Telenor (Buy, TP: NOK145, +14%) Q1 24: Good numbers, impressive FCF generation

Telenor has reported a good set of Q1 numbers, with SR and EBITDA c1% ahead, and FCF 49% ahead. FY24 guidance has not been lifted (but has been reiterated) despite the good Q1 numbers, with phasing of payments/items to impact FCF throughout the rest of the year, and this is perhaps a little disappointing, but momentum is clearly with Telenor at present, and if current trends persist, then guidance and estimates will move up.

EBITDA-capex 3% above, strong FCF

Solid momentum into the year for Telenor

Solid momentum into the year for Telenor Telenor showed good momentum going into the first quarter with top-line growth in both the Nordics and Asia. "The first quarter was yet another solid quarter for Telenor. We continue to develop security services to protect our customers against digital attacks, and we see that it is important for our customers," says Sigve Brekke, CEO of Telenor. Services revenues in the first quarter ended at NOK 15.8 billion, corresponding to an organic increase of 5.6 per cent compared to the same period last year. EBITDA ended at NOK 8.5 billion, correspondin...

Bible 1Q24 – Semicap: recovery on track, positive 2025 outlook in expectations already.

Today, we are publishing the Semicap section of our 23rd Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 130 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Automotive, Cloud Infrastructure, Telecom Equipment, Industrials, PCs, Enterprise IT, and Ride sharing & Delivery. Semicap equipment revenues were in line with guidance and expectations this quarter, with strong demand from China hiding a steep downcycle. V...

EM Telcos EM Enterprise Revenues Continue to Grow Strongly

In this note we revisit and update our thesis that Enterprise in EM is following an S-Curve, using 2023 reported figures. Enterprise customer growth continues to exhibit an S-Curve, and absolute Enterprise revenues added remains very strong in many EMs despite a slowdown in growth rates. We remain bullish on this space.

Alphabet (GOOGL, Buy, $200 target) Previewing Google Marketing Live & read throughs from MSFT Build keynote tomorrow

Tomorrow is both Google Marketing Live (aka GML, GOOGL’s annual event for performance/direct response ads) and the opening keynote for MSFT’s multi-day Build conference. After GOOGL announced the broader rollout of AI Overviews (fka Search Generative Experience) at Google I/O, we expect to hear about wider tests of advertising in AI Overviews at Google Marketing Live.