Tele2 B, SE0005190238

Goldman Sachs cuts target for Tele2 B stock to SEK 210 from SEK 215

Published on 10/21/2026 at 10:41 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Tele2 reported third-quarter revenue of SEK 7.6 billion, up 2.00 percent organically. Tele2 B stock costs EUR 14.23 on October 21, 2026.

Tele2 target changes and cash flow

Goldman Sachs cut its Tele2 target from SEK 215 to SEK 210 on October 21, 2026.
Tele2 reported third-quarter revenue of SEK 7.6 billion and 2.00 percent organic growth on October 20, 2026.
Tele2 B stock traded at EUR 14.23 at 10:36 a.m. CEST at Lang & Schwarz on October 21, 2026.
Tele2's market capitalization was SEK 108.8 billion on October 21, 2026.

Isometrische 3D-Grafik der Telekom-Wertschöpfungskette vom Mast zum Haus — Isometrische 3D-Grafik zeigt Wertschöpfungskette der Telekommunikation, verbunden mit Tele2 AB, ISIN SE0005190238, Netz zu Nutzer, Illustration mit AI erstellt.

Tele2 (SE0005190238) faces a lower analyst target after MarketScreener reported on October 21, 2026 that Goldman Sachs cut its Tele2 target from SEK 215 to SEK 210 while reiterating its buy rating. The company had reported record equity free cash flow one day earlier.

Analyst target meets strong cash flow

The target cut came after Tele2's third-quarter report, which combined modest operating growth with stronger cash generation. Tele2 said in its October 20, 2026 release that end-user service revenue reached SEK 5.7 billion, up 2.00 percent organically from the third quarter of 2025, while total revenue reached SEK 7.6 billion with the same organic growth rate. The release also linked the performance to growth across all operations and continued cost control.

For the third quarter of 2026, underlying EBITDAaL reached SEK 3.1 billion and rose 3.00 percent organically from the prior-year quarter. Reported growth was flat because of the Baltic tower transaction, making the organic comparison more favorable than the reported measure.

Three dated earnings markers

On October 20, 2026, Tele2 reported third-quarter total revenue of SEK 7.6 billion, according to Tele2. On October 20, 2026, it reported net profit of SEK 1.4 billion and earnings per share of SEK 2.03 in the third quarter, according to Tele2.

On October 20, 2026, equity free cash flow reached SEK 2.3 billion in the third quarter, compared with SEK 1.8 billion one year earlier, according to Tele2. Over the latest twelve months, equity free cash flow reached SEK 6.7 billion, or SEK 9.69 per share, versus SEK 8.99 previously.

What supports the outlook?

Tele2 narrowed its full-year 2026 guidance for organic underlying EBITDAaL growth to 4.00 to 5.00 percent from a previous low-to-mid-single-digit range. It also reduced its capex-to-sales guidance to below 10.00 percent from 10.00 to 11.00 percent, while maintaining low-single-digit organic growth guidance for end-user service revenue. The figures give the cash-flow result a clearer role in the investment case, even as analysts trim targets.

Stock price and valuation context

Tele2 B stock was trading at EUR 14.23 at Lang & Schwarz on October 21, 2026, at 10:36 a.m. CEST. On Nasdaq Stockholm, the stock was at SEK 158.50 at 10:40 a.m. CEST on October 21, 2026. Its market capitalization was SEK 108.8 billion, and its 52-week range was SEK 143.05 to SEK 198.30.

The further course of trading is shown by the continuously updated real-time quote of Tele2 B stock.