TELENOR ASA (TEL.OL) Fundamental Analysis & Valuation
OSL:TEL • NO0010063308
Current stock price
162.7 NOK
-0.1 (-0.06%)
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.
- In the past year TEL had a positive cash flow from operations.
- In the past 5 years TEL has always been profitable.
- TEL had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
- With a Return On Assets value of 3.17%, TEL perfoms like the industry average, outperforming 58.06% of the companies in the same industry.
- TEL has a Return On Equity of 9.98%. This is in the better half of the industry: TEL outperforms 61.29% of its industry peers.
- With an excellent Return On Invested Capital value of 8.18%, TEL belongs to the best of the industry, outperforming 87.10% of the companies in the same industry.
- TEL had an Average Return On Invested Capital over the past 3 years of 7.97%. This is in line with the industry average of 7.41%.
- The 3 year average ROIC (7.97%) for TEL is below the current ROIC(8.18%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.17% | ||
| ROE | 9.98% | ||
| ROIC | 8.18% |
ROA(3y)5.83%
ROA(5y)7.39%
ROE(3y)18.48%
ROE(5y)27.19%
ROIC(3y)7.97%
ROIC(5y)8.25%
1.3 Margins
- TEL's Profit Margin of 9.19% is fine compared to the rest of the industry. TEL outperforms 67.74% of its industry peers.
- TEL's Profit Margin has declined in the last couple of years.
- Looking at the Operating Margin, with a value of 23.71%, TEL belongs to the top of the industry, outperforming 83.87% of the companies in the same industry.
- TEL's Operating Margin has been stable in the last couple of years.
- TEL's Gross Margin of 77.47% is amongst the best of the industry. TEL outperforms 80.65% of its industry peers.
- TEL's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 23.71% | ||
| PM (TTM) | 9.19% | ||
| GM | 77.47% |
OM growth 3Y-0.78%
OM growth 5Y1.02%
PM growth 3Y-46.02%
PM growth 5Y-9.3%
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.
- TEL has about the same amout of shares outstanding than it did 1 year ago.
- The number of shares outstanding for TEL has been reduced compared to 5 years ago.
- The debt/assets ratio for TEL is higher compared to a year ago.
2.2 Solvency
- Based on the Altman-Z score of 1.80, we must say that TEL is in the distress zone and has some risk of bankruptcy.
- The Altman-Z score of TEL (1.80) is better than 87.10% of its industry peers.
- 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.
- TEL has a better Debt to FCF ratio (5.12) than 80.65% of its industry peers.
- TEL has a Debt/Equity ratio of 1.21. This is a high value indicating a heavy dependency on external financing.
- Looking at the Debt to Equity ratio, with a value of 1.21, TEL is in line with its industry, outperforming 51.61% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.21 | ||
| Debt/FCF | 5.12 | ||
| Altman-Z | 1.8 |
ROIC/WACC1.24
WACC6.61%
2.3 Liquidity
- TEL has a Current Ratio of 0.69. This is a bad value and indicates that TEL is not financially healthy enough and could expect problems in meeting its short term obligations.
- TEL has a Current ratio of 0.69. This is in the lower half of the industry: TEL underperforms 64.52% of its industry peers.
- TEL has a Quick Ratio of 0.69. 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 (0.67) is worse than 67.74% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.69 | ||
| Quick Ratio | 0.67 |
3. TEL.OL Growth Analysis
3.1 Past
- The earnings per share for TEL have decreased strongly by -38.57% in the last year.
- TEL shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -5.48% yearly.
- Looking at the last year, TEL shows a decrease in Revenue. The Revenue has decreased by -4.23% in the last year.
- TEL shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -7.95% yearly.
EPS 1Y (TTM)-38.57%
EPS 3Y-7.97%
EPS 5Y-5.48%
EPS Q2Q%44.07%
Revenue 1Y (TTM)-4.23%
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.
- The Revenue is expected to grow by 1.04% on average over the next years.
EPS Next Y19.03%
EPS Next 2Y13.54%
EPS Next 3Y11.02%
EPS Next 5Y12.26%
Revenue Next Year-2.27%
Revenue Next 2Y-0.37%
Revenue Next 3Y0.13%
Revenue Next 5Y1.04%
3.3 Evolution
- The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
- 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
- TEL is valuated rather expensively with a Price/Earnings ratio of 19.75.
- The rest of the industry has a similar Price/Earnings ratio as TEL.
- TEL is valuated rather cheaply when we compare the Price/Earnings ratio to 27.95, which is the current average of the S&P500 Index.
- Based on the Price/Forward Earnings ratio of 16.59, the valuation of TEL can be described as correct.
- The rest of the industry has a similar Price/Forward Earnings ratio as TEL.
- Compared to an average S&P500 Price/Forward Earnings ratio of 38.68, TEL is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 19.75 | ||
| Fwd PE | 16.59 |
4.2 Price Multiples
- 64.52% of the companies in the same industry are cheaper than TEL, based on the Enterprise Value to EBITDA ratio.
- TEL's Price/Free Cash Flow is on the same level as the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 11.2 | ||
| EV/EBITDA | 8.65 |
4.3 Compensation for Growth
- TEL's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
- TEL has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)1.04
PEG (5Y)N/A
EPS Next 2Y13.54%
EPS Next 3Y11.02%
5. TEL.OL Dividend Analysis
5.1 Amount
- With a Yearly Dividend Yield of 6.00%, TEL is a good candidate for dividend investing.
