TELNF - Telenor: Showing Strength And Improvements Through The Pandemic

• Telenor showed the stability that we have come to expect from telecommunications companies through the pandemic.
• The company was negatively impacted by a reduction of roaming revenues but was able to make up for some of it through new subscribers.
• Telenor delivered substantial YOY growth in Finland, which may be due to its 5G network providing it with a competitive advantage.
• Emerging markets suffered worse than developed nations from the economic lockdowns, but the conditions in them seem to be improving.
• The company swung from negative FCF last year to a positive one in all the quarters this year, which should improve the safety of the dividend.

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