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    Fredrik Lithell

    Senior Research Analyst at Handelsbanken Capital Markets

    Fredrik Lithell is a Senior Research Analyst at Handelsbanken Capital Markets specializing in Nordic small cap equities, with prominent coverage of companies such as Tele2, Elisa, and Rejlers. He is recognized for his in-depth analysis of telecom and engineering firms, regularly contributing insights that inform investment strategies for both institutional and retail clients. Lithell began his career at Lannebo Fonder AB before joining Handelsbanken in 2021, and he has since established himself as a key voice in the sector though public performance metrics and rankings are not widely published. His professional background is supported by extensive equities research experience and expertise in Scandinavian capital markets.

    Fredrik Lithell's questions to NOKIA (NOK) leadership

    Fredrik Lithell's questions to NOKIA (NOK) leadership • Q2 2025

    Question

    Fredrik Lithell from Handelsbanken inquired about the potential impact of U.S. tax advantages and infrastructure bills on communication service provider (CSP) spending, and asked for the key drivers behind the strong performance in Europe during the quarter.

    Answer

    President & CEO Justin Hotard confirmed that any policy enabling infrastructure investment in the U.S. is positive for Nokia, but emphasized the need to continue investing in innovation. CFO Marco Wirén added that the growth in Europe was broad-based across all business segments, a welcome development after a previously muted period.

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    Fredrik Lithell's questions to NOKIA (NOK) leadership • Q2 2025

    Question

    Fredrik Lithell of Handelsbanken inquired about the potential for U.S. operator tax advantages to drive business for Nokia and asked for the key drivers behind the healthy growth seen in Europe.

    Answer

    President & CEO Justin Hotard stated that any policy enabling infrastructure investment in the U.S. is a positive driver. CFO Marco Wirén added that the growth in Europe was broad-based across all business segments, a welcome development after a previously muted period.

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    Fredrik Lithell's questions to ERICSSON LM TELEPHONE (ERIC) leadership

    Fredrik Lithell's questions to ERICSSON LM TELEPHONE (ERIC) leadership • Q2 2025

    Question

    Fredrik Lithell from Handelsbanken requested more details on trends in the North American market, particularly concerning the project ramp with a large client and the activity levels of other major customers.

    Answer

    CFO Lars Sandström explained that the project ramp-up from last year has now reached a 'stabilized good level,' which will make year-over-year comparisons more challenging in the second half. He stressed that North America has multiple key customers, all of whom are showing healthy investment levels.

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    Fredrik Lithell's questions to ERICSSON LM TELEPHONE (ERIC) leadership • Q1 2025

    Question

    Fredrik Lithell sought clarification on the Q2 Networks margin guidance, questioning why the outlook of 48-50% (49-51% ex-tariffs) wasn't stronger, given the 51% achieved in Q1 and expectations of seasonal growth. He asked if this implied a decline in underlying product margins.

    Answer

    CFO Lars Sandstrom highlighted a significant negative currency impact of about 4% when comparing Q1 to Q2 rates. He stated the 48-50% guidance is based on the expected product and market mix for Q2, which includes some support from IPR. He also confirmed a favorable product mix in Q1 but cautioned that the project-based business can have large quarterly swings.

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    Fredrik Lithell's questions to TELENOR (TELNY) leadership

    Fredrik Lithell's questions to TELENOR (TELNY) leadership • Q1 2025

    Question

    Fredrik Lithell requested an update on the OpEx development trajectory for the remainder of the year and into 2026, following the better-than-expected performance in Q1.

    Answer

    CEO Benedicte Fasmer clarified that while Q1 results were pleasing, the full-year ambitions for cost transformation remain unchanged, suggesting some benefits arrived earlier than anticipated. CFO Torbjorn Wist reiterated their consistent strategy of reducing FTEs by around 4% annually through technology and legacy system decommissioning.

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