reports
- ABGSC Telecom Operators Research
- Herman Caspersen
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Christoffer Wang Bjørnsen
Telenor (Sell, TP: NOK142.00) - Mixed set of results
While Telenor reported decent Q1 headline results adjusted for a one-off VAT provision in Norway, slightly above consensus and our estimates, the FCF beat was seemingly driven by lower-quality transitory tailwinds, leaving us still uncertain about its ability to cover its dividends with underlying FCF before M&A this year and in 2026. Thus, given our view of a stretched company and sector valuation, we reiterate our SELL, while we have raised our target price to NOK142 (140).
- ABGSC Telecom Operators Research
- Herman Caspersen
- Oscar Rönnkvist
- Øystein Elton Lodgaard
Telenor ASA: 1 director
A director at Telenor ASA bought 10,000 shares at 157.200NOK and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly ...
- Chris Hoare
Telenor (Buy, TP: NOK 183, +17%) Q1 25: Strong results support contin...
Telenor has reported a good set of Q1 numbers, with SR c0.5% ahead of consensus and EBITDA in line; 2025 guidance was re-iterated, which is now in line with consensus expectations, but we think this could be raised later in the year if the further OpEx efficiencies management are expecting are realised.
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- ABGSC Telecom Operators Research
- Herman Caspersen
- Oscar Rönnkvist
- Øystein Elton Lodgaard
Steady course in turbulent times
Steady course in turbulent times Fornebu, Norway - May 6, 2025 - Telenor Group increased its revenues during a quarter of global economic instability due to fast-changing tariffs and geopolitical turmoil. This unpredictability has also created new business opportunities in the Nordics. First quarter highlights: Service revenues of NOK 16.1 billion in the quarterAdjusted EBITDA of NOK 8.6 billion in the quarterFree cash flow before M&A of NOK 3.0 billion in the quarter During the first quarter, Telenor delivered year-over-year organic growth in service revenues of 2.1 percent, and org...
Stø kurs i urolige tider
Stø kurs i urolige tider (Fornebu, 06. mai 2025) Telenor økte inntektene i et kvartal med global økonomisk ustabilitet grunnet skiftende tollpolitikk og geopolitisk uro. Denne uforutsigbarheten har også skapt nye forretningsmuligheter i Norden. Høydepunkter i første kvartal: Tjenesteinntekter på 16,1 milliarder kroner i kvartaletJustert EBITDA på 8,6 milliarder kroner i kvartalet Fri kontantstrøm før M&A på totalt 3,0 milliarder kroner i kvartalet I første kvartal leverte Telenor en organisk vekst i tjenesteinntekter på 2,1 prosent sammenlignet med første kvartal i fjor, og organisk EB...
- ABGSC Healthcare Research
- Philip Ekengren
- Sten Gustafsson
- Patrik Ling
Vitrolife (Buy, TP: SEK230.00) - Disappointing start to 2025
Q1 sales undershot consensus by c3% and EBITDA by c11%, with earnings missing across the board. Organic sales growth was c3% (excluding discontinued operations equating to close to 3% of total sales). Divisionally, Technologies saw the largest deviations versus consensus (although it can be volatile quarter to quarter). On the positive side, the lawsuit in the US related to PGT-A has not had any negative impact on those sales. We reiterate our BUY, but have cut our target price to SEK230 (255).
- ABGSC Healthcare Research
- Philip Ekengren
- Sten Gustafsson
- Christoffer Wang Bjørnsen
Telenor (Sell, TP: NOK140.00) - Q1e slightly below consensus
We have made only limited estimate changes (except for an accounting change for the treatment of write-offs in associates) and are slightly below consensus on Q1e revenues, service revenues, adj. EBITDA, net profit and FCF. With Nordics opex cuts looking set to be back-end loaded this year, we expect Q1 to be a relatively uneventful quarter. We will look for more clarity on lower-quality cash flow tailwinds with regard to Telenor’s ability to cover its dividends with FCF before M&A this year, wh...
Telenor's Subsidiary KNL Signs Framework Agreement with the Finnish an...
Telenor's Subsidiary KNL Signs Framework Agreement with the Finnish and Swedish Defence Forces (Stockholm, 2 April, 2025) Telenor expands into the defence industry: Subsidiary KNL signs a ten-year contract with the Finnish and Swedish Defence Forces through NORDEFCO (Nordic Defence Cooperation) for advanced military communication technology. In a time marked by cyber threats and geopolitical tensions, Telenor has increased its presence in the defence industry. Through its Finnish subsidiary KNL, Telenor now provides critical technology for modern military operations. Pioneering Military C...
Telenors datterselskap KNL signerer rammeavtale med det finske og sven...
Telenors datterselskap KNL signerer rammeavtale med det finske og svenske forsvaret (Stockholm, 2. april 2025) Telenor forsterker sin posisjon i forsvarsindustrien: Datterselskapet KNL sikrer seg en tiårig kontrakt med det finske og svenske forsvaret gjennom NORDEFCO (Nordic Defence Cooperation) innen banebrytende militær kommunikasjonsteknologi I en tid der cybertrusler og geopolitiske spenninger preger verdensbildet, har Telenor utvidet sin tilstedeværelse i forsvarsindustrien. Gjennom det finske teknologiselskapet KNL har Telenor sikret seg en teknologi som kan vise seg å bli avgjørende...
- ABGSC Telecom Operators Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
- ABGSC Telecom Operators Research
- Herman Caspersen
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- ABGSC Healthcare Research
- Philip Ekengren
- Sten Gustafsson
- Jan Frederik Slijkerman
A-rated TMT credit investments/Better credits at similar spreads
This report updates credit investors on opportunities in the single-A TMT space. We argue that the notes of Relx, Swisscom, and ASML look attractive. The notes of SAP and Telenor look to trade at fair value. We provide a summary of our general findings, followed by company descriptions.
Jottacloud and Telenor Software Lab Merge to Build a Strong Norwegian ...
Jottacloud and Telenor Software Lab Merge to Build a Strong Norwegian Challenger in Cloud Storage Oslo, March 19, 2025 – Growing geopolitical tensions have driven European consumers to seek alternatives to international technology services. Today, Telenor and Jotta announce the merger of their cloud storage businesses, forming an all-Norwegian alternative to global players. “Most of us store our private photos on the cloud, and many are now questioning the security of data stored abroad. By merging the Norwegian cloud storage companies Jotta AS and Telenor Software Lab, we are creating a ...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.