In a decision published today by the Swedish Competition Authority, we find that they have concluded that Telia’s acquisition of Bredband2 c...
Redeye returns with smaller near-term forecast adjustments following a Q3'25 report that was largely in line with expectations.
* Solid top-line and earnings growth, but elevated churn * We lower '25e-'26e adj.
Redeye considers Bredband2’s Q3 report to be largely in line with estimates, posting growth of 9% y/y with an EBITDA margin of almost 16%.
Redeye returns with positive estimate revisions following Bredband2's report that all in all, was solid.
- Solid top-line and normalising costs; Q2 EBITA +15% vs.
Redeye comments on Bredband2’s Q2 report which posted marginally stronger performance across the board, with stronger sales and lower OPEX.
Redeye comments on the takeover offer on Bredband2 from Telia Company.
Offer at SEK 3.25/share In a move that was not too unexpected, Telia made a cash offer of SEK 3.
PTS has published new statistics for the SE fibre market BRE2 market share: 14% vs 13% in 2023 BRE2's H1 focus is on customer adds; margins ...
CEO Daniel Krook emphasised the increased growth focus for H1.
Surprisingly high costs, but solid top-line and customer intake We cut '25e EBITA by 7%, but raise '26e-'27e by 1% 12x-10x '25e-'26e EV/EBIT...
Redeye remains positive to Bredband2 despite its soft Q1 margins driven by growth efforts.
Redeye comments on Bredband2’s Q1 report where accelerated growth efforts resulted in a strong customer intake while costs grew more than ex...
Sales +2% vs. ABGSCe, but EBITA 17% below Good customer intake, but margins weighted by investments Expect cons to cut '25e EBITA by c.
Redeye is positive to Bredband2’s acquisition of 7k fibre customers from Folke AB, with yearly sales of SEK20m.
Acquires 7k fibre customers from Folke AB for SEK 10m (EV) Adds +1% on PF sales Should be clear cost synergies, and therefore an accretive a...
Redeye remains positive to Bredband2 following a Q4 2024 report in line with forecast.
In-line Q4 report, increased focus on sales growth in 2025 We cut '25e-'26e EBITA by 5-2% on lower margin assumptions 11x-9x '25e-'26e EV/EB...
Redeye continues to be positive to Bredband2 following a Q4 report in line with our estimates, posting a 10% y/y topline growth.
Sales and EBITA in line, c. 6% organic growth y-o-y Better customer intake, +1,900 q-o-q (ABG +1,000) Expect cons to make minor revisions on...
Redeye returns with a positive view on the back of Bredband2’s Q3 2024 report which was largely in line with our expectations.
Solid Q3 report, adj. EBITA +9% y-o-y Price hikes in Q4 to benefit margins '25e-'26e EBITA +1%, 12x-10x '24e-'25e EV/EBITA Slightly soft GM...
Solid Q3, particularly on EBITA margins Price hikes to help margins in Q4e and beyond Expect cons to do small revisions on '25e-'26e EBITA ...
Redeye continues to be positive to Bredband2 following a Q3 report that beat our estimates by delivering a topline growth of 9.
Redeye is positive to Bredband2’s acquisition of Bredbandsson, adding about 0.
Sales of ~SEK 20m, but with negative margins This afternoon, Bredband2 announced the acquisition of Bredbandsson AB: a Swedish broadband ope...
Redeye returns with a positive view on the back of Bredband2’s Q2 2024 report which was in line with our expectations.
- Solid Q2 report across the board, 1% better EBITA - More marketing campaigns in Q3 to boost the customer intake - '25e-'26e EBITA +3%, 11x...
Redeye continues to be positive to Bredband2 following a Q2 report in line with our estimates posting a 9.
PTS has published new statistics for the SE fibre market BRE2 market share: slightly down versus 2022 Bredband2 is focusing on growth in 202...
CEO Daniel Krook emphasised the increased growth focus Improved growth in '24e on price hikes and a better customer intake 11x '24e EV/EBITA...
Earlier-than-expected cost synergies led to 4% EBITA beat We lift '24e-'26e EBITA by 3-4% on lower opex 11x '24e EV/EBITA, we estimate 17% E...
Redeye returns with a positive view on the back of Bredband2’s Q1 2024 report posting solid growth and profits.
Sales in line, but EBITA +4% vs. ABGSCe Lower opex and better customer intake than expected Expect cons to lift '24e-'26e EBITA by ~3% Q1 r...
Redeye continues to be positive to Bredband2 following a solid Q1 report, where growth initiatives impacted nicely.
