EU COMMUNICATIONS: Telenor Q125 Results
TELNO Baa1/A-
Not a spread mover; service revs marginally ahead with EBITDA marginally behind. Leverage ticked lower on a stronger NOK while capex was notably lower.
- Q1 revs NOK 19.7bn (+1.3% YoY, in line) w/ service revs +2.1% org (1% beat).
- Nordic org service revs +2.3%, Asian org service revs +1.3% (weaker Bangladesh conditions)
- Q1 adj-EBITDA NOK 8.6bn (+2% org, 1% miss) w/ Nordic service revs offset by Amp (business)
- CapEx/Sales 12.8 (-3.3pp YoY) on the advanced 5G rollout; FY guidance is 14%.
- FCF (before M&A) NOK 3bn vs. NOK 3.3bn last year.
- Reported leverage 2.2x vs. 2.4x at FY24 on a stronger NOK.
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GILT AUCTION PREVIEW: On offer next week
The DMO has announced it will be looking to sell GBP4bln of the 4.50% Mar-35 Gilt (ISIN: GB00BT7J0027)at its auction next Tuesday, April 15.
STIR: BLOCK UPDATE: Jun'25 SOFR Call Spread
- 37,000 SFRM5 96.50/97.25 call spds from 5.0 to 4.5 ref 96.015 to 96.00
UK: Starmer Faces Qs On Growth, Welfare Reforms & Health @ Liaison Committee
Prime Minister Sir Keir Starmer is delivering evidence before the House of Commons Liaison Committee, the seniormost select committee composed of other select committee chairs. Livestream here. The ostensible focus of the hearing is on 'growth, welfare reforms and health', but issues including US tariffs and the rumours of the gov't contemplating the nationalisation of British Steel have also been raised.
- Indeed, the first question came on tariffs and the UK response. Starmer says the UK should not "jump in with both feet" on retaliatory tariffs, but that all options remained on the table.
- On British Steel, PM says gov't is in the "middle of discussions" and "committed" to ensuring continued UK steel production. Starmer says gov't has a GBP2.5bln fund for the sector, with "all options on the table" for protecting the Scunthorpe plant at risk of closure.
- Asked on balancing cutting regulation to boost growth and protecting consumer safety, Starmer says "There's a large chunk of growth we can get by stripping away regulation". Says there need to be checks and balances, but "all of us, myself included, are pretty frustrated by how long things take".
- Of the 11 committee chairs quizzing Starmer today, nine are MPs from Starmer's centre-left Labour party, with one from the centre-right Conservatives and one from the centrist Liberal Democrats. With such a high proportion of chairs coming from his own party the PM may be afforded an easier ride than past PM's with narrower majorities.
