Danske Bank har mod betaling udarbejdet denne analyse af Telenor:
Telenor’s Q2 22 was mixed as outperformance vs. Bloomberg consensus was overshadowed by impairments in Asia and a lowered EBITDA guidance for 2022. With adj. net debt to EBITDA hitting 3x for the first time since Q1 20, we would expect pressure on Telenor’s credit rating to increase in the latter half of the year. Our base case is for a downgrade to ‘Baa1’ by Moody’s and a negative outlook from S&P. In that light we see further scope for underperformance in Telenor’s bonds and we maintain our Underweight recommendation on the name.
Takes hit in Pakistan business
Telenor released Q2 22 results this morning. Adj. EBITDA came in slightly ahead of Bloomberg consensus at NOK12.5bn vs. NOK12.12bn (3% beat) and revenues were also slightly better than expected at NOK28.04bn vs. NOK27.35bn (3% beat). Service revenues grew 1.5% y/y, driven by good growth in all of Telenor’s Nordic markets as well as Bangladesh and Pakistan. This was offset by weaker developments in the Norwegian legacy business as well as Thailand and Malaysia, where revenues fell by 3% and 1%, respectively.
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