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  "docSlug": "fcfc0434b622",
  "documentTitle": "TeliaSonera AB (TLSN)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2015-10-15 00:00:00",
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  "notes": "This is a text-heavy page from a shareholder letter, likely an activist investor document.",
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      "kind": "callout",
      "text": "Telia has shown that it is a mediocre operator in its northern European business, where net sales have declined since 2009.",
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      "text": "TeliaSonera could have legal liability, including to the United States Department of Justice, in the tens of billions of SEK (quite possibly well in excess of US$1.0 billion).",
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      "text": "The company is facing three significant cash flow issues that implicate both its ability to pay the dividend and its credit profile.",
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      "text": "You and the new management do not appear to be capable of dealing with the significant challenges posed by TeliaSonera’s corruption issues. On the contrary, the company’s actions and statements demonstrate indecision and contradictory goals.",
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      "text": "EV / EBITDA: 7.4x",
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      "kind": "paragraph",
      "text": "material misstatements could be problematic for you and the present management. Telia’s continued application of certain accounting gimmicks can be interpreted as the company still having a culture where the rules do not apply.",
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      "text": "Telia has shown that it is a mediocre operator in its northern European business, where net sales have declined since 2009. On this basis, we think the valuation of the stub should be approximately 7.4x EV / EBITDA.",
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