Telenor Cash Flow Holds Up Well; Takes NOK 6.5 Billion Impairment in Myanmar After Military Coup

Telenor is the incumbent telecom operator in Norway and operates in Nordic and Asian countries. Its business is mostly mature and growing slowly, but it generates significant free cash flow (we expect almost NOK 20 billion on average annually for the next five years). Telenor expanded into emerging markets earlier than many European telecom operators, positioning itself to benefit from a geographically diverse footprint.