Telenor among best STOXX performers after 2024 outlook hike

Telenor ASA

30/10/2024 10:05

** Shares in Telenor  TEL.OL  rise 5% after the Norwegian
telecom operator upgraded its full-year outlook along posting
better-than-expected Q3 earnings 
    ** Telenor now sees a 3-4% organic growth in Nordic service
revenues against previous forecast of low-to-mid single digits,
and an around 6% Nordic EBITDA growth compared to its earlier
view of a mid-single-digit increase
    ** It also expects free cash flow of NOK 9.5-10 billion
against previous guidance of NOK 9-10 billion
    ** "Nordic EBITDA and group free cash flow guidance upgrades
will be positive for the stock and would suggest estimates need
to move higher," J.P.Morgan says
    ** Telenor's Q3 adjusted EBITDA came at NOK 9,200 million
($841.88 million) versus IBES estimate of NOK 9,095 million   
    ** The stock, on track for its best day since July 2023,
when it closed 6.7% higher, is among best performers on STOXX
600  .STOXX  index 


($1 = 10.9279 Norwegian crowns)

 (Reporting by Elviira Luoma)
 ((Elviira.luoma@thomsonreuters.com))