Telenor expands fibre network/The acquisition in Norway doesn't come cheap

This morning, Telenor[de] announced the acquisition of GlobalConnect's consumer business, including the fibre network. We think this transaction marks a small positive for Telenor as it gains market leadership in the fixed broadband market, despite the relatively full acquisition price. We remain constructive on the Telenor credit profile, although the notes of Telenor trade around fair value in our view.

Telenor (Buy, TP: NOK182, +17%) How much is a mature fibre asset worth? Lessons from Telenor’s acquisition of GlobalConnect in Norway

Telenor has announced that it has agreed to buy GlobalConnect's (GC) Consumer Business in Norway. Not that many mature fibre assts have been sold in Europe, and so this deal is interesting on quite a few levels: for those thinking about what FastFiber in Portugal is worth or what Virgin Media might sell a stake in NetCo for, or what price Zegona/MasOrange might achieve in Spain, then this deal has relevance

Acquires Norwegian fibre asset at 13x '28e FCF

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Contract manufacturer Lonza reported solid half-year results, with over CHF 2.9 billion in total sales year to date, up about 6.4% from last year and boosted by foreign exchange tailwinds. Core EBITDA margin expanded 30 basis points from last year to about 27.8%, helped slightly by new accounting standards. Management indicated that it continues to expect mid- to high-single-digit sales growth in 2019. We are maintaining our fair value estimate of CHF 210 per share and our no-moat rating. The ph...

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

We don't expect any major changes to our AstraZeneca fair value estimate following second-quarter results that largely fell in line with our expectations and slightly ahead of consensus expectations. Overall, the company is posting leading Big Pharma sales growth with total sales up 18% operationally year over year, led by impressive cancer drug sales growth of 57%. Astra's ability to continue to bring next generation drugs to the market that address unmet medical need (especially in oncology) s...

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

We don't expect any major changes to our AstraZeneca fair value estimate following second-quarter results that largely fell in line with our expectations and slightly ahead of consensus expectations. Overall, the company is posting leading Big Pharma sales growth with total sales up 18% operationally year over year, led by impressive cancer drug sales growth of 57%. Astra's ability to continue to bring next generation drugs to the market that address unmet medical need (especially in oncology) s...