TELENOR ASA (TEL.OL) Fundamental Analysis & Valuation
OSL:TEL • NO0010063308
Current stock price
172.05 NOK
+0.25 (+0.15%)
Last:
This TEL.OL fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.
1. TEL.OL Profitability Analysis
1.1 Basic Checks
- In the past year TEL was profitable.
- TEL had a positive operating cash flow in the past year.
- Each year in the past 5 years TEL has been profitable.
- Each year in the past 5 years TEL had a positive operating cash flow.
1.2 Ratios
- The Return On Assets of TEL (3.69%) is comparable to the rest of the industry.
- TEL has a better Return On Equity (11.43%) than 68.57% of its industry peers.
- TEL has a Return On Invested Capital of 8.51%. This is amongst the best in the industry. TEL outperforms 85.71% of its industry peers.
- The Average Return On Invested Capital over the past 3 years for TEL is in line with the industry average of 7.67%.
- The 3 year average ROIC (7.95%) for TEL is below the current ROIC(8.51%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.69% | ||
| ROE | 11.43% | ||
| ROIC | 8.51% |
ROA(3y)6%
ROA(5y)7.49%
ROE(3y)18.97%
ROE(5y)27.48%
ROIC(3y)7.95%
ROIC(5y)8.24%
1.3 Margins
- TEL has a better Profit Margin (10.21%) than 68.57% of its industry peers.
- TEL's Profit Margin has declined in the last couple of years.
- TEL has a Operating Margin of 23.73%. This is amongst the best in the industry. TEL outperforms 88.57% of its industry peers.
- TEL's Operating Margin has been stable in the last couple of years.
- TEL has a better Gross Margin (78.07%) than 80.00% of its industry peers.
- In the last couple of years the Gross Margin of TEL has remained more or less at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 23.73% | ||
| PM (TTM) | 10.21% | ||
| GM | 78.07% |
OM growth 3Y-0.78%
OM growth 5Y1.02%
PM growth 3Y-43.22%
PM growth 5Y-6.51%
GM growth 3Y0.28%
GM growth 5Y0.67%
2. TEL.OL Health Analysis
2.1 Basic Checks
- The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so TEL is still creating some value.
- TEL has about the same amout of shares outstanding than it did 1 year ago.
- Compared to 5 years ago, TEL has less shares outstanding
- The debt/assets ratio for TEL is higher compared to a year ago.
2.2 Solvency
- The Debt to FCF ratio of TEL is 5.12, which is a neutral value as it means it would take TEL, 5.12 years of fcf income to pay off all of its debts.
- With an excellent Debt to FCF ratio value of 5.12, TEL belongs to the best of the industry, outperforming 82.86% of the companies in the same industry.
- TEL has a Debt/Equity ratio of 1.20. This is a high value indicating a heavy dependency on external financing.
- TEL has a Debt to Equity ratio (1.20) which is comparable to the rest of the industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.2 | ||
| Debt/FCF | 5.12 | ||
| Altman-Z | N/A |
ROIC/WACC1.29
WACC6.6%
2.3 Liquidity
- TEL has a Current Ratio of 0.71. This is a bad value and indicates that TEL is not financially healthy enough and could expect problems in meeting its short term obligations.
- The Current ratio of TEL (0.71) is worse than 68.57% of its industry peers.
- TEL has a Quick Ratio of 0.71. This is a bad value and indicates that TEL is not financially healthy enough and could expect problems in meeting its short term obligations.
- The Quick ratio of TEL (0.69) is worse than 68.57% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.71 | ||
| Quick Ratio | 0.69 |
3. TEL.OL Growth Analysis
3.1 Past
- TEL shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -38.57%.
- Measured over the past years, TEL shows a decrease in Earnings Per Share. The EPS has been decreasing by -5.48% on average per year.
- TEL shows a small growth in Revenue. In the last year, the Revenue has grown by 0.30%.
- The Revenue has been decreasing by -7.95% on average over the past years.
EPS 1Y (TTM)-38.57%
EPS 3Y-7.97%
EPS 5Y-5.48%
EPS Q2Q%44.07%
Revenue 1Y (TTM)0.3%
Revenue growth 3Y-0.14%
Revenue growth 5Y-7.95%
Sales Q2Q%-3.19%
3.2 Future
- Based on estimates for the next years, TEL will show a quite strong growth in Earnings Per Share. The EPS will grow by 12.26% on average per year.
- Based on estimates for the next years, TEL will show a small growth in Revenue. The Revenue will grow by 1.04% on average per year.
