Telia's Q3 operating figures were good and Telia returned to earnings growth. However, macro headwinds are strong and overshadow the good business trend. So, we expect modest earnings growth in coming years. The share’s valuation (2023 P/E 18x and EV/EBIT 16x) has turned tight due to the price drop, lowered estimates and uncertainty. The stock exchange offers more attractive return/risk ratios elsewhere. 

 In Q1, Telia's operational performance was good on a broad front, which increases our confidence in the strategy's efficiency and the earnings turnaround continuing. We forecast moderate earnings growth over the next few years with a stronger growth base. Additionally, strong balance sheet offers strategic room for maneuver. The main risk is related to the implementation of the strategy and, in particular, the realization of cost savings.

Changes in accounting principles for film and program rights and Liiga restatement
The accounting for Telia Company's Liiga program rights has been restated resulting in only the current season recognized as asset and liability in the balance sheet and amortization now reducing EBITDA. Future Liiga seasons are kept off balance which has reduced the asset and liability. These future seasons are instead disclosed as contract commitments. Operating income remains unchanged and net income is positively affected by reversal of discount effects.

During the period January 13, 2020 until January 17, 2020, shares in Telia Company have been repurchased as follows.