DNA (Hold, TP: EUR21.10) - Telenor aims to reduce DNA’s dividend yield
Telenor’s formal tender offer for the minority shares in DNA is planned for 29 August, with an offer period running to 26 September. Telenor reiterated it was happy to remain at 54% and would not raise its offer. From a DNA shareholder perspective the real news was that Telenor would commit to DNA’s dividend policy of 80–100% of net income, but would not support any extraordinary dividends for the coming years at the current net leverage.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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