reports
- Allan C. Nichols
Telenor Reports Mixed 1Q Results, With Weak Revenue but Strong EBITDA ...
Telenor reported mixed first-quarter results, with weak revenue but strong margins. We expect to maintain our fair value estimates of NOK 164 per local share and $21 per ADR, as well as our narrow moat rating. We believe the shares are fairly valued. The firm’s reported revenue declined 1.5% year over year versus our full-year projection of a 3.7% drop. However, our projection is based on actual 2017 results and assumes the disposal of Telenor’s central European operations at the end of June...
- Allan C. Nichols
Telenor Agrees to Sell Its Operations in Central and Eastern Europe; S...
Telenor announced on March 21 that it has agreed to sell its operations in Hungary, Serbia, Montenegro, and Bulgaria to PPF Group for EUR 2.8 billion (NOK 26.6 billion, $3.4 billion). These operations accounted for roughly 9% of the firm’s 2017 revenue and 8% of its EBITDA. The price values the operations at about 6.5 times 2017 EBITDA, which we believe is fair given limited growth prospects in this region. Thus, we are maintaining our NOK 164/$21 fair value estimates and narrow moat rating, a...
- Allan C. Nichols
Telenor increases its geographic focus by selling its Central and East...
Telenor reported fourth-quarter revenue in line with our expectations, but with slightly better margins. However, we don’t anticipate any significant changes to our NOK 164 fair value estimate for the local shares. Our narrow moat rating is unchanged, and we believe the shares are slightly overvalued. The firm reported revenue growth of 1.2% in the quarter and a decline of 0.5% for the year. Telenor’s full year revenue was NOK 124,756 versus our estimate of NOK 124,725. While revenue in Bang...
- Allan C. Nichols
Telenor's revenue growth is increasingly driven by higher data usage r...
Telenor reported mixed third-quarter results with revenue light, but solid EBITDA margins. We expect to maintain our fair value estimates of NOK 164 per local share and $20 per ADR and our narrow moat rating. We believe the stock is fairly valued. The firm reported revenue growth of 1% versus our full-year projection of a decline of 3.1%. However, our decline includes the removal of its Indian operation, which it has sold. Our revenue decline including India now looks too generous. As we’ve pr...
- Allan C. Nichols
Telenor Reported Mixed 3Q Results, With Light Revenue Growth, but Stro...
Telenor reported mixed third-quarter results with revenue light, but solid EBITDA margins. We expect to maintain our fair value estimates of NOK 164 per local share and $20 per ADR and our narrow moat rating. We believe the stock is fairly valued. The firm reported revenue growth of 1% versus our full-year projection of a decline of 3.1%. However, our decline includes the removal of its Indian operation, which it has sold. Our revenue decline including India now looks too generous. As we’ve pr...
- Allan C. Nichols
Telenor’s Roller Coaster Ride With Veon Comes to an End; Shares Fair...
Telenor announced on Sept. 21 that it sold an additional 5.1% stake in Veon for $4.15 per ADR. Total proceeds to Telenor will be $365 million (NOK 2.9 billion). We are pleased to see Telenor receive a higher price than previous sales of Veon stock and more than the $3.50 per ADR we were valuing the shares at, but it isn’t enough to move our NOK 164 fair value estimate on the local shares. We believe Telenor’s shares are fairly valued. There is also no change to our Telenor narrow moat rating...
- Allan C. Nichols
We Are Increasing Our FVE for Telenor to NOK 164 Due to Strong Margin ...
We are increasing our fair value estimate for Telenor to NOK 164 per local share from NOK 140, as well as $20 per ADR from $16.50, primarily due to improved EBITDA margins and currency effects for the ADR. The company also exceeded our near-term revenue projections, while average revenue per user, or ARPU, held up well. We are maintaining our narrow moat rating. Telenor reported adjusted second quarter revenue growth of 1.7% year over year versus our full-year projection of 1%. However, reporte...
- Allan C. Nichols
Telenor Reported Mixed 1Q Results Affected by Currency and the Removal...
