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Telenor (TELNY) Acquires Combitech to Boost Cyber Portfolio
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Telenor ASA (TELNY - Free Report) recently acquired Combitech AS (formerly Watchcom Security Group) for an undisclosed amount to augment its new cybersecurity entity, Telenor Cyberdefence.
Combitech AS is the Norwegian branch of the Sweden-based security company Combitech AB, which is owned by the defense and security group Saab. It offers services in security consulting, penetration testing (authorized simulated cyberattacks) and cloud-based monitoring and response. Combitech AS has a robust security infrastructure led by a team of experienced professionals and is a strategic fit for Telenor Cyberdefense.
In June, Telenor Cyberdefence was established as a separate business with plans to enter the Nordic market. The company aims to become a leading provider of cybersecurity solutions for both private and public businesses in Norway. Post acquisition, Combitech AS’ experienced security experts will bring valuable knowledge and expertise to Telenor Cyberdefence and will collaborate closely with Telenor Norway's business division.
Telenor Cyberdefence is part of the Telenor Amp portfolio, which includes 15 wholly or partially owned companies with a combined value of 10-12 billion NOK. The acquisition is a major step forward for Combitech AS, as it provides the opportunity to become part of one of Norway's leading security environments. This will help it build a strong position in the market and offer its customers a broader portfolio of cybersecurity solutions to mitigate the risks of the threat landscape.
Telenor is a leading telecommunications company in Norway, operating in one of the most advanced telecommunications markets in the world. It provides mobile communication services globally.
Image Source: Zacks Investment Research
Telenor saw growth in both the Nordics and Asia, with service revenues increasing 5% and 6%, respectively, in the first quarter. Total service revenues for the quarter reached $1.5 billion, reflecting a 5.6% organic rise from last year.
The Zacks Consensus Estimate for TELNY’s fiscal 2024 EPS is pegged at $1.33, up 5.6% over the past 60 days. Shares of TELNY have soared 11.6% in the past year.
Currently, Telenor carries a Zacks Rank #2 (Buy).
Other Stocks toConsider
Some other stocks worth consideration in the broader communication & technology space are Seagate Technology Holdings plc (STX - Free Report) , Arista Networks, Inc. (ANET - Free Report) and Outbrain Inc. (OB - Free Report) . Each stock presently sports a Zacks Rank #1 (Strong Buy).
The Zacks Consensus Estimate for STX’s 2024 EPS is pegged at 98 cents, up 15.3% over the past 60 days. STX’s earnings beat the Zacks Consensus Estimate in three of the last four quarters, the average surprise being 76.4%. Shares of STX have surged 68.9% compared with the sub-industry’s growth of 45.9% in the past year.
Headquartered in Dublin, Ireland, Seagate is a leading provider of data storage technology and infrastructure solutions. The company’s primary product offering is hard disk drives, which are commonly referred to as disk drives, hard drives or HDDs. HDDs are used as the primary medium for storing digitally encoded data on rapidly rotating disks with magnetic surfaces.
The Zacks Consensus Estimate for ANET’s 2024 EPS is pegged at $7.92, up 5.2% over the past 60 days. ANET’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, the average surprise being 15.4%. Shares of ANET have surged 129.5% compared with the sub-industry’s growth of 74% in the past year.
Arista, based in Santa Clara, CA, provides cloud networking solutions for data centers and cloud computing environments. They offer 10/25/40/50/100 Gigabit Ethernet switches and routers optimized for next-generation data center networks. Arista uses multiple silicon architectures across its products, and its cloud networking solutions are based on the Linux-based Extensible Operating System, which is fully programmable and highly modular.
The Zacks Consensus Estimate for OB’s 2024 EPS is pegged at 1 cents, up 150% over the past 60 days. OB’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, the average surprise being 48.8%. Shares of ANET have lost 8.6% against the sub-industry’s growth of 45.9% in the past year.
Based in New York, Outbrain provides a recommendation platform for the open web. The company's technology enables consumers to discover new things through recommendation feeds on their favorite media and connects advertisers to these audiences to grow their business.
