We make minor estimate changes post Telenor’s Q3 report, which came in slightly above estimates on EBITDA. Going forward, we model a stable development in the Nordics and a mixed recovery in the Asian markets. In addition, we see optionality from M&A in both the Nordics and in Asia. We consider the current valuation attractive, with Telenor trading at a discount to peers and potential positive sector news also supporting a re-rating for Telenor.
22 Oct 2020
Q3: Gradual recovery expected
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Q3: Gradual recovery expected
We make minor estimate changes post Telenor’s Q3 report, which came in slightly above estimates on EBITDA. Going forward, we model a stable development in the Nordics and a mixed recovery in the Asian markets. In addition, we see optionality from M&A in both the Nordics and in Asia. We consider the current valuation attractive, with Telenor trading at a discount to peers and potential positive sector news also supporting a re-rating for Telenor.