EPS Next Y20.35%
EPS Next 2Y14.19%
EPS Next 3Y11.82%
EPS Next 5Y12.26%
Revenue Next Year-1.71%
Revenue Next 2Y-0.04%
Revenue Next 3Y0.49%
Revenue Next 5Y1.04%
3.3 Evolution
- When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
- When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
4. TEL.OL Valuation Analysis
4.1 Price/Earnings Ratio
- A Price/Earnings ratio of 20.88 indicates a rather expensive valuation of TEL.
- TEL's Price/Earnings ratio is in line with the industry average.
- Compared to an average S&P500 Price/Earnings ratio of 25.71, TEL is valued at the same level.
- With a Price/Forward Earnings ratio of 17.35, TEL is valued on the expensive side.
- The rest of the industry has a similar Price/Forward Earnings ratio as TEL.
- When comparing the Price/Forward Earnings ratio of TEL to the average of the S&P500 Index (23.83), we can say TEL is valued slightly cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 20.88 | ||
| Fwd PE | 17.35 |
4.2 Price Multiples
- Based on the Enterprise Value to EBITDA ratio, TEL is valued a bit more expensive than the industry average as 65.71% of the companies are valued more cheaply.
- TEL's Price/Free Cash Flow ratio is in line with the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 11.84 | ||
| EV/EBITDA | 8.78 |
4.3 Compensation for Growth
- The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
- The decent profitability rating of TEL may justify a higher PE ratio.
PEG (NY)1.03
PEG (5Y)N/A
EPS Next 2Y14.19%
EPS Next 3Y11.82%
5. TEL.OL Dividend Analysis
5.1 Amount
- With a Yearly Dividend Yield of 5.67%, TEL is a good candidate for dividend investing.
- TEL's Dividend Yield is a higher than the industry average which is at 3.09.
- TEL's Dividend Yield is rather good when compared to the S&P500 average which is at 1.91.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.67% |
5.2 History
- The dividend of TEL has a limited annual growth rate of 2.13%.
Dividend Growth(5Y)2.13%
Div Incr Years0
Div Non Decr Years0
5.3 Sustainability
- 160.48% of the earnings are spent on dividend by TEL. This is not a sustainable payout ratio.
- TEL's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP160.48%
EPS Next 2Y14.19%
EPS Next 3Y11.82%
TEL.OL Fundamentals: All Metrics, Ratios and Statistics
OSL:TEL (3/16/2026, 9:11:47 AM)
172.05
+0.25 (+0.15%)
Chartmill FA Rating
GICS SectorCommunication Services
GICS IndustryGroupTelecommunication Services
GICS IndustryDiversified Telecommunication Services
Earnings (Last)02-06 2026-02-06/bmo
Earnings (Next)04-28 2026-04-28
Inst Owners35.72%
Inst Owner ChangeN/A
Ins Owners0.03%
Ins Owner ChangeN/A
Market Cap235.42B
Revenue(TTM)80.17B
Net Income(TTM)8.19B
Analysts71.67
Price Target179.4 (4.27%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.67% |
Yearly Dividend9.6
Dividend Growth(5Y)2.13%
DP160.48%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-9.63%
Min EPS beat(2)-28%
Max EPS beat(2)8.75%
EPS beat(4)3
Avg EPS beat(4)1.33%
Min EPS beat(4)-28%
Max EPS beat(4)15.1%
EPS beat(8)6
Avg EPS beat(8)56.76%
EPS beat(12)7
Avg EPS beat(12)24.96%
EPS beat(16)10
Avg EPS beat(16)31.32%
Revenue beat(2)0
Avg Revenue beat(2)-1.56%
Min Revenue beat(2)-1.71%
Max Revenue beat(2)-1.41%
Revenue beat(4)1
Avg Revenue beat(4)-1.09%
