Telenor (Buy, TP: NOK150, +13%) Q1 23: 7% group EBITDA growth ex energy and legacy drags
Telenor has reported a good set of Nordic numbers, with SR and EBITDA trends better, and Group EBITDA grew at c7% y/y ex energy and legacy drag. FCF is suppressed by several large one-off items, and leverage is higher than expected, but with underlying EBITDA growth of 7%, we think that Telenor can pay the group dividend and remain just about within its leverage range, even if dividends from Thailand do not start to flow until 2024 as per guidance.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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