TELNF - Telenor ASA expects low single digit EBITDA growth for FY20

Telenor ASA (TELNF) Q3 highlights:Total reported revenues were NOK30.0B (+5.6% Y/Y); Subscription and traffic revenues rose by 5% to NOK22.9B.EBITDA of NOK14.57B (+10.9% Y/Y); EBITDA margin was 49.0% vs. 47% year ago.FCF before M&A was NOK3.9B. Total FCF was NOK4.37B.Net debt increased by NOK11.3B to NOK118.2B compared to the end of last year, while decreased by NOK3.7B compared to the previous quarter.Capex excluding licences and spectrum was NOK3.7B in the quarter, which corresponds to a capex to sales ratio of 12%. Compared to the same period last year, capex remained stable.Outlook for 2020: Telenor expect a low single digit percent decline in subscription and traffic revenues, low single digit organic EBITDA growth and around 13% capex to sales.Previously: Telenor ASA reports Q3 results (Oct. 21)

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Telenor ASA expects low single digit EBITDA growth for FY20