TELENOR ASA (TEL.OL) Fundamental Analysis & Valuation
OSL:TEL • NO0010063308
170.65 NOK
+0.15 (+0.09%)
Last: Mar 12, 2026, 04:19 PM
This TEL.OL fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.
Overall TEL gets a fundamental rating of 5 out of 10. We evaluated TEL against 33 industry peers in the Diversified Telecommunication Services industry. TEL has an excellent profitability rating, but there are concerns on its financial health. TEL has a valuation in line with the averages, but on the other hand it scores bad on growth. TEL also has an excellent dividend rating.
1. TEL.OL Profitability Analysis
1.1 Basic Checks
- In the past year TEL was profitable.
- In the past year TEL had a positive cash flow from operations.
- TEL had positive earnings in each of the past 5 years.
- TEL had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
- TEL has a Return On Assets of 3.69%. This is comparable to the rest of the industry: TEL outperforms 57.58% of its industry peers.
- The Return On Equity of TEL (11.43%) is better than 69.70% of its industry peers.
- TEL has a Return On Invested Capital of 8.51%. This is amongst the best in the industry. TEL outperforms 84.85% of its industry peers.
- TEL had an Average Return On Invested Capital over the past 3 years of 7.95%. This is in line with the industry average of 7.98%.
- 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 Profit Margin of 10.21%. This is in the better half of the industry: TEL outperforms 69.70% of its industry peers.
- In the last couple of years the Profit Margin of TEL has declined.
- The Operating Margin of TEL (23.73%) is better than 84.85% of its industry peers.
- In the last couple of years the Operating Margin of TEL has remained more or less at the same level.
- The Gross Margin of TEL (78.07%) is better than 78.79% 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
- TEL has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
- Compared to 1 year ago, TEL has about the same amount of shares outstanding.
- TEL has less shares outstanding than it did 5 years ago.
- 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.
- Looking at the Debt to FCF ratio, with a value of 5.12, TEL belongs to the top of the industry, outperforming 81.82% of the companies in the same industry.
- A Debt/Equity ratio of 1.20 is on the high side and indicates that TEL has dependencies on debt financing.
- With a Debt to Equity ratio value of 1.20, TEL perfoms like the industry average, outperforming 54.55% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.2 | ||
| Debt/FCF | 5.12 | ||
| Altman-Z | N/A |
ROIC/WACC1.29
WACC6.59%
2.3 Liquidity
- A Current Ratio of 0.71 indicates that TEL may have some problems paying its short term obligations.
- The Current ratio of TEL (0.71) is worse than 66.67% 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.
- Looking at the Quick ratio, with a value of 0.69, TEL is doing worse than 66.67% of the companies in the same industry.
| 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%.
- The Earnings Per Share has been decreasing by -5.48% on average over the past years.
- The Revenue has been growing slightly by 0.30% in the past year.
- Measured over the past years, TEL shows a decrease in Revenue. The Revenue has been decreasing by -7.95% on average per year.
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
- The Earnings Per Share is expected to grow by 12.26% on average over the next years. This is quite good.
- The Revenue is expected to grow by 1.04% on average over the next years.
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.
- The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
4. TEL.OL Valuation Analysis
4.1 Price/Earnings Ratio
- The Price/Earnings ratio is 20.71, which indicates a rather expensive current valuation of TEL.
- TEL's Price/Earnings is on the same level as the industry average.
- The average S&P500 Price/Earnings ratio is at 25.71. TEL is around the same levels.
- A Price/Forward Earnings ratio of 17.21 indicates a rather expensive valuation of TEL.
- TEL's Price/Forward Earnings ratio is in line with the industry average.
- When comparing the Price/Forward Earnings ratio of TEL to the average of the S&P500 Index (23.82), we can say TEL is valued slightly cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 20.71 | ||
| Fwd PE | 17.21 |
4.2 Price Multiples
- 63.64% of the companies in the same industry are cheaper than TEL, based on the Enterprise Value to EBITDA ratio.
- Based on the Price/Free Cash Flow ratio, TEL is valued a bit cheaper than the industry average as 60.61% of the companies are valued more expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 11.74 | ||
| EV/EBITDA | 8.73 |
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)1.02
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 5.70%, TEL is a good candidate for dividend investing.
- Compared to an average industry Dividend Yield of 2.91, TEL pays a better dividend. On top of this TEL pays more dividend than 84.85% of the companies listed in the same industry.
- TEL's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.7% |
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.
- The dividend of TEL is growing, but earnings are growing more, so the dividend growth is sustainable.
DP160.48%
EPS Next 2Y14.19%
EPS Next 3Y11.82%
TEL.OL Fundamentals: All Metrics, Ratios and Statistics
OSL:TEL (3/12/2026, 4:19:55 PM)
170.65
+0.15 (+0.09%)
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 Cap233.51B
Revenue(TTM)80.17B
Net Income(TTM)8.19B
Analysts71.67
Price Target179.4 (5.13%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.7% |
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)33.69%
EPS NQ rev (3m)26.56%
EPS NY rev (1m)-1.56%
EPS NY rev (3m)-3.44%
Revenue NQ rev (1m)-0.69%
Revenue NQ rev (3m)-5.87%
Revenue NY rev (1m)-3.53%
Revenue NY rev (3m)-3.9%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 20.71 | ||
| Fwd PE | 17.21 | ||
| P/S | 2.91 | ||
| P/FCF | 11.74 | ||
| P/OCF | 7.48 | ||
| P/B | 3.26 | ||
| P/tB | 6.59 | ||
| EV/EBITDA | 8.73 |
EPS(TTM)8.24
EY4.83%
EPS(NY)9.92
Fwd EY5.81%
FCF(TTM)14.53
FCFY8.52%
OCF(TTM)22.82
OCFY13.37%
SpS58.59
BVpS52.34
TBVpS25.88
PEG (NY)1.02
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
WACC6.59%
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 FAQ
Can you provide the ChartMill fundamental rating for TELENOR ASA?
ChartMill assigns a fundamental rating of 5 / 10 to TEL.OL.
What is the valuation status for TEL stock?
ChartMill assigns a valuation rating of 4 / 10 to TELENOR ASA (TEL.OL). This can be considered as Fairly Valued.
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 20.71 and the Price/Book (PB) ratio is 3.26.
How sustainable is the dividend of TELENOR ASA (TEL.OL) stock?
The dividend rating of TELENOR ASA (TEL.OL) is 7 / 10 and the dividend payout ratio is 160.48%.