Min Revenue beat(4)-1.71%
Max Revenue beat(4)0.3%
Revenue beat(8)1
Avg Revenue beat(8)-1.64%
Revenue beat(12)4
Avg Revenue beat(12)-0.89%
Revenue beat(16)6
Avg Revenue beat(16)-3.16%
PT rev (1m)3.14%
PT rev (3m)3.86%
EPS NQ rev (1m)-9.98%
EPS NQ rev (3m)26.56%
EPS NY rev (1m)-1.56%
EPS NY rev (3m)-3.44%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-5.87%
Revenue NY rev (1m)-3.53%
Revenue NY rev (3m)-3.9%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 20.88 | ||
| Fwd PE | 17.35 | ||
| P/S | 2.94 | ||
| P/FCF | 11.84 | ||
| P/OCF | 7.54 | ||
| P/B | 3.29 | ||
| P/tB | 6.65 | ||
| EV/EBITDA | 8.78 |
EPS(TTM)8.24
EY4.79%
EPS(NY)9.92
Fwd EY5.76%
FCF(TTM)14.53
FCFY8.45%
OCF(TTM)22.82
OCFY13.26%
SpS58.59
BVpS52.34
TBVpS25.88
PEG (NY)1.03
PEG (5Y)N/A
Graham Number98.51
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.69% | ||
| ROE | 11.43% | ||
| ROCE | 10.78% | ||
| ROIC | 8.51% | ||
| ROICexc | 9.42% | ||
| ROICexgc | 12.19% | ||
| OM | 23.73% | ||
| PM (TTM) | 10.21% | ||
| GM | 78.07% | ||
| FCFM | 24.8% |
ROA(3y)6%
ROA(5y)7.49%
ROE(3y)18.97%
ROE(5y)27.48%
ROIC(3y)7.95%
ROIC(5y)8.24%
ROICexc(3y)8.8%
ROICexc(5y)9.03%
ROICexgc(3y)11.31%
ROICexgc(5y)11.7%
ROCE(3y)10.07%
ROCE(5y)10.43%
ROICexgc growth 3Y2.96%
ROICexgc growth 5Y-5.31%
ROICexc growth 3Y2.26%
ROICexc growth 5Y-5.25%
OM growth 3Y-0.78%
OM growth 5Y1.02%
PM growth 3Y-43.22%
PM growth 5Y-6.51%
GM growth 3Y0.28%
GM growth 5Y0.67%
F-Score7
Asset Turnover0.36
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.2 | ||
| Debt/FCF | 5.12 | ||
| Debt/EBITDA | 2.36 | ||
| Cap/Depr | 65.52% | ||
| Cap/Sales | 14.14% | ||
| Interest Coverage | 7.22 | ||
| Cash Conversion | 85.95% | ||
| Profit Quality | 242.93% | ||
| Current Ratio | 0.71 | ||
| Quick Ratio | 0.69 | ||
| Altman-Z | N/A |
F-Score7
WACC6.6%
ROIC/WACC1.29
Cap/Depr(3y)76.18%
Cap/Depr(5y)74.01%
Cap/Sales(3y)16.95%
Cap/Sales(5y)20.41%
Profit Quality(3y)148.8%
Profit Quality(5y)394.85%
High Growth Momentum
Growth
EPS 1Y (TTM)-38.57%
EPS 3Y-7.97%
EPS 5Y-5.48%
EPS Q2Q%44.07%
EPS Next Y20.35%
EPS Next 2Y14.19%
EPS Next 3Y11.82%
EPS Next 5Y12.26%
Revenue 1Y (TTM)0.3%
Revenue growth 3Y-0.14%
Revenue growth 5Y-7.95%
Sales Q2Q%-3.19%
Revenue Next Year-1.71%
Revenue Next 2Y-0.04%
Revenue Next 3Y0.49%
Revenue Next 5Y1.04%
EBIT growth 1Y5.04%
EBIT growth 3Y-0.92%
EBIT growth 5Y-7.01%
EBIT Next Year88.64%
EBIT Next 3Y26.37%
EBIT Next 5Y16.64%
FCF growth 1Y9.87%
FCF growth 3Y9.22%
FCF growth 5Y-4.34%
OCF growth 1Y-0.82%
OCF growth 3Y-7.32%
OCF growth 5Y-6.55%
TELENOR ASA / TEL.OL Fundamental Analysis FAQ
Can you provide the ChartMill fundamental rating for TELENOR ASA?
ChartMill assigns a fundamental rating of 4 / 10 to TEL.OL.
What is the valuation status for TEL stock?
ChartMill assigns a valuation rating of 3 / 10 to TELENOR ASA (TEL.OL). This can be considered as Overvalued.
Can you provide the profitability details for TELENOR ASA?
TELENOR ASA (TEL.OL) has a profitability rating of 7 / 10.
Can you provide the PE and PB ratios for TEL stock?
The Price/Earnings (PE) ratio for TELENOR ASA (TEL.OL) is 20.88 and the Price/Book (PB) ratio is 3.29.
How sustainable is the dividend of TELENOR ASA (TEL.OL) stock?
The dividend rating of TELENOR ASA (TEL.OL) is 6 / 10 and the dividend payout ratio is 160.48%.