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    Usman Ghazi

    Research Analyst at Joh. Berenberg, Gossler & Co. KG

    Usman Ghazi is an Associate Director in Equity Research at Joh. Berenberg, Gossler & Co. KG, specializing in the European technology and software sector. He covers specific companies such as GFT Technologies, Indra Sistemas, Media and Games Invest, and is actively involved in research coverage for large European telecommunications firms, including Deutsche Telekom. Ghazi has a track record of generating high-conviction ratings, with a strong emphasis on upside and downside potentials; Berenberg's research under his participation has maintained a buy ratio of approximately 68% and a hold ratio near 30% across his coverage universe through 2024. Based in London, Ghazi has held this role since at least 2015, with prior experience in European capital markets research and is regulated under both the UK Financial Conduct Authority and Germany's BaFin, complying with relevant securities research standards.

    Usman Ghazi's questions to TELENOR (TELNY) leadership

    Usman Ghazi's questions to TELENOR (TELNY) leadership • Q3 2024

    Question

    Usman Ghazi asked if the strategic ambition for an Asian carve-out, an 'unfinished project' under the outgoing CEO, is shared by the new management. He also inquired if Telenor is positioning for M&A in the Swedish fixed market, given regulatory shifts similar to Norway's.

    Answer

    CEO Sigve Brekke corrected that the Asian structural process is 'unconcluded,' not 'unfinished,' and stated he assumes the new management will continue to pursue it as it is value accretive. He also confirmed that Telenor views the potential regulatory changes in Sweden as a positive upside, similar to the situation in Norway.

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