Tele2 B gets Barclays backing, shares stay ahead of European telcos

By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-23, 15:15.

Tele2 B (SE0005190238) receives renewed support from Barclays, which reiterates its Overweight rating and SEK 200 price target after a strong 2025 performance, according to an Investing.com summary of the Barclays note. The Swedish telecom operator trades on Nasdaq Stockholm and continues to outpace the European Stoxx Europe 600 Telecommunications index (SXKP) on a total return basis.

What Barclays emphasizes

Barclays keeps its Overweight stance on Tele2 and holds the SEK 200 per share target, pointing to a 48 percent total return for 2025 compared with 17 percent for the SXKP sector index, as reported by Investing.com. Year to date, Tele2 shares are up around 16 percent versus roughly 20 percent for the SXKP, indicating the stock is broadly keeping pace with the wider European telecom cohort.

The bank highlights Tele2’s dividend yield of about 3.9 percent and notes that the company has maintained dividend payments for 23 consecutive years, underlining its income profile for investors. On Barclays’ fiscal 2026 estimates, Tele2 trades around 10.1 times EV/EBITDA and 12.9 times EV/operating free cash flow, with an estimated 6.4 percent equity free cash flow yield, metrics that Barclays views as consistent with solid value in the sector.

Consensus picture on Tele2 B

Across the broader analyst community, Tele2 typically carries a majority of Buy or Overweight ratings, with several firms citing its Nordic market position and recurring cash flows; data compilations such as MarketScreener show an average target price in a corridor around the Barclays level, indicating a relatively tight consensus range. These aggregated views usually reference Tele2’s stable mobile and broadband base in Sweden and the Baltics, where it competes with peers like Telia Company and Telenor.

Valuation metrics from independent data providers show the stock around 12 times trailing earnings, broadly in line with or slightly below many larger European telecom names, according to the same Investing.com coverage. InvestingPro analysis cited there characterizes Tele2 shares as trading near fair value, which suggests the upside case rests more on execution and cash return than on a deep discount.

How Tele2 makes its money

Tele2 generates most of its revenue from mobile services, including subscriptions, data and roaming, in Sweden and the Baltic states, complemented by fixed broadband and TV services for households and businesses. The company also sells bundled offers that combine mobile, broadband and TV under the Tele2 and Com Hem brands in Sweden, and it operates wholesale and B2B connectivity solutions, such as IoT connectivity, for corporate customers.

Where the Tele2 B shares trade

The Tele2 B shares (SE0005190238) trade on Nasdaq Stockholm, where they last changed hands at around 135 Swedish kronor on 2026-06-23, 15:00, according to recent exchange data, implying an equity value in the mid tens of billions of kronor.

This article is for informational purposes only and does not constitute investment advice, an offer or a recommendation to buy or sell securities. All data are based on sources considered reliable but cannot be guaranteed. Investors should conduct their own research and consider their individual financial situation before making investment decisions.