reports
- Russell Waller
Telenor ASA: 2 directors
Two Directors at Telenor ASA bought 15,500 shares at between 172.000NOK and 173.500NOK. The significance rating of the trade was 60/100. 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 ...
- Russell Waller
Telenor (Neutral, TP: NOK 150, -7%) Q4 25: Good results, new Buyback ...
Telenor has reported a good set of Q4 numbers, issued solid guidance for FY26, and announced a new 7% (over 3 years) buyback, that should help it shrug off the recent negative Telia-ICE RAN sharing news (HERE). We downgraded to Neutral in July (HERE) due to insufficient upside to be Buy, and because we saw better value elsewhere in the sector, and we were worried about dividend cover given rising Asian costs. Selling out of Thailand (HERE) helps repair the B/S and supports sentiment. As things s...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- ABGSC Telecom Operators Research
- Åsne Holsen
- Øystein Elton Lodgaard
Telenor reports strong results and announces NOK 15 billion share buyb...
Telenor reports strong results and announces NOK 15 billion share buyback programme Telenor enters 2026 with strong Nordic growth, a solid financial position, and a simplified portfolio in line with the ambitions presented at the Capital Markets Day. “The results for 2025 show that we are delivering on our promises. We are entering 2026 with a simplified portfolio and strengthened financial capacity. I am very proud of the strong efforts of our employees throughout the year, how we continue to put our customers first every day and develop services that provide greater security and add valu...
Telenor rapporterer sterke resultater og kunngjør tilbakekjøpsprogram ...
Telenor rapporterer sterke resultater og kunngjør tilbakekjøpsprogram på 15 milliarder kroner Telenor går inn i 2026 med sterk nordisk vekst, solid finansiell posisjon og en forenklet portefølje, i tråd med ambisjonene fra kapitalmarkedsdagen. – Resultatene for 2025 viser at vi leverer som lovet. Vi går nå inn i 2026 med en forenklet portefølje og solid finansiell slagkraft. Jeg er svært stolt av den sterke innsatsen fra våre medarbeidere gjennom året, hvordan vi hver dag setter kundene først og hvordan vi utvikler tjenester som gir mer trygghet og verdi i hverdagen, sier konsernsjef Bened...
- Russell Waller
Telia (Buy, TP: SEK46, +12%) Telenor (Neutral, TP: NOK150, -6%) Telia...
Telia has announced a RAN sharing deal with ICE in Norway. We look at the impact of this deal (first derivative and second derivative effects to both Telia and Telenor) and provide some feedback from a management meeting we had this morning with Telia CEO and CFO – which also includes commentary on the outlook in Finland and Sweden M&A.
Telia Company AB: 2 directors
Two Directors at Telia Company AB bought 15,880 shares at between 39.500SEK and 40.490SEK. The significance rating of the trade was 55/100. 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 t...
- ABGSC Telecom Operators Research
- Herman Caspersen
- Øystein Elton Lodgaard
- ABGSC Telecom Operators Research
- Derek Laliberté
- Øystein Elton Lodgaard
- Simon Granath
- Russell Waller
Telia (Buy, TP: SEK 46, +15%) Post Q4 25 model update – The Buy case ...
In this note, we update our model and thoughts following the Q4 results (HERE) incorporating conference call feedback and compare our new estimates to guidance and consensus. We have lifted SR expectations for FY26, but EBITDA has come down a touch.
- ABGSC Telecom Operators Research
- Derek Laliberté
- Øystein Elton Lodgaard
- Simon Granath
- Russell Waller
Tele2 (Buy, TP: SEK 170, +7%) Post Q4 25 model update
In this note, we update our model and thoughts following the Q4 results (HERE) incorporating conference call feedback, feedback following meeting the CEO/CFO, and compare our new estimates to guidance and consensus. We have trimmed EBITDA slightly for 26/27, but have lifted OpFCF due to the good CapEx discipline.
- Russell Waller
Telia (Buy, TP: SEK 48, +18%) Q4 25: Good FCF beat and DPS increase
Telia has reported a mixed set of Q4 results, with a modest EBITDA miss adjusting for Sweden Pension, but a good FCF beat (+9%, even after normalizing for NWC). Guidance is broadly in line with expectations for 2026, and the DPS has been lifted for the first time in four years, which consensus did not expect.
- ABGSC Telecom Operators Research
- Derek Laliberté
- Øystein Elton Lodgaard
- Simon Granath
- ABGSC Telecom Operators Research
- Derek Laliberté
- Øystein Elton Lodgaard
- Simon Granath
- Russell Waller
Tele2 (Buy, TP: SEK 170, +7%) Q4 25: A lot of mixed messaging
Tele2 has reported a confusing set of results with lots of mixed messages. On the one hand, Q4 results were good, but 2026 EBITDAaL guidance is a but disappointing and at odds with current growth rates and looks beatable given likely Q1 growth rates.
- ABGSC Telecom Operators Research
- Derek Laliberté
- Øystein Elton Lodgaard
- Simon Granath
Telenor Group's results invitation for the fourth quarter 2025
Telenor Group's results invitation for the fourth quarter 2025 Join us for Telenor Group’s results for the fourth quarter 2025.When: Friday 6 February 2026, 09.00 CET / 08.00 UKT. The presentation will be held by Group CFO Torbjørn Wist, in the temporary absence of Group CEO Benedicte Schilbred Fasmer, due to a planned operation and a short-term sick leave. To view the webcast, without participating in the live Q&A, please visit: /investors/reports-and-information/quarterly/telenor-groups-results-for-the-4th-quarter-2025/ or visit Telenor.com/investors The presentation will be availab...
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