TELE2

• Tele2 is called down -2-3% this morning…will be a nice entry point for these
• I think alot of people will probably want them lower but the potential bid/break up will hold them up
• Worst TMT performer this year but for good reason but the bid/break up is coming this year..BUY

 

Further details…

• Called down this morning post numbers on the FCF downgrade but market is going to start focusing on the breakup
• They can’t continue to exist like this, they’ve ruined the growth opportunities in Norway & the Netherlands (which KPN is already repricing for)
• Its been beaten up and the market is up to speed with the operational issues now so the bid/breakup is on its way and the sum of the parts will be worth alot more…..