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. ...
Telia Company AB: 1 director
A director at Telia Company AB bought 14,100 shares at 2.140EUR and the significance rating of the trade was 50/100. 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...
- Stefan Gauffin
Telia Company (Buy, TP: SEK33.00) - Soft Q1, but limited revisions
Telia reported Q1 service revenue, EBITDA, and cash flow below consensus. However, with the SEK300m/year service agreement after the sale of the Danish operation, we have made limited revisions to our 2024–2025e service revenue, EBITDA, and cash flow. We reiterate our BUY but have cut our target price to SEK33 (35).
- ABGSC Telecom Operators Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
- Russell Waller
Telia (Buy, TP: SEK33, +24%) Q1 24: Weak headline numbers, but due to...
Telia has reported a weak set of headline numbers, but consensus had not fully adjusted for the one-off items the company had flagged before the quarter. Adjusting for these items, EBITDA is c-0.5% light only. Structural OCF (SOCF) is also light vs consensus, but again, this was flagged as a phasing issue pre the quarter, and again it looks like the messaging was not fully incorporated into numbers.
- ABGSC Telecom Operators Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
- Stefan Gauffin
- Russell Waller
Tele2 (Neutral, TP: SEK 110, +13%) Q1 24: A good start to the Europea...
Tele2 has reported a good set of Q1 numbers with EBITDAal +1.2% ahead of consensus expectations and at EFCF +24% ahead. Total end-user SR accelerated to +4.3% YoY (+3.4% in Q4), supported by the earlier phasing of price rises in Sweden this year. EBITDAaL growth (ex energy) slowed to +2.5% y/y (+4.0% in Q4), although this was better than had been messaged by the company in the pre results call, which probably explains the strong share price move today.
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.
- Stefan Gauffin
Telia Company (Buy, TP: SEK35.00) - We expect a solid Q1
Telia reported 7% EBITDA growth in Q3 and Q4 and we believe this robust EBITDA trend has continued in Q1. The solid momentum is expected to come from continued strength in core Telco, but also from a turnaround in the TV&Media business. We reiterate our BUY and SEK35 target price.
- Stefan Gauffin
Tele2 (Buy, TP: SEK106.00) - New owner increases appeal
We do not view the Q1 report as a trigger event, as Tele2 has guided for flat EBITDA growth. We prefer Telia over Tele2 over the quarter. That said, we note Xavier Niel’s achievements in costs and cash flow at Millicom in a short time and believe investors could piggy-back on a strong industrial owner. We reiterate our BUY and have raised target price to SEK106 (100).
Tele2 AB: 1 director
A director at Tele2 AB sold 31,329,972 shares at 93.000SEK and the significance rating of the trade was 76/100. 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 sh...
- Russell Waller
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...
- 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.
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