Telenor Reports Mixed 1Q Results, With Weak Revenue but Strong EBITDA Margin; Shares Fairly Valued
Telenor reported mixed first-quarter results, with weak revenue but strong margins. We expect to maintain our fair value estimates of NOK 164 per local share and $21 per ADR, as well as our narrow moat rating. We believe the shares are fairly valued. The firm’s reported revenue declined 1.5% year over year versus our full-year projection of a 3.7% drop. However, our projection is based on actual 2017 results and assumes the disposal of Telenor’s central European operations at the end of June 201...
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