1011 GMT - Investors are growing increasingly confident in Telenor's ability to pay dividends, Berenberg's Usman Ghazi writes. Telenor's dividend yield can settle slightly above the Nordic peer group at 6.5%. Any weakness in third-quarter 2024 results could be a good opportunity to buy the shares, the bank says. Berenberg upgrades its 2025 free cash flow forecast to more than 13 billion Norwegian kroner, 10% above consensus. This is due to expectations of higher dividends from Telenor's 30% stake in True Corp. and after a new high-margin contract in Norway. Berenberg raises its price target to 155 kroner from 145 kroner to reflect an increase in value of the True Corp. stake. It reiterates a buy rating. (dominic.chopping@wsj.com)
(END) Dow Jones Newswires
October 23, 2024 06:11 ET (10:11 GMT)
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