A CMD with apparently remarkably little noteworthy:
General:
- New structure: Telenor Nordics & Telenor Asia
- To become leader in Nordics in telecom & infra (to establish infra as separate business), security, IoT
- To partner in Asia (or IPOs) to build scale and become #1 in several markets
- To focus on 4 business areas: 1. Leading Nordic telco, 2. Strong Asian entity, 3. Leading Nordic infra co, 4. Adjacent business (current portfolio net asset value NOK 10-15b)
Outlook 2023-25:
- Nordic SR growth LSD-MSD (incl DD growth for new services)
- Nordic EBITDA growth MSD (annual opex redux 1-3%)
- Growing dividend
- Net debt/EBITDA 1.8-2.3x
- Cumulative FCF from Telenor Asia NOK 12b
- NPV synergies Asia NOK 20-25b
- FCF to cover dividend in 2025
- Norway copper-switch-off 2023, saves NOK 0.7b
- Infrastructure business:
- fiber (600k HP in NO; potential sale of 30% stake, proceeds partially for SBB)
- datacenters
- towers (26400 sites o/w 21700 fully owned; plans structural transaction)
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