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Telenor’s Grameenphone Reports Q2 Results; Not A Spread Mover

COMMUNICATIONS

TELNO; Baa1/A-

  • Telenor’s Bangladeshi subsidiary (just over half owned by Telenor; typ accounts for ~20% of group revenue) has reported flat revenue YoY, EBITDA -1.3%, op profit -1.9%.
  • Telenor group consensus implies Q2 revenue -0.4% YoY, EBITDA before special items +0.7% and op profit +4.8%.
  • Not a spread mover.

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