On July 16 Telenor reports Q2, where the full Covid-19 impact will be seen. The Nordic telco market appears relatively resilient to Covid-19, but Asia, Pakistan and Bangladesh will be hit more. This looks to be reflected in current consensus estimates and partly offset by lower costs. As such, and as Telenor is trading at a discount to peers with optionality from M&A in Asia and being a relatively defensive holding, we maintain our Buy rating.
09 Jul 2020
Focus on Covid impact in emerging markets
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Focus on Covid impact in emerging markets
On July 16 Telenor reports Q2, where the full Covid-19 impact will be seen. The Nordic telco market appears relatively resilient to Covid-19, but Asia, Pakistan and Bangladesh will be hit more. This looks to be reflected in current consensus estimates and partly offset by lower costs. As such, and as Telenor is trading at a discount to peers with optionality from M&A in Asia and being a relatively defensive holding, we maintain our Buy rating.