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Market Cap
52 Week
Date Source Announcement
08Mar17 06:30 GNW NTNU, Telenor and SINTEF open Norway's new powerhouse for Artificial Intelligence
23Feb17 03:16 GNW Bharti Airtel to take ownership of Telenor's operations in India
02Feb17 06:00 GNW Telenor reports fourth-quarter results
02Feb17 06:00 GNW Telenor Capital Markets Day 2017
31Jan17 06:00 GNW Telenor Group makes your car smart
19Jan17 07:00 GNW Telenor Research on 2017 tech trends: The year of AI and social fatigue?
17Jan17 08:23 GNW Presentation of Telenor Group's fourth quarter 2016 results on 2 February 2017
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What future in India?

  • 26 Oct 16

Q3 revenues have grown by 2% yoy at constant change, a slightly better performance than the poor growth of 1% recorded during H1. The increase was driven by the ARPU uplift in Bangladesh and Pakistan as well as continued growth in Myanmar. This was partly offset by lower outbound roaming revenues in the Scandinavian operations and still intense competition in Thailand and Malaysia. EBITDA was up by 5%, a solid performance but in line with expectations (and with the 5% recorded during H1). The margin improvement is a result of strong margins in Bangladesh as well as an improved performance in India. But there are questions surrounding the future of the Indian activities after the entry of Reliance Jio on the Indian mobile market. This is why the fair value of the licences in Telenor India has been assessed, resulting in an impairment loss of NOK4bn! The current full-year guidance is maintained (organic revenue growth in the range of 1% to 2%, with an EBITDA margin of around 35%). Following the announcement on 5 October 2015 of its intention to divest its stake in VimpelCom, in Q3, Telenor disposed of 163.9m VimpelCom ADSs (9.3% of its capital) for NOK4.6bn. After the disposal, the group’s ownership of VimpelCom reduced from 33% to 23.7%. A loss of NOK3.2bn was recognised in the income statement upon this disposal relating to the reclassification of translation differences previously recognised in other comprehensive income. During the first 9m, a total impairment loss of NOK0.6bn was recognised. Concurrently with the disposal of 163.9m VimpelCom ADSs, Telenor issued bonds of $1bn exchangeable into VimpelCom ADSs and having a maturity of three years. VimpelCom will continue to be classified as an associate company until a highly probable sale within 12 months of the remaining VimpelCom ADSs.

Improvement in the EBITDA margin but don't get too excited

  • 19 Jul 16

Q2 revenues have increased by 0.6% yoy at constant currency. This clearly reflects the expected continuing growth slowdown for 2016 with only 1% yoy growth for H1 16 vs +7% in H1 15 and +3% in H2. In 2015, Telenor had already posted a pretty marked slowdown in growth in Malaysia, Bangladesh and Thailand (40% of Telenor’s revenues). Adjusted for the currency effects, the group had recorded only stable revenues in these countries whereas they had been growth engines in the past. This is quite a big question mark for the future. In Q2, in local currencies, revenues have declined by 10% yoy in Thailand and by 4% in Malaysia. Note, however, in Pakistan (+9%) and Bangladesh (+7%), the strong revenue growth continued during Q2 while Telenor has secured additional spectrum in Pakistan and completed a major 3G network expansion in Bangladesh. But the good news is that Q2 EBITDA grew by 5.6% yoy at constant currency. And although the group has cut its revenue growth guidance for 2016 from 2-4% to 1-2%, it has raised its EBITDA margin guidance from 34% to 35% (note we had already a 34.4% margin in our model). The EBITDA improvement is mainly driven by Myanmar, Pakistan, Bangladesh and India more than offsetting the tougher market conditions in Malaysia and a lower contribution from Norway. Remember, VimpelCom will continue to be classified as an associated company until a highly likely sale within the next 12 months.