Telenor ASA
Telenor ASA, together with its subsidiaries, operates as a telecommunication company worldwide. It operates through four segments: Nordics, Asia, Infrastructure, and Amp. The company offers mobile and broadband telecom products and services, including mobile, broadband and TV services; other servic…
Telenor ASA, together with its subsidiaries, operates as a telecommunication company worldwide. It operates through four segments: Nordics, Asia, Infrastructure, and Amp. The company offers mobile and broadband telecom products and services, including mobile, broadband and TV services; other services, including solutions for business customers like managed services, virtual private networks, software defined networks, and network as a service; IoT solutions; and mobile maritime communication for cruise and ferry, fisheries, and oil and gas industry. It also provides hardware comprising mobile phones, broadband modems, and TV boxes; wholesale services, such as national and international roaming and interconnect, and solutions for mobile and fixed virtual network operators and service providers, as well as leased lines and colocation at towers and data centres. In addition, the company provides cloud storage service for private use and businesses that allows to back up, store, synchronize, and share files over the Internet. Telenor ASA was founded in 1855 and is headquartered in Fornebu, Norway.Looks undervalued
Why: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Details and the full model are below.
Market price below modeled range
Showing the EV/Sales (Rule of 40) you selected on the company card, using 2% growth, 2.9% terminal growth and 10.4% discount. The range varies these assumptions slightly; it is illustrative, not investment advice. Low confidence: the modelled value is far from the market price, which usually means the model does not capture this company well (for example expected growth well above its history).
Assumptions: growth 2%, discount rate 10.40%, terminal growth 2.90% (sector defaults). See a worked example.
Blended growth assumption: 2.0% (sector default 7.0%, own revenue history -0.1%, analyst revenue consensus -1.0%).
5-year outlook: relative outlook of about 9.5% a year (High confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of -1.0% a year; the growth assumption used is 2.0%.
Adjust assumptions
Show the recommended model instead
Why this model: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Compare models- Recommended: Dividend discount model — NOK 116.57 (-13.1%)
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EPS-based Gordon proxy
— NOK 167.17 (+24.6%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— NOK 152.72 (+13.8%)
Not used: Not chosen: Dividend discount model ranks ahead of it for this company.
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FCFF (steady state)
— NOK 159.42 (+18.8%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— NOK 396.83 (+195.7%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— NOK 152.98 (+14.0%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
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EV/Sales (Rule of 40)
— NOK 695.16 (+418.0%)
Not used: Used only when cash-flow models land far below the price; here they do not.
| Bear NOK 516.58 | 74.0% |
| Base NOK 695.16 | 80.7% |
| Bull NOK 873.75 | 84.6% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 84 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue -1.9% a year | 4 / 20 |
| Balance sheet | net debt 0.6x EBITDA | 20 / 20 |
| Margins | EBITDA margin 66% | 20 / 20 |
Peers in Communication Services
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| TEL.OL (this company) | NOK 134.20 | -15.1% | 9.7 | 2.6 | 7.2% | 84 |
| VOD.L Vodafone Group Public Limited Company | GBP 1.17 | 56.7% | – | 0.7 | 3.2% | 66 |
| DTE.DE Deutsche Telekom AG | EUR 25.87 | 49.7% | 14.4 | 2.1 | 5.5% | 82 |
| PUB.PA Publicis Groupe S.A. | EUR 102.60 | 42.0% | 15.7 | 2.5 | 3.5% | 90 |
| CMCSA Comcast | USD 24.95 | 39.1% | 7.9 | 1.0 | 5.4% | 82 |
| TEF.MC Telefonica, S.A. | EUR 3.36 | 33.8% | – | – | 8.9% | 59 |
| INF.L Informa plc | GBP 8.40 | 23.0% | – | 1.9 | 2.4% | 66 |
| SONY Sony Group Corporation | USD 27.54 | 19.5% | – | – | – | 82 |
| EMBRAC-B.ST Embracer Group AB | SEK 95.44 | 18.5% | – | 1.0 | – | 56 |
| Peer median | 14.4 | 1.5 | ||||
Dividends
Paid in the last 12 months: NOK 9.70 per share · yield 7.23% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 9.700 |
| 2025 | 9.600 |
| 2024 | 9.500 |
| 2023 | 9.400 |
| 2022 | 9.300 |
| 2021 | 9.000 |
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 13:21
| Revenue | NOK 71,149,000,000 |
|---|---|
| EBITDA | NOK 46,993,000,000 |
| EBIT | NOK 31,052,000,000 |
| Net income | NOK 18,662,000,000 |
| Free cash flow | NOK 17,646,000,000 |
| Capital expenditures | NOK 19,386,000,000 |
| Debt | NOK 63,129,000,000 |
| Cash | NOK 37,133,000,000 |
| Working capital | NOK 14,297,000,000 |
| Shares outstanding | 1,355,546,173 |