Redeye returns with a positive view on the back of Bredband2’s Q4 2023 report that beat our estimates mainly on the cost side.
- Sales +5% y-o-y, EBITA +38% y-o-y - We lift '24e-'25e EBITA by 3% on 1% lower opex - 10x '24e EV/EBITA, we estimate 14% EBITA growth in '2...
Q4 results Sales SEK 403m (0% vs ABGSCe 403m), EBITDA 71m (6% vs ABGSCe 67m), EBITA 44m (12% vs ABGSCe 39m), EBIT 36m (13% vs ABGSCe 32m), E...
Redeye continues to be positive to Bredband2 following a solid Q4 report, where a higher-than-expected gross margin led to a 12% EPS beat.
Redeye returns with an update on Bredband2's acquisition of Stockholm Stadsnät AB with a positive view.
We include Stockholms Stadsnät AB into our forecasts.
This morning, Bredband2 announced the acquisition of Stockholm Stadsnät AB with 40 thousand customers at SEK50m enterprise value, implying a...
Focus in 2024e is on growth... ...while maintaining current EBITA margins amid operational leverage 10x-9x '23e-'24e EV/EBITA Margin-expans...
Redeye makes positive estimate revisions on the back of Bredband2’s strong Q3 2023 report that beat our estimates across the board.
Improved org. growth on price increases '23e EBITA +3%, '24e-'25e largely unchanged 11x-9x '23e-'24e EV/EBITA, 8-10% lease adj.
Redeye is positively surprised by Bredband2’s Q3 performance, where its efforts to increase margins exceeded our expectations by one percent...
Sales and EBITA 0% and 5% vs. ABGSCe Customer intake -2,800 q-o-q (ABGSCe +500) Expect small estimate revisions on '24e EBITA Q3 results Sa...
Redeye makes minor forecast changes following Bredband2’s Q2 2023 report, in which sales came in slightly above our expectations, which, cou...
• EBITA up 17% y-o-y, 14% ahead of ABGSCe • We lift '23e-'25e EBITA by 5-4% • 10x '23e EV/EBITA, easy comps near-term Customer intake more r...
Sales and EBITA 2% and 14% vs. ABGSCeCustomer intake flat q-o-q (ABGSCe -2,500)Cons to lift '23e-'25e EBITA ~5%Q2 resultsSales SEK 393m (2% ...
Redeye states its view of Bredband2’s Q2 2023 report, released earlier today.
Q2 report due 9 August We expect GM pressure and churn to stay high.
PTS has published new statistics for the SE fibre market BRE2 market share: slightly down in subscribers, but flat in value We expect BRE2's...
Reiterates 7.5% EBIT margin in Q4e (vs. 6.5% in Q1).
Redeye makes minor forecast adjustments following Bredband2’s Q1 2023 report, in which sales came in slightly below our expectations, while ...
Better Q1 EBIT margin on lower opex... ...but we cut '23e-'25e EBIT by 4-2% on lower sales ARPU should increase ahead, 9% '23e lease adj.
Redeye states its view of Bredband2’s Q1 2023 report, released earlier today.
Sales and EBIT -1% and +4% vs. ABGSCe Customer intake -2,500 q-o-q (ABGSCe -1,000) Expect relatively small changes to cons '23e-'24e EBIT Q...
Redeye makes minor forecast adjustments following Bredband2’s Q4 2022 report, where the sales were largely in line, while the EBITDA and EBI...
Disappointing GM, but 4% EBITDA beat on lower opex We lower '23e-'24e EBITDA by 2% Org.
Redeye will likely make minor forecast adjustments following Bredband2’s Q4 2022 report.
Sales and adj. EBITDA -1% and +4% vs. ABGSCe -1,900 customer intake q-o-q vs.
Redeye makes minor forecast adjustments following Bredband2’s Q3 2022 report, where sales and EBIT came in somewhat below expectations, whil...
Solid customer intake but sequential margin contraction We cut ‘22e-‘24e EBITDA by 3-6% 12x-11x ‘22e-‘23e EV/EBITA, 7-8% lease adj.
Redeye will likely make minor forecast adjustments following Bredband2’s Q3 2022 report.
Sales and adj. EBITDA -1% and -3% vs. ABGSCe +1,400 customer intake q-o-q vs.
Redeye makes 2022E and 2023E forecast adjustments following Bredband2’s Q2’22 report, where sales and EBIT came in below our expectations.
Good customer intake but weaker-than-expected margins We cut ‘22e-’24e EBITDA by 8-5% 13-11x ‘22e-‘23e EV/EBITA, 6-9% lease adj.
