Telenor Reported Mixed 1Q Results Affected by Currency and the Removal of Its Indian Operations
Telenor reported mixed first-quarter results with weak revenue, but better margins. However, for now we plan to maintain our fair value estimate and narrow moat rating. We believe the shares are fairly valued. Reported revenue fell 3.3%, but the majority of this was from negative currency movements. Its organic revenue growth was 0.2%, versus our full-year projection of 1%, which is the low end of management's guidance.The biggest revenue growth providers were operations in Bangladesh, Pakista...
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