ICE Group reported Q2 results broadly in-line with our estimates, adding 15K new smartphone subscribers. We continue to see several tailwinds for improved profitability including lower NRA costs and potentially securing better NRA terms. That said, with a material funding gap in our view to reach ICE’s ambitious targets, we maintain our Hold rating on ICE but increase our target price to NOK 20 (18) following minor positive estimate changes.
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Q2: Focus on the refinancing process
- Published:
19 Aug 2020 -
Author:
Henriette Trondsen -
Pages:
11
ICE Group reported Q2 results broadly in-line with our estimates, adding 15K new smartphone subscribers. We continue to see several tailwinds for improved profitability including lower NRA costs and potentially securing better NRA terms. That said, with a material funding gap in our view to reach ICE’s ambitious targets, we maintain our Hold rating on ICE but increase our target price to NOK 20 (18) following minor positive estimate changes.