Telenor Reported Mixed 3Q Results, With Light Revenue Growth, but Strong EBITDA Margins
Telenor reported mixed third-quarter results with revenue light, but solid EBITDA margins. We expect to maintain our fair value estimates of NOK 164 per local share and $20 per ADR and our narrow moat rating. We believe the stock is fairly valued. The firm reported revenue growth of 1% versus our full-year projection of a decline of 3.1%. However, our decline includes the removal of its Indian operation, which it has sold. Our revenue decline including India now looks too generous.As we’ve prev...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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