Telenor reported mixed first-quarter results with weak revenue, but better margins. However, for now we plan to maintain our fair value estimate and narrow moat rating. We believe the shares are fairly valued. Reported revenue fell 3.3%, but the majority of this was from negative currency movements. Its organic revenue growth was 0.2%, versus our full-year projection of 1%, which is the low end of management's guidance. The biggest revenue growth providers were operations in Bangladesh, Pakista...
- Allan C. Nichols
Telenor's revenue growth increasingly driven by higher data usage rath...
On Feb. 23, Telenor announced that it had agreed to sell its Indian operation to Bharti Airtel. We are thrilled with this announcement, as the Indian market has become increasingly competitive with the entrance of Reliance Jio. We have never been enamoured with Telenor's entrance into India, given the many competitors and its late entry date, and we would have liked to have seen it sell out sooner. While no price has been revealed and the amount is likely less than it would have been even a few ...
- Allan C. Nichols
Telenor's revenue growth increasingly driven by higher data usage rath...
On Feb. 23, Telenor announced that it had agreed to sell its Indian operation to Bharti Airtel. We are thrilled with this announcement, as the Indian market has become increasingly competitive with the entrance of Reliance Jio. We have never been enamoured with Telenor's entrance into India, given the many competitors and its late entry date, and we would have liked to have seen it sell out sooner. While no price has been revealed and the amount is likely less than it would have been even a few ...
- Allan C. Nichols
Telenor Agrees to Sell Its Indian Operation to Bharti Airtel; Shares F...
On Feb. 23, Telenor announced that it had agreed to sell its Indian operation to Bharti Airtel. We are thrilled with this announcement, as the Indian market has become increasingly competitive with the entrance of Reliance Jio. We have never been enamoured with Telenor's entrance into India, given the many competitors and its late entry date, and we would have liked to have seen it sell out sooner. While no price has been revealed and the amount is likely less than it would have been even a few ...
- Allan C. Nichols
Telenor Reported Slightly Better 2016 Results; Shares Fairly Valued
Telenor reported 2016 results that were a bit ahead of our expectations, but we don’t anticipate any significant changes to our fair value estimate. Our narrow moat rating remains intact, and we believe the shares are fairly valued. The firm reported revenue increased 2.5% year over year, versus our projection of a 1.9% gain. However, it benefited from currency movements; otherwise, its revenue growth would have been just 1.1%. Its revenue growth was primarily driven through gains in Bulgaria,...
- Allan C. Nichols
Telenor Reported Q3 Results In Line With Our Projections; Shares Fairl...
Telenor reported broadly in-line results, and we are maintaining our NOK 140 fair value estimate for the local shares and $17 for the ADRs, as well as our narrow moat rating. Reported revenue increased 3% year over year, partially helped by currency gains, versus our full-year projection of 2.2%. The largest revenue gains came from operations in Pakistan, Bangladesh, India, and Myanmar, with growth rates in local-currency terms of 10%, 11%, 12%, and 17%, respectively. We are particularly pleased...
- Allan C. Nichols
Telenor's operations in Pakistan and Bangladesh bounce back after gove...
On Sept. 12, 2016, Telenor announced that it plans to sell about 24.5% of its one-third shareholding in VimpelCom's ADSs. This is a departure from the firm's announcement in October 2015 of its plans to sell the entire stake in VimpelCom. Telenor apparently has been shopping the stake to private equity and other telecom firms, but has not received an offer price it was willing to accept. Telenor is also offering the underwriters additional shares if there is demand. No pricing information is yet...
- Allan C. Nichols
Telenor Announces Plans to Sell a Portion of Its Stake in VimpelCom Th...
On Sept. 12, 2016, Telenor announced that it plans to sell about 24.5% of its one-third shareholding in VimpelCom's ADSs. This is a departure from the firm's announcement in October 2015 of its plans to sell the entire stake in VimpelCom. Telenor apparently has been shopping the stake to private equity and other telecom firms, but has not received an offer price it was willing to accept. Telenor is also offering the underwriters additional shares if there is demand. No pricing information is yet...
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