Here is a company report on Telia from Joni regarding the Q1 results 
We are raising the target price for Telia’s share to SEK 41.0 (prev. 38.0), driven by the convincing execution of the strategy and efficiency measures, which has lowered the operational risk level. At the same time, we reiterate our Sell recommendation. Telia’s Q1 revenue slightly missed expectations, and earnings grew in line with our expectations. In the big picture, confidence in earnings growth and especially cash flow has improved over the past year or so. However, the trajectory of earnings growth is not sufficient to turn the valuation positive, as the valuation picture remains very stretched.