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Telenor's Dtac to Merge With True, Taking Market Structure to 2 MNOs; Maintaining FVE

Javier Correonero Equity Analyst

Analyst Note

| Javier Correonero |

Telenor has agreed to merge its Thailand business, Dtac, with True, owned by conglomerate CP Group, in a deal that expects to create the largest telecommunications provider in Thailand. The deal values Dtac at THB 47.76 per share, but the shares are trading at a slight discount (THB 45 at the time of the writing), which we believe is explained by the regulatory approval still required. Telenor shares are up 1.5% at the time of the writing. We are maintaining our fair value estimate and narrow moat rating for Telenor, which owns 66% of Dtac.

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Company Profile

Business Description

Telenor is an international provider of telecom, data, and media communication services. It is the incumbent dominant telecom operator in Norway and the Norwegian government holds an almost 54% stake in the firm. Telenor also operates in other Nordic countries and is an established player in faster-growing emerging markets. Telenor owns both fixed-line and mobile networks, though fixed-line services (telephony, Internet, TV, data services) provide around 10% of service revenue. The firm’s fixed-line operations are in Sweden, Norway, Finland and Denmark. In the rest of its markets, Telenor offers only mobile services.

Snaroyveien 30
Fornebu, N-1360, Norway
T +47 67890000
Sector Communication Services
Industry Telecom Services
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 19,000