Telenor Reported Q3 Results In Line With Our Projections; Shares Fairly Valued
Telenor reported broadly in-line results, and we are maintaining our NOK 140 fair value estimate for the local shares and $17 for the ADRs, as well as our narrow moat rating. Reported revenue increased 3% year over year, partially helped by currency gains, versus our full-year projection of 2.2%. The largest revenue gains came from operations in Pakistan, Bangladesh, India, and Myanmar, with growth rates in local-currency terms of 10%, 11%, 12%, and 17%, respectively. We are particularly pleased...Telenor is a holding company. Through its subsidiaries, Co. operates as a telecommunication company. Co. provides mobile communication, fixed line communication, and broadcasting activities. Co.'s mobile communication business includes voice, data, Internet, content services, customer equipment and messaging. Fixed service comprise telephony, Internet and television (TV), leased lines as well as data services and managed services. Broadcast comprises Canal Digital DTH in the Nordics, satellite broadcasting, terrestrial radio and TV transmission in Norway and Belgium and encryption related services for TV distribution.
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