Telenor Reports Mixed 3Q Results With Weak Revenue but Strong Margins; Shares Fairly Valued
Telenor reported mixed third-quarter results, with revenue a bit light but improved EBITDA margins. We expect these items will pretty much offset each other and don’t expect to change our NOK 164 per local share fair value estimate. Our narrow moat rating is unchanged, and we believe the shares are fairly valued. Once again, our expected revenue decline of 6.4% for the full year appears much worse than the company’s reported revenue growth of 0.4%. However, the company sold its operations in Hun...
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