Telenor ASA (OSL:TEL)
kr 161.2 +1.2 (+0.75%) Market Cap: 220.51 Bil Enterprise Value: 318.35 Bil PE Ratio: 20.20 PB Ratio: 3.42 GF Score: 70/100
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Q4 2024 Telenor ASA Earnings Call Transcript

Feb 06, 2025 / 08:00AM GMT
Release Date Price: kr140.7 (+1.66%)

Key Points

Positve
  • Telenor ASA (TELNF) reported strong free cash flow of NOK13.3 billion in 2024, exceeding proposed dividend payments.
  • The company achieved a 6% EBITDA growth in the Nordics, driven by successful transformation efforts.
  • Telenor ASA (TELNF) made significant progress in reducing Scope 1 and 2 emissions, aligning with its ESG agenda.
  • The company maintained a strong balance sheet and manageable maturity profile, despite a slight increase in net leverage.
  • Telenor ASA (TELNF) expects to deliver free cash flow before M&A of around NOK13 billion in 2025, indicating strong financial visibility.
Negative
  • The macroeconomic situation in Bangladesh negatively impacted group results, with no immediate recovery in consumer spending.
  • Service revenue growth in Q4 was affected by one-offs and macroeconomic challenges, particularly in Bangladesh.
  • The company faced a VAT-related case in Norway, which slightly dented fixed revenues.
  • Telenor ASA (TELNF) experienced a sequential increase in net leverage to 2.4, driven by dividend payments and unfavorable FX impacts.
  • The regulatory approval process in Pakistan is delayed, potentially affecting the timing of strategic deals.
Frank Maao
Telenor ASA - Senior Vice President - Capital Markets and Investor Relations

Good morning, and welcome to Telenor's fourth-quarter results call. I'm Frank Maaø, Head of Investor Relations. And today, I'm happy to introduce our new Group CEO, Benedicte Schilbred Fasmer; and our new Group CFO, Torbjorn Wist.

We have quite a bit of ground to cover today along the same lines as usual, but with some additional color on the first impressions and priorities of Benedicte and Torbjorn. Before we kick off, a couple of housekeeping items. So as always, in the presentation today, all numbers are in Norwegian kroner, and growth rates are referred to on an organic like-for-like currency basis. (Operator Instructions)

With that, I'd like to hand over to you, Benedicte.

Benedicte Fasmer
Telenor ASA - President, Chief Executive Officer

Thank you so much, Frank. Good morning and thank you so much for tuning into our call. I've been the CEO in Telenor for altogether nine weeks. And as new to Telenor, I bring perspectives and experiences from my

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