Report
Russell Waller
EUR 8824.00 For Business Accounts Only

New Street: Telenor (Buy, from Neutral), TP: NOK165, +55% CMD: Upgrade to Buy, top pick in region, Tele2 to Neutral

Telenor held a CMD in Norway today that we attended. Energy costs are an incremental drag for 2022, but aside from near-term EBITDA risk, we liked what we heard.
Underlyings
Tele2 AB Class B

Tele2 is engaged as a telecom operator. Co. provides mobile communication services, fixed broadband and telephony, data network services and content services. The mobile service comprises various types of subscriptions for residential and business customers as well as prepaid cards. Fixed broadband includes direct access, which is its own services based on access via copper cable and other forms of access, such as fibre networks, wireless broadband and metropolitan area networks. Fixed telephony includes resold products within fixed telephony. The product portfolio within resold fixed telephony consists of prefix telephony, pre-selection (dial the number without a prefix) and subscriptions.

Telenor ASA

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.

Provider
New Street Research
New Street Research

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Analysts
Russell Waller

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