New Street Research - Telenor ASA (TEL) New Street: Telenor (Buy, TP: NOK160, +62%) Lower energy costs will support EBITDA; new Ice sub targets are not aggressive

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New Street Research

Russell Waller

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New Street: Telenor (Buy, TP: NOK160, +62%) Lower energy costs will support EBITDA; new Ice sub targets are not aggressive

Current and future Energy costs continue to fall in Europe. This is good news for the sector, and especially good news for those with low levels of hedging: notable beneficiaries (50% or less hedged for 2023) as per our October note (HERE) are: BT, Tef De, TNET, Telia, Telenor and Vodafone.

11/01/2023 1 EN

Underlying

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.

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NO0010063308 Oslo Bors Norway

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New Street Research

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Analysts

Russell Waller

Other Reports on these Companies

DnB Markets

Telenor (Sell, TP: NOK140.00) - Q1e slightly below consensus

We have made only limited estimate changes (except for an accounting change for the treatment of write-offs in associates) and are slightly below consensus on Q1e revenues, service revenues, adj. EBITDA, net profit and FCF. With Nordics opex cuts looking set to be back-end loaded this year, we expect Q1 to be a relatively uneventful quarter. We will look for more clarity on lower-quality cash flow tailwinds with regard to Telenor’s ability to cover its dividends with FCF before M&A this year, which might dampen recent excitement. This, combined with the strong share price, has led us to downgr...

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April 22, 2025 April 22, 2025 1 EN

GlobeNewsWire

Telenor's Subsidiary KNL Signs Framework Agreement with the Finnish and Swedish Defence Forces

Telenor's Subsidiary KNL Signs Framework Agreement with the Finnish and Swedish Defence Forces (Stockholm, 2 April, 2025) Telenor expands into the defence industry: Subsidiary KNL signs a ten-year contract with the Finnish and Swedish Defence Forces through NORDEFCO (Nordic Defence Cooperation) for advanced military communication technology. In a time marked by cyber threats and geopolitical tensions, Telenor has increased its presence in the defence industry. Through its Finnish subsidiary KNL, Telenor now provides critical technology for modern military operations. Pioneering Military C...

April 2, 2025 April 2, 2025 1 EN

GlobeNewsWire

Telenors datterselskap KNL signerer rammeavtale med det finske og svenske forsvaret

Telenors datterselskap KNL signerer rammeavtale med det finske og svenske forsvaret (Stockholm, 2. april 2025) Telenor forsterker sin posisjon i forsvarsindustrien: Datterselskapet KNL sikrer seg en tiårig kontrakt med det finske og svenske forsvaret gjennom NORDEFCO (Nordic Defence Cooperation) innen banebrytende militær kommunikasjonsteknologi I en tid der cybertrusler og geopolitiske spenninger preger verdensbildet, har Telenor utvidet sin tilstedeværelse i forsvarsindustrien. Gjennom det finske teknologiselskapet KNL har Telenor sikret seg en teknologi som kan vise seg å bli avgjørende...

April 2, 2025 April 2, 2025 1 EN

CHTR 1Q25 Quick Take: Net adds a little soft; EBITDA beat

Net adds missed estimates, but the miss was less severe than some might have feared following Comcast’s results. Importantly, adds in existing markets improved year-over-year. EBITDA growth was 3.5% after adjusting for a one-time benefit. This was well ahead of expectations. Estimates for EBITDA and FCF will likely increase for the year. Repurchases are back, and the Company seemed to reaffirm a leverage target of 4.25x. Repurchase estimates should increase too with higher EBITDA and FCF.

EUR 8824.00

36m 36m 1 EN

Blair Levin

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NSR Policy Implications of Hegseth’s Woes on Key Spectrum Battle

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EUR 8824.00

1h / 33m 1h / 33m 1 EN

Chris Hoare

Chris Hoare

Megacable (Neutral, TP: MXN55, +21%) Q1 25: Slightly slower but solid overall

Megacable has reported a decent set of Q1 results. Revenue came in a touch below expectations while EBITDA came in a touch above. Financial and KPI trends slowed this quarter but remained solid across the board

EUR 8824.00

2h / 5m 2h / 5m 1 EN

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New Street: Telenor (Buy, TP: NOK160, +62%) Lower energy costs will support EBITDA; new Ice sub targets are not aggressive

Telenor (Sell, TP: NOK140.00) - Q1e slightly below consensus

Telenor's Subsidiary KNL Signs Framework Agreement with the Finnish and Swedish Defence Forces

Telenors datterselskap KNL signerer rammeavtale med det finske og svenske forsvaret

CHTR 1Q25 Quick Take: Net adds a little soft; EBITDA beat

NSR Policy Implications of Hegseth’s Woes on Key Spectrum Battle

Megacable (Neutral, TP: MXN55, +21%) Q1 25: Slightly slower but solid overall

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