Following the Q4 results we adjust our estimates to reflect cost inflation and a gradual recovery in Asia through 2022. We find the current valuation as attractive, with Telenor trading below peers and with a 7% dividend yield (sustainable, in our view). An eventual gradual recovery in Asia through 2022, potential upside from M&A for Telenor and European telco consolidation for the sector should support share appreciation. The CMD could be a catalyst.
