Telenor ASA

Telenor is a holding company. Through its subsidiaries, Co. operates as a telecommunication company. Co. provides mobile communication, fixed line communication, and broadcasting activities. Co.'s mobile communication business includes voice, data, Internet, content services, customer equipment and messaging. Fixed service comprise telephony, Internet and television (TV), leased lines as well as data services and managed services. Broadcast comprises Canal Digital DTH in the Nordics, satellite broadcasting, terrestrial radio and TV transmission in Norway and Belgium and encryption related services for TV distribution.
  • TickerTEL
  • ISINNO0010063308
  • ExchangeOslo Bors
  • SectorMobile Telecommunications
  • CountryNorway
Christer Magnergård ...
  • Frank Maaø
  • Håkon Astrup
  • Joachim Gunell
  • Jon Masdal
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolai Farstad Olsen
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Ragnhild Støer
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Frank Maaø

Telenor (Buy, TP: NOK175.00) - Hurdle cleared, time to look ahead

With a rough quarter behind it, we find Telenor’s outlook to have materially de-risked following resilient management of the Covid-19 business impact. With a 6% ‘safe’ dividend yield, transformation-backed cash flow growth visibility and potential for consolidation in several parts of its business, we have upgraded the stock to BUY (HOLD) with a new target price of NOK175 (155).

Aksel Øverland Engebakken ...
  • Anders Idborg
  • Daniel Thorsson
  • Karl Bokvist
  • Mads Thinggaard
  • Martin Melbye
  • Olof Cederholm
  • Patrik Brattelius
  • Peter Kurt Nielsen
  • Petter Nystrøm
  • Simon Granath
  • Tobias Kaj
  • Victor Forssell
  • Viktor Sundberg

Talking Points - Ringkjøbing Landbobank (Sell): Here we go again: Down to SELL on valuation

Balder (Buy) Post-result: Favourable exposure to low-risk properties A favourite for good reasons, but valuation appears off Downgrade to SELL (Hold); TP down to DKK 400 (410)

Peter Kurt Nielsen

Telenor - Norway leading the way with Asia to recover

Q2 COVID impact balanced by opex reductions Outlook in line; small changes to estimates Leading on modernisation with upside in Asia. BUY

ING
Hendrik Wiersma

Telenor/Still defensive, but no room for outperformance

Telenor reported a weak revenue performance in 2Q20. As earlier already indicated by the company, lower prepaid sales in Asia and a decline in roaming revenues due to Covid-19 negatively impacted the top-line performance. Cost savings supported EBITDA growth in 2Q20, also helped by lower commissions and marketing costs as a result of the pandemic, in addition to structural savings. Management now expects a stable EBITDA performance in 2020, suggesting an expected decline in 2H20 as adjusted EBITDA grew 1.8% organically in 1H20. The leadership's cautious stance stems from the uncertainty of Cov...

A director bought 2,000 shares at 156.700NOK and

A director at Telenor Asa bought 2,000 shares at 156.700NOK and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of ...

Frank Maaø

Telenor (Buy, TP: NOK175.00) - Hurdle cleared, time to look ahead

With a rough quarter behind it, we find Telenor’s outlook to have materially de-risked following resilient management of the Covid-19 business impact. With a 6% ‘safe’ dividend yield, transformation-backed cash flow growth visibility and potential for consolidation in several parts of its business, we have upgraded the stock to BUY (HOLD) with a new target price of NOK175 (155).

Aksel Øverland Engebakken ...
  • Anders Idborg
  • Daniel Thorsson
  • Karl Bokvist
  • Mads Thinggaard
  • Martin Melbye
  • Olof Cederholm
  • Patrik Brattelius
  • Peter Kurt Nielsen
  • Petter Nystrøm
  • Simon Granath
  • Tobias Kaj
  • Victor Forssell
  • Viktor Sundberg

Talking Points - Ringkjøbing Landbobank (Sell): Here we go again: Down to SELL on valuation

Balder (Buy) Post-result: Favourable exposure to low-risk properties A favourite for good reasons, but valuation appears off Downgrade to SELL (Hold); TP down to DKK 400 (410)

Peter Kurt Nielsen

Telenor - Norway leading the way with Asia to recover

Q2 COVID impact balanced by opex reductions Outlook in line; small changes to estimates Leading on modernisation with upside in Asia. BUY

Russell Waller

New Street: Telenor (Neutral): Impressive cost control saves the day

Telenor has reported a strong set of numbers at the EBITDA level, but a weak set of numbers at revenue.

