Telenor (Buy, TP: NOK136, +20%) Leverage coming down, dividends to flow, 8.5% dividend yield
Telenor shares have had a volatile week, and we do not understand why. We would see weakness as an opportunity to Buy. Newsflow continues to be positive for Telenor in our view: In the past few days Telenor has won a tax case (+NOK2.4bn), and sold its satellite business for an EV of NOK2.4bn, both of which will help with delevering.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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- Pan European Telecom Services and Cable
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