reports
- Russell Waller
Telenor (Buy, TP: NOK145, +14%) Q1 24: Good numbers, impressive FCF g...
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.
- ABGSC Telecom Operators Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
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...
God fart inn i året for Telenor
God fart inn i året for Telenor Telenor hadde god fart inn i første kvartal med solid topplinjevekst i både Norden og Asia. – Første kvartal var nok et solid kvartal for Telenor. Vi fortsetter å utvikle sikkerhetstjenester som kan sikre våre kunder mot digitale angrep, og ser at det er viktig for kundene våre, sier Sigve Brekke, konsernsjef i Telenor. Tjenesteinntektene i første kvartal endte på 15,8 milliarder kroner, tilsvarende en organisk økning på 5,6 prosent sammenlignet med samme periode i fjor. EBITDA endte på 8,5 milliarder kroner, tilsvarende en organisk vekst på 6,9 prosent. ...
- Simen Mortensen
Bonava (Hold, TP: SEK9.50) - No KPI recovery in Q1
As expected, Bonava reported close to zero EBIT and EPS. Moreover, the leading KPIs for starts and sales were weaker than expected, and we have cut our 2026e EPS. We continue to expect close to zero EPS in 2024–2026e, but with a P/B of c0.4x and refinancing in place with the Q1 equity issue, we believe the negatives are reflected in the share price. We reiterate our HOLD, but have raised our target price to SEK9.5 (8.5).
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Viktor Stenlöf
Telenor Group’s results for the 1st quarter 2024
Telenor Group’s results for the 1st quarter 2024 Join us for Telenor Group’s results for the first quarter 2024 The presentation will be available via WEBCAST ONLY 0900 CET / 0800 UKT Telenor will present its quarterly results for the first quarter of 2024 on Tuesday 30 April at 0900 CET / 0800 UKT. To view the webcast, visit: (Please join the call 5 minutes before the booked start time to allow the operator to transfer you into the call by the scheduled start time) As usual, there will be a Q&A session for analysts. Dial-in details: Norway: ...
Invitasjon til Telenors resultatfremleggelse for første kvartal 2024
Invitasjon til Telenors resultatfremleggelse for første kvartal 2024 Invitasjon til Telenors resultatfremleggelse for første kvartal 2024 Telenor legger frem resultater for første kvartal 2024 tirsdag 30. April kl. 09:00. For å se webcast: /79DCq6 Analytikere kan ringe inn på telefon 21 56 33 18 for å stille spørsmål. Vennligst oppgi kodeord Telenor til operatøren.
- Simen Mortensen
Renovation rules now a reality
The Energy Performance of Buildings Directive (EPBD) was approved on 12 April, requiring the modernisation of existing real estate in the EU, and will soon enter the Official Journal of the EU. Member states will have two years to incorporate the provisions into their national legislation. While Q1 is Nordic construction’s low season due to winter effects, we see some downside risk to Q1e consensus and longer-term to 2024–2026e EBIT on lower development gains. We recommend a stock-picking approa...
- Simen Mortensen
Bonava (Hold, TP: SEK8.50) - Adjusting EPS for dilution
Following Bonava raising cSEK1,050m and issuing 213m new shares (a c197% increase) in an underwritten rights issue, we have updated our 2024–2026e EPS for the new share count and lowered our net debt. We have made no changes to our revenue or EBIT forecasts. We do to not see the company returning to positive EPS territory in our forecast period. However, we note a low 2024e P/B valuation of 0.34x. We reiterate our HOLD, with a new target price of SEK8.5 (previously SEK14, or SEK7.98 adjusted for...
Telenor Group Announces Collaboration with NVIDIA to Support its AI-Fi...
Telenor Group Announces Collaboration with NVIDIA to Support its AI-First Ambition Barcelona—Mobile World Congress —February 26, 2024: Telenor announced today it is collaborating with NVIDIA to bring AI across the Nordic region, transform internal operational efficiencies and the communications network, and create new AI opportunities and partnerships with startups, enterprises, and government entities. With this collaboration, Telenor plans to become a sovereign AI cloud partner of NVIDIA, enabling generative AI across Nordic markets at the national level. In addition, Telenor aims to impl...
Telenor Group inngår samarbeid med NVIDIA for å støtte selskapets AI-s...