- Compared to an average industry Dividend Yield of 2.97, TEL pays a better dividend. On top of this TEL pays more dividend than 83.87% of the companies listed in the same industry.
- Compared to an average S&P500 Dividend Yield of 1.81, TEL pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6% |
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
- TEL pays out 186.76% of its income as dividend. This is not a sustainable payout ratio.
- TEL's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP186.76%
EPS Next 2Y13.54%
EPS Next 3Y11.02%
TEL.OL Fundamentals: All Metrics, Ratios and Statistics
OSL:TEL (4/21/2026, 4:25:15 PM)
162.7
-0.1 (-0.06%)
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 Owners35.61%
Inst Owner ChangeN/A
Ins Owners0.01%
Ins Owner ChangeN/A
Market Cap222.63B
Revenue(TTM)76.55B
Net Income(TTM)7.03B
Analysts72.5
Price Target179.7 (10.45%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6% |
Yearly Dividend9.6
Dividend Growth(5Y)2.13%
DP186.76%
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)0.17%
PT rev (3m)4.46%
EPS NQ rev (1m)-0.61%
EPS NQ rev (3m)23.58%
EPS NY rev (1m)-1.1%
EPS NY rev (3m)-3.25%
Revenue NQ rev (1m)-1.21%
Revenue NQ rev (3m)-7.3%
Revenue NY rev (1m)-0.57%
Revenue NY rev (3m)-4.08%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 19.75 | ||
| Fwd PE | 16.59 | ||
| P/S | 2.91 | ||
| P/FCF | 11.2 | ||
| P/OCF | 7.13 | ||
| P/B | 3.16 | ||
| P/tB | 6.49 | ||
| EV/EBITDA | 8.65 |
EPS(TTM)8.24
EY5.06%
EPS(NY)9.81
Fwd EY6.03%
FCF(TTM)14.53
FCFY8.93%
OCF(TTM)22.82
OCFY14.02%
SpS55.94
BVpS51.51
TBVpS25.05
PEG (NY)1.04
PEG (5Y)N/A
Graham Number97.7206 (-39.94%)
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.17% | ||
| ROE | 9.98% | ||
| ROCE | 10.35% | ||
| ROIC | 8.18% | ||
| ROICexc | 9.06% | ||
| ROICexgc | 11.75% | ||
| OM | 23.71% | ||
| PM (TTM) | 9.19% | ||
| GM | 77.47% | ||
| FCFM | 25.98% |
ROA(3y)5.83%
ROA(5y)7.39%
ROE(3y)18.48%
ROE(5y)27.19%
ROIC(3y)7.97%
ROIC(5y)8.25%
ROICexc(3y)8.82%
ROICexc(5y)9.05%
ROICexgc(3y)11.34%
ROICexgc(5y)11.72%
ROCE(3y)10.1%
ROCE(5y)10.45%
ROICexgc growth 3Y3.17%
ROICexgc growth 5Y-5.19%
ROICexc growth 3Y2.42%
ROICexc growth 5Y-5.16%
OM growth 3Y-0.78%
OM growth 5Y1.02%
PM growth 3Y-46.02%
PM growth 5Y-9.3%
GM growth 3Y0.28%
GM growth 5Y0.67%
F-Score5
Asset Turnover0.35
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.21 | ||
| Debt/FCF | 5.12 | ||
| Debt/EBITDA | 2.41 | ||
| Cap/Depr | 65.52% | ||
| Cap/Sales | 14.81% | ||
| Interest Coverage | 6.06 | ||
| Cash Conversion | 88.06% | ||
| Profit Quality | 282.72% | ||
| Current Ratio | 0.69 | ||
| Quick Ratio | 0.67 | ||
| Altman-Z | 1.8 |
F-Score5
WACC6.61%
ROIC/WACC1.24
Cap/Depr(3y)76.18%
Cap/Depr(5y)74.01%
Cap/Sales(3y)16.95%
Cap/Sales(5y)20.41%
Profit Quality(3y)162.06%
Profit Quality(5y)402.8%
High Growth Momentum
Growth
EPS 1Y (TTM)-38.57%
EPS 3Y-7.97%
EPS 5Y-5.48%
EPS Q2Q%44.07%
EPS Next Y19.03%
EPS Next 2Y13.54%
EPS Next 3Y11.02%
EPS Next 5Y12.26%
Revenue 1Y (TTM)-4.23%
Revenue growth 3Y-0.14%
Revenue growth 5Y-7.95%
Sales Q2Q%-3.19%
Revenue Next Year-2.27%
Revenue Next 2Y-0.37%
Revenue Next 3Y0.13%
Revenue Next 5Y1.04%
EBIT growth 1Y0.24%
EBIT growth 3Y-0.92%
EBIT growth 5Y-7.01%
EBIT Next Year87.86%
EBIT Next 3Y25.77%
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 5 / 10 to TEL.OL.
Can you provide the valuation status for TELENOR ASA?
ChartMill assigns a valuation rating of 4 / 10 to TELENOR ASA (TEL.OL). This can be considered as Fairly Valued.
What is the profitability of TEL stock?
TELENOR ASA (TEL.OL) has a profitability rating of 7 / 10.
What is the expected EPS growth for TELENOR ASA (TEL.OL) stock?
The Earnings per Share (EPS) of TELENOR ASA (TEL.OL) is expected to grow by 19.03% in the next year.
Is the dividend of TELENOR ASA sustainable?
The dividend rating of TELENOR ASA (TEL.OL) is 7 / 10 and the dividend payout ratio is 186.76%.