Telenor Agrees to Sell Its Operations in Central and Eastern Europe; Shares Fairly Valued
Telenor announced on March 21 that it has agreed to sell its operations in Hungary, Serbia, Montenegro, and Bulgaria to PPF Group for EUR 2.8 billion (NOK 26.6 billion, $3.4 billion). These operations accounted for roughly 9% of the firm’s 2017 revenue and 8% of its EBITDA. The price values the operations at about 6.5 times 2017 EBITDA, which we believe is fair given limited growth prospects in this region. Thus, we are maintaining our NOK 164/$21 fair value estimates and narrow moat rating, and...
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