Telenor Looks to Bangladesh and Pakistan for Growth
Telenor’s fourth-quarter revenue was a bit light of our expectations, but EBITDA margins were a bit better. Thus, we expect to maintain our NOK 164 per local share fair value estimate and narrow moat rating. We believe the shares are fairly valued. While the firm’s full-year reported revenue of NOK 110.4 billion looks well below our estimate of NOK 116.9 billion, most of the shortfall is due to differences in accounting for divestitures. Adjusting for these sales, revenue was only 0.4% short of ...
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