Today’s research focus-07/08/2026

Research evidence excerpt

Today’s research focus-07/08/2026

Morning Comment Norway

8 JUL 2026

Today’s research focus S&P 500 intraday

7,550

• TEL – Telenor just announced the acquisition of Bahnhof – A Swedish fiber

7,540

operator that will bring Telenor’s Swedish consumer market share to 27%

(15%). The transaction values the EV at SEK 6.1bn which implies 5.8x 7,530

EV/EBITDA post-synergies in ‘29e, to Telenor trading at 7.2x EV/EBITDA adj. 7,520

in ’27e (pro rata). The transaction is subject to regulatory approvals, 7,510

expected in the next four to eight months. Note that the acquisition accounts 7,500

for only ~2.5% of Telenor’s EV, and hence we expect this to be more or less 7,490

neutral to valuations. One potential positive read from today however, is that 7,480

some investors have been skeptical to a full Three acquisition which gets less

7,470

likely with every smaller bolt-on acquisition. Link to report. 16:00 17:00 18:00 19:00 20:00 21:00

• SALM – SALM Q2’26 volumes at 81.8kt were +10% ahead of Bloomberg

consensus (~74.5kt) and +2% vs PAS (80.3kt). Central delivered 38.9kt (+8% US and Asia indices (at time of publication)

vs cons) while Northern Norway came in at 32.6kt (+14% vs cons). ISLAX 3.50% 3.06%

(5.5kt) and SAO (4.8kt) were in line with PAS. Revising Q2 to the reported 3.00%

print, we would expect our Q2’26e Op. EBIT estimate (NOK 1,287m) to come 2.50%

up ~3-4% (~12% below FS cons at NOK 1,518m), while our FY26e estimates 2.00%

should be fairly unaffected all else equal. Worth noting, however, is that 1.50%

SALM will now need to harvest ~3kt less in Central and 12kt less in Northern 1.00% 0.59%

Norway in H2’26e Y/Y to meet its FY26e volume guidance. LTM volumes for 0.50%

Central and North sit at 165kt and 132kt, respectively, which stacks against 0.00%

guidance at 162+120kt.