Telia is undeniably doing okay, especially considering its share price was around 1.6x€ a couple of years ago in the summer. Now Telia is at 3.52€ and on its way to a nice 6% dividend yield on top.
Compared to Elisa, Telia benefits from its low dependence on a single market. Finland accounts for about 15+% of revenue and, in my estimation, even less of operating profit (EBITDA). Of course, Sweden’s weighting is significant, but it also seems to be under 50% by both metrics. Telia also gets a nice bonus from the developing markets of Lithuania and Estonia.
Compared to Elisa, which has a strong dependence even on the fickle Finnish consumer market alone, I would say Telia is now a less risky option, as its TV and other past issues are behind it.