Telenor Group inngår samarbeid med NVIDIA for å støtte selskapets AI-satsning (Barcelona, Mobile World Congress, 26. februar 2024): Telenor kunngjør i dag et samarbeid med NVIDIA med målsetning om å akselerere kunstig intelligens (KI) i Norden. Sammen vil selskapene bruke KI til å optimalisere Telenors nettverk og interne driftsprosesser samt skape nye KI-samarbeid med oppstartsselskaper, etablerte virksomheter og offentlige instanser. Gjennom dette samarbeidet ønsker Telenor å bygge en egen og selvstendig nasjonal sky-plattform for KI ved hjelp av NVIDIA, noe som vil muliggjøre bru...
Bonava AB: 2 directors
A director at Bonava AB subscribed to 20,000 shares at 4.900SEK 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 clear...
- Russell Waller
Telenor (Buy, TP: NOK140, +22%)
Telenor Q4 Group EBITDA missed by -1.7%, and capex guidance for 2024 is a touch higher than expected, but the other positives in the results more than offset this in our view: for example, FCF for Q4 is 37% ahead of expectations; OpFCF guidance for 2024 is-line with expectations thanks to higher than expected EBITDA off-setting the higher than expected capex; FCF guidance for 2024 is c4% ahead of consensus expectations, and FCF guidance for 2025 is c21% ahead of consensus expectations.
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
Solid year and fourth quarter for Telenor
Solid year and fourth quarter for Telenor Telenor ended last year strongly with solid top-line growth and strong cash flow both in the fourth quarter and for the full year. "I am very pleased that we continue to deliver growth with new and better products to our customers, at the same time as customer surveys show that we have Norway's best and fastest network," says Sigve Brekke, CEO of Telenor. Service revenues for the full year 2023 ended up at NOK 62.5 billion, corresponding to an organic increase of 4.0 per cent compared to last year. EBITDA ended at NOK 34.6 billion, corresponding t...
Solid år og fjerde kvartal for Telenor
Solid år og fjerde kvartal for Telenor Telenor avsluttet fjoråret sterkt med solid topplinjevekst og sterk kontantstrøm i fjerde kvartal og for året som helhet. – Jeg er veldig fornøyd med at vi fortsetter å levere vekst med nye og bedre produkter til kundene, samtidig som kundeundersøkelser viser at vi har Norges beste og raskeste nett, sier Sigve Brekke, konsernsjef i Telenor. Tjenesteinntektene for 2023 sett under ett var 62,5 milliarder kroner, tilsvarende en organisk økning på 4,0 prosent sammenlignet med fjoråret. EBITDA endte på 34,6 milliarder kroner, tilsvarende en organ...
Telenor Breaks New Ground: World's Southernmost Base Station Establish...
Telenor Breaks New Ground: World's Southernmost Base Station Established in Antarctica (Antarctica, 6 February 2024) – In a groundbreaking venture, Telenor announces the opening of the world's southernmost commercial base station in Antarctica, setting a new benchmark for connectivity in the harshest of environments. The Norwegian Polar Institute’s research station in Antarctica, Troll, now has extended reach, connecting a vast area to the outside world with mobile connectivity. The base station was put into operation in February. What makes this base station unique, aside from being ...
Telenor bygger mobildekning i Antarktis
Telenor bygger mobildekning i Antarktis (Antarktis, 6. februar 2024) Det er en historisk begivenhet når Telenor åpner verdens sørligste basestasjon i Antarktis. Basestasjonen i Antarktis er verdens sørligste, og den driftes fra verdens nordligste på Svalbard. Den norske forskningsstasjonen Troll i Antarktis har nå fått en utstrakt dekning i området rundt forskningsstasjonen. Troll er det sentrale navet i et internasjonalt forskningssamarbeid som skal komme verdenssamfunnet til gode. I februar ble basestasjonen satt i drift, og området rundt Troll forskningsstasjon er koblet til omv...
- Simen Mortensen
Bonava (Hold, TP: SEK14.00) - Decent Q4, mixed KPIs
The Q4 results were broadly in line with our forecasts, excluding SEK37m in impairments. Unit sales were slightly better, but new starts weaker. With fewer units set to be completed in 2025, we have cut our 2025e EPS by -162%% to SEK-2.25. We find the revised financial targets fair long-term, but consider them being reached by 2026 too optimistic. We reiterate our HOLD and SEK14 target price. Note that the terms of the announced rights issue are expected on or around 2 February.
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