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Telenor (TELNY) Acquires Combitech to Boost Cyber Portfolio
Telenor ASA (TELNY - Free Report) recently acquired Combitech AS (formerly Watchcom Security Group) for an undisclosed amount to augment its new cybersecurity entity, Telenor Cyberdefence.
Combitech AS is the Norwegian branch of the Sweden-based security company Combitech AB, which is owned by the defense and security group Saab. It offers services in security consulting, penetration testing (authorized simulated cyberattacks) and cloud-based monitoring and response. Combitech AS has a robust security infrastructure led by a team of experienced professionals and is a strategic fit for Telenor Cyberdefense.
In June, Telenor Cyberdefence was established as a separate business with plans to enter the Nordic market. The company aims to become a leading provider of cybersecurity solutions for both private and public businesses in Norway. Post acquisition, Combitech AS’ experienced security experts will bring valuable knowledge and expertise to Telenor Cyberdefence and will collaborate closely with Telenor Norway's business division.
Telenor Cyberdefence is part of the Telenor Amp portfolio, which includes 15 wholly or partially owned companies with a combined value of 10-12 billion NOK. The acquisition is a major step forward for Combitech AS, as it provides the opportunity to become part of one of Norway's leading security environments. This will help it build a strong position in the market and offer its customers a broader portfolio of cybersecurity solutions to mitigate the risks of the threat landscape.
Telenor is a leading telecommunications company in Norway, operating in one of the most advanced telecommunications markets in the world. It provides mobile communication services globally.
Image Source: Zacks Investment Research
Telenor saw growth in both the Nordics and Asia, with service revenues increasing 5% and 6%, respectively, in the first quarter. Total service revenues for the quarter reached $1.5 billion, reflecting a 5.6% organic rise from last year.
The Zacks Consensus Estimate for TELNY’s fiscal 2024 EPS is pegged at $1.33, up 5.6% over the past 60 days. Shares of TELNY have soared 11.6% in the past year.
Currently, Telenor carries a Zacks Rank #2 (Buy).
Other Stocks to Consider
Some other stocks worth consideration in the broader communication & technology space are Seagate Technology Holdings plc (STX - Free Report) , Arista Networks, Inc. (ANET - Free Report) and Outbrain Inc. (OB - Free Report) . Each stock presently sports a Zacks Rank #1 (Strong Buy).
You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for STX’s 2024 EPS is pegged at 98 cents, up 15.3% over the past 60 days. STX’s earnings beat the Zacks Consensus Estimate in three of the last four quarters, the average surprise being 76.4%. Shares of STX have surged 68.9% compared with the sub-industry’s growth of 45.9% in the past year.
Headquartered in Dublin, Ireland, Seagate is a leading provider of data storage technology and infrastructure solutions. The company’s primary product offering is hard disk drives, which are commonly referred to as disk drives, hard drives or HDDs. HDDs are used as the primary medium for storing digitally encoded data on rapidly rotating disks with magnetic surfaces.
The Zacks Consensus Estimate for ANET’s 2024 EPS is pegged at $7.92, up 5.2% over the past 60 days. ANET’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, the average surprise being 15.4%. Shares of ANET have surged 129.5% compared with the sub-industry’s growth of 74% in the past year.
Arista, based in Santa Clara, CA, provides cloud networking solutions for data centers and cloud computing environments. They offer 10/25/40/50/100 Gigabit Ethernet switches and routers optimized for next-generation data center networks. Arista uses multiple silicon architectures across its products, and its cloud networking solutions are based on the Linux-based Extensible Operating System, which is fully programmable and highly modular.
The Zacks Consensus Estimate for OB’s 2024 EPS is pegged at 1 cents, up 150% over the past 60 days. OB’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, the average surprise being 48.8%. Shares of ANET have lost 8.6% against the sub-industry’s growth of 45.9% in the past year.
Based in New York, Outbrain provides a recommendation platform for the open web. The company's technology enables consumers to discover new things through recommendation feeds on their favorite media and connects advertisers to these audiences to grow their business.