Telenor ASA

Telenor is a holding company. Through its subsidiaries, Co. operates as a telecommunication company. Co. provides mobile communication, fixed line communication, and broadcasting activities. Co.'s mobile communication business includes voice, data, Internet, content services, customer equipment and messaging. Fixed service comprise telephony, Internet and television (TV), leased lines as well as data services and managed services. Broadcast comprises Canal Digital DTH in the Nordics, satellite broadcasting, terrestrial radio and TV transmission in Norway and Belgium and encryption related services for TV distribution.
  • TickerTEL
  • ISINNO0010063308
  • ExchangeOslo Bors
  • SectorMobile Telecommunications
  • CountryNorway

Analysts

Alexander Aukner ...
  • Christoffer Wang Bjørnsen
  • Eivind Sars Veddeng
  • Frank Maaø
  • Håkon Astrup
  • Jesper Ingildsen
  • Joachim Gunell
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Simen Mortensen

Northern Lights

Frank Maaø

Telenor (Buy, TP: NOK193.00) - Buying opportunity

Telenor is a solid multi-year dividend growth stock, but its investor sentiment sometimes fluctuates more than fundamentals would warrant. We find the recent correction overdone and have upgraded to BUY (HOLD), lifting EPS 1–2% while maintaining our NOK193 target price.

Ng Adrian

Telenor ASA

Ng Adrian

Telenor ASA

Frank Maaø

Three launching aggressive family plan in Sweden

Three has been the most aggressive operator in the Swedish market with its fighting brand Hallon in the Consumer segment and its main brand Three in the Corporate segment with unlimited data for SEK249 per month. With Telia, Telenor and Tele2 all launching family plans, we believe it was just a matter of time before Three responded, and this is a very price competitive offer. If adding the maximum number of six people, all get unlimited data for SEK166 per month. This is negative news for those who had expected a positive price trend in the Swedish market.

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 24/10/2019 - Intrum, Ford - FR

Intrum (Achat) - 9M-19 : EBIT de SEK4,2 mds (€391m, +41,1%) Ford (Achat) : Abaisse ses perspectives pour 2019 Scor (Achat) - 9M-19 : Primes brutes de €12,1 mds (+3,2% à tcc) SEB (Achat) - 9M-19 : Résultat d’exploitation de SEK17,8 mds (€1,7 md, +4,8%) Constellium (Achat) : Revoit à la baisse ses objectifs 2019 Edenred (Achat) : Vise une croissance organique d’EBITDA >10% jusqu’à 2022 Europcar (Vente vs Achat) : Abaisse ses perspectives pour 2019 Schmolz + Bickenbach : Prévoit une augmentation de capital de CHF189m à CHF350m ...

Frank Maaø

Telenor (Buy, TP: NOK193.00) - Buying opportunity

Telenor is a solid multi-year dividend growth stock, but its investor sentiment sometimes fluctuates more than fundamentals would warrant. We find the recent correction overdone and have upgraded to BUY (HOLD), lifting EPS 1–2% while maintaining our NOK193 target price.

Ng Adrian

Telenor ASA

Ng Adrian

Telenor ASA

Frank Maaø

Three launching aggressive family plan in Sweden

Three has been the most aggressive operator in the Swedish market with its fighting brand Hallon in the Consumer segment and its main brand Three in the Corporate segment with unlimited data for SEK249 per month. With Telia, Telenor and Tele2 all launching family plans, we believe it was just a matter of time before Three responded, and this is a very price competitive offer. If adding the maximum number of six people, all get unlimited data for SEK166 per month. This is negative news for those who had expected a positive price trend in the Swedish market.

Frank Maaø

Telenor (Hold, TP: NOK193.00) - Immaterial changes

We retain our HOLD recommendation and NOK193 target price as the strength in Norway offset lacklustre opex performance and macro-driven Pakistani decline.

A director bought 2,000 shares at 156.700NOK and

A director at Telenor Asa bought 2,000 shares at 156.700NOK 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 showing Close periods where trading activity is restricted under listing rules. The names of ...

Alexander Aukner ...
  • Christoffer Wang Bjørnsen
  • Eivind Sars Veddeng
  • Frank Maaø
  • Håkon Astrup
  • Jesper Ingildsen
  • Joachim Gunell
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Simen Mortensen

Northern Lights

Christoffer Wang Bjørnsen ...
  • Frank Maaø
  • Joachim Gunell
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Simen Mortensen
  • Tomi Railo

Northern Lights

Eivind Sars Veddeng ...
  • Frank Maaø
  • Niclas Gehin
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Stefan Gauffin

Northern Lights

Frank Maaø ...
  • Ole Martin Westgaard
  • Ole-Andreas Krohn

Northern Lights

Eivind Sars Veddeng ...
  • Frank Maaø
  • Håkon Astrup
  • Joachim Gunell
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Nicolas McBeath
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Simen Mortensen
  • Stefan Gauffin

Nothern Lights

With a more favourable environment, TELENOR ASA improves to Positive

TELENOR ASA (NO), a company active in the Mobile Telecommunications industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 2 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date October 4, 2019, the closing price was NOK 181.40 and its potential was estimated at NOK 197.73.

Ng Adrian
Ng Adrian
Ng Adrian
Ng Adrian
ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/CSPP2, Deutsche Bank, AT&T, Telenor and Verbund

Strategy: CSPP2 on its way

ING
Hendrik Wiersma

Telenor/Disappointing 2Q; TELNO2.625 12/24 preferred

Telenor has released somewhat disappointing 2Q19 earnings with the full year outlook adjusted downward, also impacted by one-off items. With Telenor trading largely in line with Orange across the curve, we don't expect any meaningful impact on Telenor's spreads on the back of these results. Our preferred bond on the curve is the TELNO2.625 12/24.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Telenor, Enagas and Naturgy

Telenor reports somewhat disappointing 2Q19 results; no meaningful impact on spreads

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Telenor targeted by activist investor

Telenor (TELNO) has been targeted by Constructive Capital to spin off its mobile masts and increase its debt, according to the Financial Times this morning. The little known local activist investor wants Telenor to switch NOK75bn from its funding from equity to debt. Constructive Capital, which is reported to hold an indirect stake of less than 5%, sees upward potential for Telenor's share price of up to 84%, which would enable the company to make acquisitions by using the company's stock, according to the newspaper.

ING
Hendrik Wiersma

Telenor/2Q18 results largely in-line; outlook maintained

Telenor released 2Q18 results that were largely in-line with expectations and management reiterated its outlook for the full year. The company's balance sheet remains strong. Net debt stood at NOK49.3bn at the end of 2Q18, versus NOK42.2bn at 1Q18, with the net debt/EBITDA ratio standing at 1.1x. We view this report card as neutral to spreads, given Telenor's tight trading levels versus Orange, thus limiting the upward potential.

MarketLine Department

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Expert Corporate Governance Service (ECGS)

Telenor - AGM 07 May 2019

In general, Telenor is in compliance with the Norwegian regulations relating to the organisation and procedures of the AGM. Under ITEM 7, the board of directors seeks approval of the auditor's remuneration. In view of the substantial amount of non-audit fees, ECGS recommends to vote OPPOSE. Under ITEM 9.1, the board of directors seeks approval of the Company's remuneration guidelines. The proposed remuneration structure is not in line with ECGS' guidelines. Accordingly, ECGS recommends to vote OPPOSE. Undet ITEM 9.2, the board of directors seeks approval of a revised LT incentive plan. Alth...

Telenor ASA – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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