(TEL) Telenor ASA - OL
Sector: Communication Services | Industry: Telecom Services | Exchange: OL (Norway) | Market Cap: 205.313m NOK | Total Return: 34.7% in 12m
Avg Turnover: 216M
EPS Trend: 60.9%
Qual. Beats: 0
Rev. Trend: -38.1%
Qual. Beats: 0
Warnings
Below Avwap Earnings
Tailwinds
No distinct edge detected
Telenor ASA is a Norway-based integrated telecommunications provider operating across the Nordics and Asia. The company maintains a diversified business model organized into four primary segments: Nordics, Asia, Infrastructure, and Amp. Its service portfolio includes traditional mobile, broadband, and television offerings alongside specialized business solutions such as Managed Services, Network as a Service (NaaS), and maritime communication systems for the energy and shipping industries.
The company operates within the Communication Services sector, characterized by high capital expenditure requirements for physical infrastructure like towers and data centers. Telenor leverages these assets through its Infrastructure segment, providing wholesale services including roaming, interconnectivity, and colocation for virtual network operators. This infrastructure-heavy model creates significant barriers to entry while providing recurring revenue through long-term service contracts and subscription-based cloud storage solutions.
- Nordic mobile and fiber revenue growth drives organic EBITDA expansion
- Thai and Malaysian joint venture synergies accelerate free cash flow
- Infrastructure divestments and tower monetization support capital allocation and dividends
- Nordic energy costs and inflationary pressures impact operating margins
| Net Income: 13.0b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.09 > 0.02 and ΔFCF/TA 0.54 > 1.0 |
| NWC/Revenue: 34.18% < 20% (prev -19.74%; Δ 53.92% < -1%) |
| CFO/TA 0.33 > 3% & CFO 73.7b > Net Income 13.0b |
| Net Debt (-33.0b) to EBITDA (35.5b): -0.93 < 3 |
| Current Ratio: 1.57 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.37b) vs 12m ago 0.00% < -2% |
| Gross Margin: 77.28% > 18% (prev 69.44%; Δ 7.85% > 0.5%) |
| Asset Turnover: 34.03% > 50% (prev 36.53%; Δ -2.50% > 0%) |
| Interest Coverage Ratio: 5.44 > 6 (EBIT TTM 18.1b / Interest Expense TTM 3.33b) |
| A: 0.12 (Total Current Assets 70.7b - Total Current Liabilities 45.0b) / Total Assets 222b |
| B: 0.41 (Retained Earnings 91.5b / Total Assets 222b) |
| C: 0.08 (EBIT TTM 18.1b / Avg Total Assets 221b) |
| D: 0.54 (Book Value of Equity 75.8b / Total Liabilities 141b) |
| Altman-Z'' = 3.22 = A |
| DSRI: 1.00 (Receivables 12.6b/13.4b, Revenue 75.0b/80.2b) |
| GMI: 0.90 (GM 69.44% / 77.28%) |
| AQI: 0.69 (AQ_t 0.36 / AQ_t-1 0.52) |
| SGI: 0.94 (Revenue 75.0b / 80.2b) |
| TATA: -0.27 (NI 13.0b - CFO 73.7b) / TA 222b) |
| Beneish M = -3.38 (Cap -4..+1) = AA |
As of June 20, 2026, the stock is trading at NOK 146.30 with a total of 1,493,632 shares traded.
Over the past week, the price has changed by +4.77%,
over one month by +8.96%,
over three months by +11.33% and
over the past year by +34.73%.
Telenor ASA has no consensus analysts rating.
P/E Trailing = 12.2313
P/E Forward = 16.3666
P/S = 2.6787
P/B = 2.71
P/EG = 1.4479
Revenue TTM = 75.0b NOK
EBIT TTM = 18.1b NOK
EBITDA TTM = 35.5b NOK
Long Term Debt = 70.8b NOK (from longTermDebt, last quarter)
Short Term Debt = 11.7b NOK (from shortLongTermDebt, last quarter)
Debt = 14.6b NOK (Leases only: 14.6b)
Net Debt = -33.0b NOK (calculated: Debt 14.6b - CCE 47.6b)
Enterprise Value = 172b NOK (205b + Debt 14.6b - CCE 47.6b)
Interest Coverage Ratio = 5.44 (Ebit TTM 18.1b / Interest Expense TTM 3.33b)
EV/FCF = 8.93x (Enterprise Value 172b / FCF TTM 19.3b)
FCF Yield = 11.20% (FCF TTM 19.3b / Enterprise Value 172b)
FCF Margin = 25.71% (FCF TTM 19.3b / Revenue TTM 75.0b)
Net Margin = 17.39% (Net Income TTM 13.0b / Revenue TTM 75.0b)
Gross Margin = 77.28% ((Revenue TTM 75.0b - Cost of Revenue TTM 17.0b) / Revenue TTM)
Gross Margin QoQ = 78.01% (prev 72.12%)
Tobins Q-Ratio = 0.78 (Enterprise Value 172b / Total Assets 222b)
Interest Expense / Debt = 22.85% (Interest Expense 3.33b / Debt 14.6b)
Taxrate = 19.76% (4.40b / 22.3b)
NOPAT = 14.6b (EBIT 18.1b * (1 - 19.76%))
Current Ratio = 1.57 (Total Current Assets 70.7b / Total Current Liabilities 45.0b)
Debt / Equity = 0.19 (Debt 14.6b / totalStockholderEquity, last quarter 75.8b)
Debt / EBITDA = -0.93 (Net Debt -33.0b / EBITDA 35.5b)
Debt / FCF = -1.71 (Net Debt -33.0b / FCF TTM 19.3b)
Total Stockholder Equity = 69.5b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.92% (Net Income 13.0b / Total Assets 222b)
RoE = 18.78% (Net Income TTM 13.0b / Total Stockholder Equity 69.5b)
RoCE = 12.94% (EBIT 18.1b / Capital Employed (Equity 69.5b + L.T.Debt 70.8b))
RoIC = 8.43% (NOPAT 14.6b / Invested Capital 173b)
WACC = 6.47% (E(205b)/V(220b) * Re(5.63%) + D(14.6b)/V(220b) * Rd(22.85%) * (1-Tc(0.20)))
Discount Rate = 5.63% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -50.13 | Cagr: -1.58%
[DCF] Terminal Value 76.39% ; FCFF base≈18.7b ; Y1≈20.0b ; Y5≈24.0b
[DCF] Fair Price = 293.5 (EV 368b - Net Debt -33.0b = Equity 401b / Shares 1.37b; r=8.35% [WACC [floored]]; 5y FCF grow 7.64% → 2.50% )
EPS Correlation: 60.86 | EPS CAGR: 24.82% | SUE: 0.24 | # QB: 0
Revenue Correlation: -38.09 | Revenue CAGR: -1.49% | SUE: -0.10 | # QB: 0
EPS current Quarter (2026-06-30): EPS=2.97 | Chg30d=-1.74% | Revisions=-33% | Analysts=4
EPS next Quarter (2026-09-30): EPS=2.36 | Chg30d=-0.32% | Revisions=-33% | Analysts=4
EPS current Year (2026-12-31): EPS=11.06 | Chg30d=+10.55% | Revisions=-11% | GrowthEPS=+34.6% | GrowthRev=-2.6%
EPS next Year (2027-12-31): EPS=9.63 | Chg30d=+0.14% | Revisions=-60% | GrowthEPS=-13.0% | GrowthRev=+0.7%
[Analyst] Revisions Ratio: -60%