Telenor ASA TELNY

Communication ServicesTelecommunications ServicesNorway

Last close 14.26 USD on Nov 3, 2026, +4.5% year to date

Quant rating

Quant rating B Rank 47 of 152 in Communication Services

Growth D 122 of 152
Valuation B 25 of 152
Quality B 48 of 152
Revisions C 105 of 152
Momentum B 26 of 152

Wall Street consensus Buy (2.50)Average target 15.55 USD +9.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 19.5B
Enterprise value: 24.1B
52-week range: 12.97 – 18.92
3-year range: 10.25 – 18.92
Dividend yield: 7.27%
Beta (5 years): 0.28
Shares outstanding: 1,368M
Next earnings: Oct 28, 2026

About the company

Telenor ASA is a Norway-based international provider of tele, data and media communication services. The Company has mobile operations in the Nordics, including Norway, Sweden, Denmark, Finland and in Asia, including Pakistan, Bangladesh, Thailand, Malaysia, Myanmar. The Company's main products and services are mobile communication, fixed line communication and broadcasting activities. The Company's mobile communication business mainly includes voice, data, Internet, content services, customer equipment and messaging. Its fixed services comprise telephony, Internet and television, leased lines, as well as data services and managed services. Its broadcast activities comprise data communication services via satellite.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	7,610	6,642	7,938	7,847	11,032	–
Revenue growth	14.6%	−16.3%	1.2%	−28.9%	−18.3%	−10.8%
EPS (basic, normalized)	0.79	1.25	0.44	1.15	0.83	–
EPS growth	−36.7%	183.3%	−61.4%	37.1%	–	–
Gross margin	77.5%	77.1%	76.3%	76.8%	73.7%	76.3%
Net margin	14.3%	23.8%	−6.1%	12.6%	5.8%	10.1%
ROE	15.0%	25.7%	−7.8%	22.4%	17.5%	14.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	4,688
Current ratio	1.32x
Long-term debt (mil)	7,743
Net debt (mil)	4,501
Total equity (mil)	7,419
Net debt / equity	0.61x
Net debt / EBITDA	1.36x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	7,610	+14.6%	3.2x	3,305	+3.7%	7.3x	0.79	−36.7%	18.0x
2026	7,767	+2.1%	3.1x	3,502	+6.0%	6.9x	0.88	+11.7%	16.1x
2027	7,735	−0.4%	3.1x	3,500	0.0%	6.9x	1.00	+12.8%	14.3x
2028	7,836	+1.3%	3.1x	3,633	+3.8%	6.6x	1.08	+8.7%	13.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	7,767	−0.9%	−0.3%	−4.4%	0.88	−32.7%	−33.0%	−6.9%
2027	7,735	−1.3%	−1.7%	−6.1%	1.00	−6.9%	−1.6%	−2.3%
2028	7,836	−1.5%	−2.0%	−6.3%	1.08	−6.3%	−1.2%	−1.5%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Telecommunications Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
TELNY Telenor ASA	19.5B	1.36x	14.3%	2.51x	16.1x	14.3x	6.9x	6.9x
BRTI Bharti Airtel Ltd	135.7B	1.30x	12.7%	7.96x	32.8x	24.9x	10.4x	9.1x
AMXB America Movil SAB de CV	74.1B	1.74x	8.8%	3.47x	13.8x	11.5x	5.4x	5.0x
TMUS T-Mobile US Inc	163.6B	2.47x	12.4%	2.91x	13.8x	10.9x	6.6x	6.1x
T AT&T Inc.	144.1B	3.60x	17.4%	1.35x	8.9x	8.2x	6.5x	6.3x
VOD Vodafone Group PLC	36.4B	–	−0.7%	0.64x	13.1x	11.0x	5.5x	5.2x
Mean		2.10x	10.8%	3.14x	16.4x	13.5x	6.9x	6.4x
Median		1.74x	12.6%	2.71x	13.8x	11.3x	6.5x	6.2x

