecommunications group offering mobile, fixed broadband, television and business solutions. According to the annual report for the year ended 31 December 2025, the group operates by geographic segment: Sweden, Finland, Norway, Lithuania, Latvia, Estonia and an 'Other operations' category that includes Telia Towers, a tower infrastructure division 1. In 2025 the company sold its television and media business to Schibsted Media, and in 2024 its Danish operations to Norlys 1. Strategy emphasises high-quality networks, especially 5G, and the dismantling of the copper network, which was to be fully switched off by the end of 2026 1. Employees numbered 4 304 at the end of fiscal 2025 1.
The revenue model rests on recurring subscriptions: contract mobile, fixed broadband and television, supplemented by connectivity and digital services for businesses. Hardware revenues are more volatile and declined in some markets, while service revenues remained the main growth driver 1. The company also focuses on infrastructure security and resilience, an important element for corporate customers and public institutions.
For investors and the public, Telia matters as an operator of critical infrastructure in several Nordic and Baltic countries, where network quality, cybersecurity and technological transition directly affect society's digital services.
Segments
Sweden
The largest segment by revenue, with group revenue of 36082 MSEK in 2025 1. Consumer service revenue rose 2.8% on a comparable basis and business segment service revenue rose 1.5% 1. 5G coverage reached 99% in 2025, and the mobile network was ranked best in Sweden for the sixth year in a row 1.
Market context
The markets Telia operates in are mature, with high penetration of mobile and broadband, so growth depends more on pricing, new services and consolidation than on adding customers. The geopolitical context and macroeconomic pressure weigh on demand, and consumers migrate to lower-priced brands while companies reassess telecom and IT budgets 1. Demand for secure connectivity is rising, which could support Telia's offering if the company keeps its position as a trusted provider.
The market is heavily regulated and competitive, and technological change and the decline of fixed telephony are redefining the value chain. The company also notes the continuing problem of illegal television and streaming services, which it seeks to address together with industry partners 1.
Trends
- Transition from copper network to 5Gtailwind
Dismantling the copper network and expanding 5G could reduce maintenance costs and increase capacity, if the transition proceeds on the planned timeline to the end of 2026 1.
- Decline of fixed telephony and hardwareheadwind
Fixed telephony revenues continue to fall, and hardware sales were weaker in some markets, limiting total revenue growth 1.
- Rising demand for secure connectivitytailwind
Geopolitical uncertainty increases interest in secure and resilient communications, which could favour corporate and public-sector contracts 1.
- Pressure on customer spendingheadwind
Consumers switch to cheaper services and companies cut telecom budgets, which could affect ARPU and service revenues if the trend continues 1.
Competitive position
Telia competes with mobile and broadband operators in each country, and competition is intensified by new digital service providers and streaming platforms. The annual report notes that Telia must innovate continuously to compete with existing and new players, and the loss of a major wholesale contract in Norway had a significant financial impact in 2025 1.
The company's competitive advantage rests on network quality and recognition in satisfaction surveys, but in mature markets price remains an important factor. Telia gains share in some segments, but price competition could limit margins if customers move to cheaper brands 1.
- Mobile and broadband operators in Sweden, Finland, Norway and the Baltics
Local competitors in each market; names are not given in the analysed source and no verified US ticker is available.
- Streaming and television platform providers
Competition for television customers, an area where Telia remained competitive in Finland and Estonia 1.
- IT and cloud solution providers for businesses
Competition in the corporate solutions segment, where Telia pursues growth through connectivity and managed services 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Telia Company AB · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.