New Street: Telenor (Buy, TP: NOK155, +63%) Why Altibox is not as big a risk as the markt is assuming
Since Altibox parent (Lyse) bought Ice in March 2022, there have been persistent concerns that Altibox would rejuvenate Ice, and start to take share in the mobile market in Norway. Telenor shares have been sold off on the back of these concerns in the past day or so. We show why we are more relaxed about the merger of Altibox and Ice in this short piece, and reiterate our Buy on Telenor, even though our model assumes modest share losses to Altibox.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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