Telenor (Buy, TP: NOK166.00) - Minor model adjustments
We have updated our forecasts to reflect the latest FX rates and subscriber statistics. Based on this, we expect Q2 adjusted EBITDA of NOK12.16bn (NOK11.86bn), c1% above consensus. We have raised our 2022e EPS by 3.7% but left 2023–2024e broadly unchanged. We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our NOK166 target price.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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