reports
- ABGSC Telecom Equipment Research
- Oscar Rönnkvist
- Simon Granath
Telenor ASA: 1 director
A director at Telenor ASA bought 3,247 shares at 154.000NOK and the significance rating of the trade was 69/100. 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 s...
- 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
- 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...
Elisa Oyj: 1 director
A director at Elisa Oyj sold 10,000 shares at 45.730EUR and the significance rating of the trade was 66/100. 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 showi...
- Russell Waller
Tele2 (Neutral, TP: SEK 130, -1%) Q1 25: A strong start to the year
Tele2 has reported a good set of results, with a strong inflection in EBITDAaL trends, and EBITDAaL is +2.6% ahead of consensus (albeit c50% of the EBITDAaL beat is due to a Lithuania cost deferral). The key question is whether or not this is a pull forward of the already announced cost savings, or a new higher level?
- 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...
- ABGSC Telecom Operators Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
- Stefan Gauffin
- ABGSC Telecom Operators Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
- Stefan Gauffin
Elisa (Hold, TP: EUR47.00) - Looking for churn stabilisation
We forecast a fairly solid Q1 (results due at 07:30 CET on 17 April), with stabilised churn from the elevated levels in Q4. We expect a slight slowdown of YOY MSR growth versus Q4 and solid 10% organic growth for the international software business. We reiterate our HOLD, but have raised our target price to EUR47 (45).
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
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