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.Priced within the modelled range
Other models: NOK 159.42–396.83 (median 167.17). The recommended value is in line with them.
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 within modeled range
Uses reported dividends of NOK 9.6000 per share from TTM through 30 Sep 2026, with 2% perpetual growth (base growth capped at the terminal rate) and 10.4% discount rates. The range varies growth and discount assumptions by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.
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
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 93.23 | -43.9% |
| Base NOK 116.57 | -15.1% |
| Bull NOK 154.50 | 13.1% |
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.
At NOK 134.20 the market implies perpetual dividend growth of about this rate (discount rate 10.4%).
Compare: the market implies 3.0% a year, this model assumes 2.0%. The market expects more than this model does, which is why it reads as overvalued.
How the Dividend discount model value changes with growth (rows) and discount rate (columns). Green cells are above the current price. Dividend growth cannot exceed the long-run rate, so duplicate capped scenarios are omitted.
| Growth \ Discount | 8.4% | 9.4% | 10.4% | 11.4% | 12.4% |
|---|---|---|---|---|---|
| -2.0% | 90.46 | 82.53 | 75.87 | 70.21 | 65.33 |
| 0.0% | 114.29 | 102.13 | 92.31 | 84.21 | 77.42 |
| 2.0% | 153.00 | 132.32 | 116.57 | 104.17 | 94.15 |
| 2.9% | 179.61 | 151.98 | 131.71 | 116.22 | 103.98 |
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 |
| 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 |
| VOD.L Vodafone Group Public Limited Company | GBP 1.17 | 42.0% | – | 0.7 | 3.2% | 66 |
| 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 14:04
| 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 |