Telenor (Buy, TP: NOK150.00) - Priced almost excluding Asia
At the upcoming CMD, we expect Telenor to outline a realignment of the group into a new Nordic core and a more-autonomous Asian unit. In our view, Telenor is also likely to present new targets aimed at demonstrating how it can sustain its current dividend policy, while a reset is being priced in. Telenor is trading almost excluding Asia, which appears unwarranted, in our opinion. We reiterate our BUY, but have lowered our target price to NOK150 (155), factoring in recent FX and energy-price data.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.
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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