reports
- Jan Frederik Slijkerman
A-rated TMT credit investments/Better credits at similar spreads
In this report we evaluate the single-A TMT space. We argue that the notes of Wolters Kluwer, Relx, Swisscom and ASML look attractive. The notes of SAP and Telenor look to trade at fair value. As spread curves trade rather flat, we prefer notes in the belly of the curves. In this note we provide a summary of our general findings, followed by company descriptions.
- Russell Waller
- ABGSC Telecom Operators Research
- Herman Caspersen
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- ABGSC Telecom Operators Research
- Herman Caspersen
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- ABGSC Healthcare Research
- Sten Gustafsson
- ABGSC Healthcare Research
- Sten Gustafsson
- ABGSC Healthcare Research
- Sten Gustafsson
Invitation to Telenor Group’s results for the third quarter 2024
Invitation to Telenor Group’s results for the third quarter 2024 Join us for Telenor Group’s results for the third quarter 2024 When: Wednesday 30th October, 0900 CET / 0800 UKT. To view the webcast, without participating in the live Q&A, please visit: or visit Telenor.com/investors The presentation will be available via Webcast only. For media: A separate press meeting will be held at 10.30 CET at Telenor HUB, Snarøyveien 30, Fornebu. The media session will be held in Norwegian. To RSVP, please email: This information is subject to the disclosure requirements pursua...
- Christoffer Wang Bjørnsen
Telenor (Sell, TP: NOK125.00) - 2025 Nordics capex risk remains
While we are only just below consensus on 2024–2026e adj. EBITDA, we are well below on FCF before M&A, and reiterate our SELL given our concerns Telenor will struggle to meet its 2025 capex-cutting ambitions for the Nordics amid headwinds, e.g. the ongoing fibre roll-out. Longer-term, we struggle to get excited about easing capex requirements, particularly in Norway, where competitive pressure is only likely to ratchet up. However, we have raised our target price to NOK125 (110).
- Russell Waller
Telenor (Buy, TP: NOK180, +32%) Telenor – Target up to NOK180, +32%, ...
Telenor has been a good YTD performer, with the shares +17%. This has been in the large part driven by the impressive share price performance of TRUE, >100% YTD. We recently held an NDR with TRUE management (HERE) and continue to be very bullish on the outlook. Following those meetings we are lifting our target on TRUE to THB18/share from THB15/share.
- ABGSC Telecom Operators Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
- Patrik Ling
Vitrolife (Buy, TP: SEK280.00) - Underlying trends set to continue
Vitrolife stock has recovered nicely since its Q2 report (up c33% since the day before the report). We believe most of the Q2 trends that triggered the revaluation of Vitrolife remain, heading into the Q3 results. For the quarter, we are c1% below consensus on sales and c4% below on adj. EBITDA. We have increased our forecasts from 2025 and our target price to SEK280 (250). We reiterate our BUY.
- Ben Rickett
- James Ratzer
- Russell Waller
EU TELECOMS REFRESH: Can the outperformance continue?
When was the last time we could write that the EU Telecoms sector has been the second best performing sector in the market YTD? As a result, this raises the question of whether the outperformance can continue. We believe regulation will ultimately determine the answer to this question.
Telenor and Google Cloud Deepen Partnership to Unlock the Power of Dat...
Telenor and Google Cloud Deepen Partnership to Unlock the Power of Data Telenor Group today announced its expanded partnership with Google Cloud to accelerate Telenor’s digital transformation through advanced data capabilities. Telenor Group is a leading technology-driven communication services provider across the Nordics and Asia. Underpinning Telenor’s AI-First strategy and cloud-native ambitions, Telenor is transforming how it harnesses the power of its data, partnering with Google Cloud to deliver a unified data and analytics platform that will enhance customer experience, support new...
- ABGSC Telecom Operators Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
- ABGSC Telecom Operators Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
Torbjørn Wist appointed new Chief Financial Officer
Torbjørn Wist appointed new Chief Financial Officer Telenor Group has appointed Torbjørn Wist as new EVP and Group CFO. He is an accomplished CFO who previously worked 13 years for Telenor. He will start no later than 1 February 2025. We are very pleased to have Torbjørn back on the Telenor team as a strong contributor to our strategy, securing deep telecom-industry insight and excellent financial execution. Experienced CFO Torbjørn Wist is a business-oriented CFO with strong financial expertise and leadership skills, and with a solid track record both from Telenor ...
Torbjørn Wist utnevnt til ny finansdirektør
Torbjørn Wist utnevnt til ny finansdirektør Torbjørn Wist utnevnt til ny finansdirektør Telenor Group har ansatt Torbjørn Wist som ny finansdirektør (CFO). Han er en erfaren CFO som tidligere har jobbet 13 år i Telenor. Han tiltrer senest 1. februar 2025. Vi er veldig glade for å ha Torbjørn tilbake i Telenor-teamet som en sterk bidragsyter til vår strategi. Han tar med seg dyp innsikt i telekombransjen og solid finanskompetanse. Erfaren finansdirektør Torbjørn Wist er en forretningsorientert CFO med sterk finansiell kompetanse og gode lederegenskaper, og med en solid merittlis...
- Russell Waller
Telenor (Buy, TP: NOK138, +15%) Q2 24: Guidance lifted, and yet the ...
Telenor has reported a solid but slightly mixed set of Q2 numbers, but more importantly has lifted FY24 Nordic SR and Group FCF guidance (on an underlying basis), and hinted that it might tighten the Nordic EBITDA guidance range later in the year.
- ABGSC Telecom Operators Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
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