True EBITDA flat q-o-q, but above ABGSC

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).

Stretched valuation and likely slowdown ahead

Volume growth & fees keep the pace up

DNB (No_rec, TP: NOK) - Higher fees and improved capital outlook

Helped by still-solid core revenue momentum and modest loan losses, DNB reported a Q1 ROE of 15.9%. Fee income rose by ~30% YOY, driven by the inclusion of Carnegie, from investment banking and asset management services. The CET1 ratio fell by ~90bp QOQ, to 18.5%, mainly explained by the Carnegie acquisition, the ample buffer to its 16.7% supervisory expectation boding well for further generous distributions ahead. We have raised our 2026–2027e EPS by ~2%, largely explained by higher core revenu...

Hornsea 4 cancellation adds to uncertainty

Ørsted today announced it is cancelling development of the 2.4GW Hornsea 4 project off the UK due to increased supply chain costs, higher interest rates, and greater construction and operational risk (FID was expected later in 2025). The cancellation adds to uncertainty for the offshore wind services industry and overall project profitability within offshore wind. No installation contracts for Hornsea 4 had been disclosed yet, but with Cadeler responsible for foundations and half the turbines on...

Decent Q1-delivery

Adj PTP +2%/+1% and PBLL +3%/0% vs. ABG/cons. Beat driven by asset quality and 2% better income (trading, NII & fees). Cons.est. +1-2% for 25e-27e (NII & fees); stock to hold up.

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 ...

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.

Coffee, Croissants & Credit/Telenor, Heimstaden Bostad, Castellum

Telecom - Telenor reports good 1Q25 results

Nordics above, but other segments below

Heads-up for Q1-report, 7 May

Nordic banks – Statistical update – Swedish bankruptcies April 2025

Nordic banks – Statistical update - Danish lending March 2025

Nordic banks – Statistical update - Norwegian lending March 2025

Nordic banks – Statistical update – Finnish lending, March 2025

Nordic banks – Statistical update – Swedish lending, March 2025

Estimates down on delayed margin recovery