DnB Markets - Telenor ASA (TEL) Northern Lights

Report

DnB Markets

Frank Maaø ...

Jon Masdal
Martin Huseby Karlsen
Mattias Holmberg
Ole Martin Westgaard
Ole-Andreas Krohn
Rune Majlund Dahl

Northern Lights

04/01/2018 16 EN

Underlying

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.

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NO0010063308 Oslo Bors Norway

Provider

DnB Markets

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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Analysts

Frank Maaø

Jon Masdal

Martin Huseby Karlsen

Mattias Holmberg

Ole Martin Westgaard

Ole-Andreas Krohn

Rune Majlund Dahl

Other Reports on these Companies

DnB Markets

Telenor (Sell, TP: NOK140.00) - Q1e slightly below consensus

We have made only limited estimate changes (except for an accounting change for the treatment of write-offs in associates) and are slightly below consensus on Q1e revenues, service revenues, adj. EBITDA, net profit and FCF. With Nordics opex cuts looking set to be back-end loaded this year, we expect Q1 to be a relatively uneventful quarter. We will look for more clarity on lower-quality cash flow tailwinds with regard to Telenor’s ability to cover its dividends with FCF before M&A this year, which might dampen recent excitement. This, combined with the strong share price, has led us to downgr...

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April 22, 2025 April 22, 2025 1 EN

GlobeNewsWire

Telenor's Subsidiary KNL Signs Framework Agreement with the Finnish and Swedish Defence Forces

Telenor's Subsidiary KNL Signs Framework Agreement with the Finnish and Swedish Defence Forces (Stockholm, 2 April, 2025) Telenor expands into the defence industry: Subsidiary KNL signs a ten-year contract with the Finnish and Swedish Defence Forces through NORDEFCO (Nordic Defence Cooperation) for advanced military communication technology. In a time marked by cyber threats and geopolitical tensions, Telenor has increased its presence in the defence industry. Through its Finnish subsidiary KNL, Telenor now provides critical technology for modern military operations. Pioneering Military C...

April 2, 2025 April 2, 2025 1 EN

GlobeNewsWire

Telenors datterselskap KNL signerer rammeavtale med det finske og svenske forsvaret

Telenors datterselskap KNL signerer rammeavtale med det finske og svenske forsvaret (Stockholm, 2. april 2025) Telenor forsterker sin posisjon i forsvarsindustrien: Datterselskapet KNL sikrer seg en tiårig kontrakt med det finske og svenske forsvaret gjennom NORDEFCO (Nordic Defence Cooperation) innen banebrytende militær kommunikasjonsteknologi I en tid der cybertrusler og geopolitiske spenninger preger verdensbildet, har Telenor utvidet sin tilstedeværelse i forsvarsindustrien. Gjennom det finske teknologiselskapet KNL har Telenor sikret seg en teknologi som kan vise seg å bli avgjørende...

April 2, 2025 April 2, 2025 1 EN

Humana (Buy, TP: SEK52.00) - Growth agenda back in focus

The Q1 results were mixed, but with the financials now in good order, we see more of a growth focus ahead. We find management’s priorities logical, with our underlying forecast largely unchanged, but our 2025–2027e EPS cut by 6–2% on FX and non-cash items. We reiterate our BUY, but have trimmed our target price to SEK52 (53), focusing on Humana’s market opportunity, operating profile, financial outlook and valuation.

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Stefan Gauffin

Stefan Gauffin

Lime Technologies (Sell, TP: SEK355.00) - Remain cautious

Softness in Expert Services kept organic growth at only 10%, and with the macroeconomic uncertainty, we see a risk that weaker growth will continue in the coming quarters. We reiterate our SELL and SEK355 target price.

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Karl-Johan Bonnevier

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Netel Group Holding (Buy, TP: SEK18.00) - Solid outlook for 2025

Q1 offered further signs of good progress towards reducing volatility and improving performances across its operations, albeit in a seasonally small (start-up) quarter. We still see solid demand fundamentals and Netel further rebuilding its financial capacity in 2025. Lowering its financial targets looks logical to us, despite triggering 12–13% cuts to our 2026–2027e EPS. We still like the stock (2025–2027e FCF yield of 13–23%), and reiterate our BUY, but have cut our target price to SEK18 (22).

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Northern Lights

Telenor (Sell, TP: NOK140.00) - Q1e slightly below consensus

Telenor's Subsidiary KNL Signs Framework Agreement with the Finnish and Swedish Defence Forces

Telenors datterselskap KNL signerer rammeavtale med det finske og svenske forsvaret

Humana (Buy, TP: SEK52.00) - Growth agenda back in focus

Lime Technologies (Sell, TP: SEK355.00) - Remain cautious

Netel Group Holding (Buy, TP: SEK18.00) - Solid outlook for 2025

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