Peter Kurt Nielsen

Telenor - Q2’20 results above

Q2’20 EBITDA 2-3% above cons and ABG Full year outlook for flat EBITDA in line We expect shares slightly up on results

ING
Hendrik Wiersma

Telenor/Still defensive, but no room for outperformance

Telenor reported a weak revenue performance in 2Q20. As earlier already indicated by the company, lower prepaid sales in Asia and a decline in roaming revenues due to Covid-19 negatively impacted the top-line performance. Cost savings supported EBITDA growth in 2Q20, also helped by lower commissions and marketing costs as a result of the pandemic, in addition to structural savings. Management now expects a stable EBITDA performance in 2020, suggesting an expected decline in 2H20 as adjusted EBITDA grew 1.8% organically in 1H20. The leadership's cautious stance stems from the uncertainty of Cov...

ING
Hendrik Wiersma

Telecoms/Still defensive during uncertain times

The telecom sector plays a crucial role to support the economy and society as people work from home as much as possible and want to stay connected to their loved ones. The financial impact of Covid-19 on telecom companies is difficult to quantify at this stage, given the limited visibility. However, operators are entering this time of uncertainty with solid balance sheets. We expect the negative impact on service revenues to be limited thus far. However, the longer the lockdown measures remain in place, business operations will come increasingly under pressure. We maintain our view that the se...

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/CSPP, ECB & Verizon Communications

Strategy: €120bn envelope will target CSPP to support corporate funding

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/CSPP & Telenor

February net purchases in CSPP total €5.7bn after low refinancing of €565m

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Telenor

Telenor reported to have revived talks on potential Axiata deal; no upside for spreads

Christer Magnergård ...
  • Frank Maaø
  • Håkon Astrup
  • Joachim Gunell
  • Jon Masdal
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolai Farstad Olsen
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Ragnhild Støer
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Frank Maaø ...
  • Håkon Astrup
  • Jesper Ingildsen
  • Martin Arnell
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Alexander Aukner ...
  • Eivind Sars Veddeng
  • Frank Maaø
  • Joachim Gunell
  • Jørgen Lian
  • Nicolay Dyvik
  • Ole-Andreas Krohn

Northern Lights

Frank Maaø ...
  • Jesper Ingildsen
  • Ole-Andreas Krohn

Northern Lights

Frank Maaø ...
  • Martin Arnell
  • Niclas Gehin
  • Nicolay Dyvik
  • Niklas Wetterling
  • Ole-Andreas Krohn

Northern Lights

TELENOR ASA sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of TELENOR ASA (NO), a company active in the Mobile Telecommunications industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date January 31, 2020, the closing price was NOK 166.95 and its potential was estimated at NOK 177.30.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Telenor – AGM 13 May 2020

In general, Telenor is in compliance with the Norwegian regulations relating to the organisation and procedures of the AGM.   Under ITEM 6 the board of directors proposes to adopt the financial statements, including the allocation of profit. Although ECGS has no concerns over the financial statements it does NOT approve of the (proposed) distribution of profit. Accordingly, ECGS recommends to vote OPPOSE.   Under ITEM 7 the board of directors seeks approval of the remuneration of the external auditor. In view of the substantial amount of non-audit fees, ECGS recommends to vote OPPOSE.   ...

Expert Corporate Governance Service (ECGS)

Telenor - AGM 07 May 2019

In general, Telenor is in compliance with the Norwegian regulations relating to the organisation and procedures of the AGM. Under ITEM 7, the board of directors seeks approval of the auditor's remuneration. In view of the substantial amount of non-audit fees, ECGS recommends to vote OPPOSE. Under ITEM 9.1, the board of directors seeks approval of the Company's remuneration guidelines. The proposed remuneration structure is not in line with ECGS' guidelines. Accordingly, ECGS recommends to vote OPPOSE. Undet ITEM 9.2, the board of directors seeks approval of a revised LT incentive plan. Alth...

Telenor ASA – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch