TELENOR ASA (TEL.OL) Stock Fundamental Analysis
Europe • Euronext Oslo • OSL:TEL • NO0010063308
173.4 NOK
-0.1 (-0.06%)
Last: Feb 10, 2026, 11:20 AM
We assign a fundamental rating of 4 out of 10 to TEL. TEL was compared to 33 industry peers in the Diversified Telecommunication Services industry. While TEL belongs to the best of the industry regarding profitability, 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. Finally TEL also has an excellent dividend rating.
1. Profitability
1.1 Basic Checks
- TEL had positive earnings in the past year.
- In the past year TEL had a positive cash flow from operations.
- TEL had positive earnings in 4 of the past 5 years.
- TEL had a positive operating cash flow in 4 of the past 5 years.
1.2 Ratios
- With a decent Return On Assets value of 4.47%, TEL is doing good in the industry, outperforming 69.70% of the companies in the same industry.
- With a decent Return On Equity value of 14.79%, TEL is doing good in the industry, outperforming 60.61% of the companies in the same industry.
- TEL's Return On Invested Capital of 8.58% is fine compared to the rest of the industry. TEL outperforms 75.76% 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 8.59%.
- The last Return On Invested Capital (8.58%) for TEL is above the 3 year average (7.81%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.47% | ||
| ROE | 14.79% | ||
| ROIC | 8.58% |
ROA(3y)11.03%
ROA(5y)8.1%
ROE(3y)40.05%
ROE(5y)34.24%
ROIC(3y)7.81%
ROIC(5y)8.57%
1.3 Margins
- Looking at the Profit Margin, with a value of 12.26%, TEL is in the better half of the industry, outperforming 72.73% of the companies in the same industry.
- TEL's Profit Margin has improved in the last couple of years.
- Looking at the Operating Margin, with a value of 23.18%, TEL belongs to the top of the industry, outperforming 87.88% of the companies in the same industry.
- 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 (78.29%) 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 | 23.18% | ||
| PM (TTM) | 12.26% | ||
| GM | 78.29% |
OM growth 3Y4.24%
OM growth 5Y-0.38%
PM growth 3Y144.33%
PM growth 5Y27.39%
GM growth 3Y1.85%
GM growth 5Y0.62%
2. Health
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.
- There is no outstanding debt for TEL. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.
2.2 Solvency
- TEL has an Altman-Z score of 1.82. This is not the best score and indicates that TEL is in the grey zone with still only limited risk for bankruptcy at the moment.
- TEL has a better Altman-Z score (1.82) than 84.85% of its industry peers.
- TEL has a debt to FCF ratio of 5.37. This is a neutral value as TEL would need 5.37 years to pay back of all of its debts.
- The Debt to FCF ratio of TEL (5.37) is better than 78.79% of its industry peers.
- TEL has a Debt/Equity ratio of 1.23. This is a high value indicating a heavy dependency on external financing.
- The Debt to Equity ratio of TEL (1.23) is comparable to the rest of the industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.23 | ||
| Debt/FCF | 5.37 | ||
| Altman-Z | 1.82 |
ROIC/WACC1.2
WACC7.14%
2.3 Liquidity
- TEL has a Current Ratio of 0.52. 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 Current ratio, with a value of 0.52, TEL is doing worse than 84.85% of the companies in the same industry.
- A Quick Ratio of 0.51 indicates that TEL may have some problems paying its short term obligations.
- With a Quick ratio value of 0.51, TEL is not doing good in the industry: 84.85% of the companies in the same industry are doing better.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.52 | ||
| Quick Ratio | 0.51 |
3. Growth
3.1 Past
- The earnings per share for TEL have decreased strongly by -39.09% in the last year.
- Measured over the past years, TEL shows a decrease in Earnings Per Share. The EPS has been decreasing by -5.64% on average per year.
EPS 1Y (TTM)-39.09%
EPS 3Y-8.23%
EPS 5Y-5.64%
EPS Q2Q%39.5%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%-6.73%
3.2 Future
- TEL is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 11.65% yearly.
- TEL is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 0.22% yearly.
EPS Next Y23.31%
EPS Next 2Y17.18%
EPS Next 3Y8.03%
EPS Next 5Y11.65%
Revenue Next Year0.48%
Revenue Next 2Y1.06%
Revenue Next 3Y1.01%
Revenue Next 5Y0.22%
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.
4. Valuation
4.1 Price/Earnings Ratio
- Based on the Price/Earnings ratio of 21.22, the valuation of TEL can be described as rather expensive.
- TEL's Price/Earnings ratio is in line with the industry average.
- Compared to an average S&P500 Price/Earnings ratio of 28.06, TEL is valued a bit cheaper.
- With a Price/Forward Earnings ratio of 17.21, 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 (27.86), we can say TEL is valued slightly cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 21.22 | ||
| Fwd PE | 17.21 |
4.2 Price Multiples
- Based on the Enterprise Value to EBITDA ratio, TEL is valued a bit more expensive than 66.67% of the companies in the same industry.
- Compared to the rest of the industry, the Price/Free Cash Flow ratio of TEL is on the same level as its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 12.81 | ||
| EV/EBITDA | 8.99 |
4.3 Compensation for Growth
- The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
- The decent profitability rating of TEL may justify a higher PE ratio.
PEG (NY)0.91
PEG (5Y)N/A
EPS Next 2Y17.18%
EPS Next 3Y8.03%
5. Dividend
5.1 Amount
- TEL has a Yearly Dividend Yield of 5.93%, which is a nice return.
- Compared to an average industry Dividend Yield of 2.92, TEL pays a better dividend. On top of this TEL pays more dividend than 84.85% of the companies listed in the same industry.
