Telenor ASA

TEL: XOSL (NOR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	NOK 927.00	Ptdfgmz	Sczbskn

Telenor Maintains Guidance After Q3 With Mixed Geographic Performance

Javier Correonero

Oct 28, 2021

Narrow-moat Telenor's third-quarter results were slightly below company-reported consensus, with service revenue down 0.1% organically and EBITDA declining 2.2%. The geographical performance was mixed, with Pakistan and Bangladesh performing well in local currency while the rest of Asia saw revenue headwinds. The same happened in Scandinavia, where good performance in Finland and Denmark was offset by Sweden. Management maintained its guidance, although year to date, results are close to the low end of the guided range. We are maintaining our NOK 159 fair value estimate.

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