Technical analysis

1M+10.6%
3M+4.7%
1Y+2.8%
3Y+66.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Telenor ASA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	7,610	6,642	7,938	7,847	11,032	13,504
Cost of revenue	1,714	1,523	1,880	1,819	2,906	3,385
Gross profit	5,896	5,118	6,058	6,028	8,126	10,119
Selling, general & administrative expenses	1,978	1,738	2,200	2,145	2,672	1,300
Research & development	–	–	–	–	–	–
Depreciation/amortization	1,622	1,397	1,631	1,747	2,640	3,066
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−3.1	−638	878	366	199	−218
Other operating expenses	492	462	447	231	607	2,710
Operating income	1,808	2,160	901	1,539	2,008	3,262
Net interest income (expense)	−137	−74.0	−728	−493	−409	−373
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−14.6	−18.5	−64.4	−92.5	−41.0	−57.5
Net income before taxes	1,656	2,067	108	953	1,558	2,832
Provision for taxes	434	327	427	−307	569	748
Minority interest	−132	−156	−162	−272	−348	−433
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,090	1,584	−482	988	642	1,650
Extraordinary items	−390	29.3	1,837	3,596	−468	371
Net income	699	1,613	1,355	4,585	174	2,022
EBIT, normalized	1,805	1,522	1,779	1,905	2,207	3,044
EBITDA, normalized	3,426	2,919	3,410	3,424	4,847	6,432
Basic EPS, normalized	0.79	1.25	0.44	1.15	0.83	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Telenor ASA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,669	1,041	2,059	1,050	1,771	2,445
Receivables	1,159	1,060	1,371	1,752	2,203	2,562
Total inventory	85.7	77.2	94.2	159	177	153
Prepaid expenses	224	223	203	323	443	655
Other current assets	37.2	13.8	195	0.4	383	20.8
Total current assets	3,175	2,415	3,923	3,285	4,978	5,837
Property, plant & equipment	7,146	7,109	7,643	11,366	14,118	16,575
Goodwill	2,667	2,316	2,490	2,790	3,117	3,375
Intangibles	932	840	916	989	1,158	1,308
Long-term investments	6,704	5,970	5,120	4,172	763	893
Note receivable	–	–	0	107	154	211
Other long-term assets	1,412	1,482	1,456	1,713	1,345	1,708
Total assets	22,036	20,131	21,547	24,422	25,633	29,906
Liabilities
Accounts payable	647	584	543	–	–	–
Payable/accrued	–	–	0.1	–	1,536	1,057
Accrued expenses	676	717	754	812	1,031	1,624
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1,617	1,337	1,568	1,617	1,846	1,935
Other current liabilities	1,661	1,443	1,673	3,060	2,646	2,442
Total current liabilities	4,601	4,081	4,538	5,489	7,059	7,057
Long-term debt	8,509	7,604	8,770	10,937	13,162	15,646
Minority interest	512	521	587	433	591	652
Other liabilities	1,407	1,252	1,289	1,425	1,835	2,083
Total liabilities	15,029	13,457	15,184	18,283	22,647	25,438
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	823	728	827	864	961	987
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	5,956	5,794	6,136	5,624	2,549	3,851
Treasury stock	–	–	–	–	–	–
Other equity	227	152	−600	−349	−525	−370
Total equity	7,007	6,674	6,362	6,139	2,986	4,468
Total liabilities & shareholders' equity	22,036	20,131	21,547	24,422	25,633	29,906

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Telenor ASA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,656	2,120	108	1,095	1,940	2,989
Depreciation, depletion & amortization	1,720	1,491	1,729	2,880	3,902	3,388
Deferred taxes	–	–	–	–	–	–
Non-cash items	194	−566	1,539	811	−241	9.3
Changes in working capital	−466	−275	−503	−783	−801	−1,278
Cash from operations	3,104	2,770	2,873	4,004	4,800	5,108
Investing activities
Capital expenditures	−1,186	−1,177	−1,453	−2,446	−2,208	−2,215
Other investing cash flows	208	167	−352	83.2	252	983
Cash from investing	−978	−1,011	−1,805	−2,363	−1,956	−1,232
Financing activities
Financing cash flow items	−172	−165	952	−284	−403	−384
Cash dividends paid	−1,306	−1,151	−1,284	−1,329	−1,430	−1,431
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−33.2	−1,270	181	−836	−1,335	−1,401
Cash from financing	−1,511	−2,586	−151	−2,448	−3,168	−3,216
Foreign exchange effects	−2.7	−6.9	60.4	61.2	−27.8	49.0
Net change in cash	612	−834	977	−746	−352	710
Free cash flow	1,918	1,592	1,420	1,558	2,592	2,893

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.