Here is Joni’s drafted company report on Telia right after its Q2 report. 
We raise Telia’s share target price to SEK 35.0 (previously SEK 34.0) reflecting forecast changes and reiterate our ‘reduce’ recommendation for the stock. Telia’s Q2 report was overall relatively well in line with our expectations. However, the focus was on the recent M&A news. We forecast the company to grow exactly in line with guidance, which is a good level compared to historical performance. The stock’s valuation (2025e P/E and EV/EBIT 16x and 15x) remains neutral, considering the already stretched earnings growth expectations.