- Compared to an average S&P500 Dividend Yield of 1.80, TEL pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.93% |
5.2 History
- The dividend of TEL has a limited annual growth rate of 2.70%.
Dividend Growth(5Y)2.7%
Div Incr Years0
Div Non Decr Years0
5.3 Sustainability
- 131.16% 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.
DP131.16%
EPS Next 2Y17.18%
EPS Next 3Y8.03%
OSL:TEL (2/10/2026, 11:20:17 AM)
173.4
-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)05-04 2026-05-04
Inst Owners35.72%
Inst Owner ChangeN/A
Ins Owners0.03%
Ins Owner ChangeN/A
Market Cap237.27B
Revenue(TTM)N/A
Net Income(TTM)9.91B
Analysts71.82
Price Target173.94 (0.31%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.93% |
Yearly Dividend9.5
Dividend Growth(5Y)2.7%
DP131.16%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-9.26%
Min EPS beat(2)-28%
Max EPS beat(2)9.48%
EPS beat(4)2
Avg EPS beat(4)-2.48%
Min EPS beat(4)-28%
Max EPS beat(4)15.1%
EPS beat(8)5
Avg EPS beat(8)50.24%
EPS beat(12)7
Avg EPS beat(12)36.4%
EPS beat(16)9
Avg EPS beat(16)29.36%
Revenue beat(2)1
Avg Revenue beat(2)-0.56%
Min Revenue beat(2)-1.41%
Max Revenue beat(2)0.3%
Revenue beat(4)1
Avg Revenue beat(4)-1.21%
Min Revenue beat(4)-2.16%
Max Revenue beat(4)0.3%
Revenue beat(8)2
Avg Revenue beat(8)-1.34%
Revenue beat(12)4
Avg Revenue beat(12)-4.16%
Revenue beat(16)6
Avg Revenue beat(16)-5.9%
PT rev (1m)0.69%
PT rev (3m)-0.82%
EPS NQ rev (1m)-3.92%
EPS NQ rev (3m)-4.37%
EPS NY rev (1m)-0.66%
EPS NY rev (3m)-4.57%
Revenue NQ rev (1m)-2.99%
Revenue NQ rev (3m)-3.14%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.41%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 21.22 | ||
| Fwd PE | 17.21 | ||
| P/S | 2.94 | ||
| P/FCF | 12.81 | ||
| P/OCF | 7.74 | ||
| P/B | 3.54 | ||
| P/tB | 7.58 | ||
| EV/EBITDA | 8.99 |
EPS(TTM)8.17
EY4.71%
EPS(NY)10.07
Fwd EY5.81%
FCF(TTM)13.53
FCFY7.8%
OCF(TTM)22.39
OCFY12.91%
SpS59.07
BVpS48.96
TBVpS22.89
PEG (NY)0.91
PEG (5Y)N/A
Graham Number94.87
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.47% | ||
| ROE | 14.79% | ||
| ROCE | 11.15% | ||
| ROIC | 8.58% | ||
| ROICexc | 9.22% | ||
| ROICexgc | 11.95% | ||
| OM | 23.18% | ||
| PM (TTM) | 12.26% | ||
| GM | 78.29% | ||
| FCFM | 22.91% |
ROA(3y)11.03%
ROA(5y)8.1%
ROE(3y)40.05%
ROE(5y)34.24%
ROIC(3y)7.81%
ROIC(5y)8.57%
ROICexc(3y)8.51%
ROICexc(5y)9.43%
ROICexgc(3y)10.87%
ROICexgc(5y)12.22%
ROCE(3y)10.15%
ROCE(5y)11.13%
ROICexgc growth 3Y-8.62%
ROICexgc growth 5Y-8.89%
ROICexc growth 3Y-6.85%
ROICexc growth 5Y-8.18%
OM growth 3Y4.24%
OM growth 5Y-0.38%
PM growth 3Y144.33%
PM growth 5Y27.39%
GM growth 3Y1.85%
GM growth 5Y0.62%
F-Score7
Asset Turnover0.36
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.23 | ||
| Debt/FCF | 5.37 | ||
| Debt/EBITDA | 2.28 | ||
| Cap/Depr | 69.96% | ||
| Cap/Sales | 14.99% | ||
| Interest Coverage | 250 | ||
| Cash Conversion | 84.98% | ||
| Profit Quality | 186.87% | ||
| Current Ratio | 0.52 | ||
| Quick Ratio | 0.51 | ||
| Altman-Z | 1.82 |
F-Score7
WACC7.14%
ROIC/WACC1.2
Cap/Depr(3y)82.64%
Cap/Depr(5y)73.98%
Cap/Sales(3y)22.07%
Cap/Sales(5y)20.53%
Profit Quality(3y)79.16%
Profit Quality(5y)374.89%
High Growth Momentum
Growth
EPS 1Y (TTM)-39.09%
EPS 3Y-8.23%
EPS 5Y-5.64%
EPS Q2Q%39.5%
EPS Next Y23.31%
EPS Next 2Y17.18%
EPS Next 3Y8.03%
EPS Next 5Y11.65%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%-6.73%
Revenue Next Year0.48%
Revenue Next 2Y1.06%
Revenue Next 3Y1.01%
Revenue Next 5Y0.22%
EBIT growth 1Y2.9%
EBIT growth 3Y-2.33%
EBIT growth 5Y-7.16%
EBIT Next Year91.79%
EBIT Next 3Y26.39%
EBIT Next 5Y15.98%
FCF growth 1Y109.68%
FCF growth 3Y-7.44%
FCF growth 5Y10.14%
OCF growth 1Y3.62%
OCF growth 3Y-9.36%
OCF growth 5Y-1.66%
TELENOR ASA / TEL.OL 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 21.22 and the Price/Book (PB) ratio is 3.54.
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 131.16%.