Pareto Securities has downgraded Norway's Telenor to Hold from Buy, trimming its price target to NOK 180 from NOK 195, according to a recent research note.
Heightened competition in the Nordic region, more cautious price hikes, and headwinds across Asian assets are weighing on the 2026 outlook. Analysts have lowered their forecasts, with EBITDA and revenue estimates sitting below consensus ahead of the first quarter. Earnings per share (EPS) projections have been cut by approximately 8 percent.
Nevertheless, the long-term outlook remains positive, supported by stable cash flows, and the stock continues to be viewed as a solid defensive play.
Telenor ASA is the No. 1 telecommunications group in Norway. Net sales (including intragroup) break down by activity as follows:
- mobile and fixed-line telecommunications services (89.8%): mobile and fixed-line telephony services, voice and data transmission, Internet access, messaging, TV channel broadcasting, sale of telecommunications equipment, etc.;
- telecommunications infrastructure management (4.1%): construction, development and leasing of towers, masts, buildings, etc.;
- other (6.1%): offshore telecommunications services, interconnection between operators, etc.
Net sales are geographically distributed as follows: Norway (34.7%), Sweden (18.6%), Bangladesh (17.4%), Finland (17.3%), Denmark (8.2%) and other (3.8%).
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ESG MSCI
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