Telenor's operations in Pakistan and Bangladesh bounce back after government regulation changes.
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...
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