New Street: Telenor (Neutral, TP: NOK150, +9%) Q3 21: Weak numbers, EBITDA guidance cut - Quick Take
Telenor has reported a weak set of Q3 results, with revenue 0.5% light vs consensus and EBITDA -2.3% light (-0.1% and -3.4% light ex the Asian assets that have already reported). S&T revenue is -1.3% light. This is not a good set of numbers from Telenor, with misses at the revenue and EBITDA level spread across the board, and Telenor is now saying that EBITDA will be at the low end of the guidance range – but do remember that guidance includes some one-offs (3% drag to EBITDA y/y growth rates this quarter), and so although trends are going in the wrong direction, outlook is not quite as bad as it seems.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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