TELENOR ASA (TEL.OL) Fundamental Analysis & Valuation
OSL:TEL • NO0010063308
Current stock price
172.2 NOK
-0.7 (-0.4%)
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.
- TEL had positive earnings in each of the past 5 years.
- Each year in the past 5 years TEL had a positive operating cash flow.
1.2 Ratios
- TEL's Return On Assets of 3.69% is in line compared to the rest of the industry. TEL outperforms 60.00% of its industry peers.
- With a decent Return On Equity value of 11.43%, TEL is doing good in the industry, outperforming 68.57% of the companies in the same industry.
- 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.
- Measured over the past 3 years, the Average Return On Invested Capital 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.
- In the last couple of years the Operating Margin of TEL has remained more or less at the same level.
- Looking at the Gross Margin, with a value of 78.07%, TEL is in the better half of the industry, outperforming 80.00% of the companies in the same industry.
- TEL's Gross Margin has been stable in the last couple of years.
| 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
- With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), TEL is creating some value.
- The number of shares outstanding for TEL remains at a similar level compared to 1 year ago.
- TEL has less shares outstanding than it did 5 years ago.
- TEL has a worse debt/assets ratio than last year.
2.2 Solvency
- TEL has a debt to FCF ratio of 5.12. This is a neutral value as TEL would need 5.12 years to pay back of all of its debts.
- TEL has a better Debt to FCF ratio (5.12) than 82.86% of its industry peers.
- TEL has a Debt/Equity ratio of 1.20. This is a high value indicating a heavy dependency on external financing.
- Looking at the Debt to Equity ratio, with a value of 1.20, TEL is in line with its industry, outperforming 48.57% 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
WACC6.6%
2.3 Liquidity
- A Current Ratio of 0.71 indicates that TEL may have some problems paying its short term obligations.
- Looking at the Current ratio, with a value of 0.71, TEL is doing worse than 68.57% of the companies in the same industry.
- A Quick Ratio of 0.69 indicates that TEL may have some problems paying its short term obligations.
- Looking at the Quick ratio, with a value of 0.69, TEL is doing worse than 68.57% 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.
- TEL shows a small growth in Revenue. In the last year, the Revenue has grown by 0.30%.
- 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
- TEL is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 12.26% yearly.
- TEL is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 1.04% yearly.
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 20.90, which indicates a rather expensive current valuation of TEL.
- The rest of the industry has a similar Price/Earnings ratio as TEL.
- The average S&P500 Price/Earnings ratio is at 26.11. TEL is around the same levels.
- TEL is valuated rather expensively with a Price/Forward Earnings ratio of 17.36.
- TEL's Price/Forward Earnings ratio is in line with the industry average.
- TEL's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 24.12.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 20.9 | ||
| Fwd PE | 17.36 |
4.2 Price Multiples
- Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of TEL indicates a slightly more expensive valuation: TEL is more expensive than 65.71% of the companies listed 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 | 11.85 | ||
| EV/EBITDA | 8.82 |
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)1.03
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.
- Compared to an average S&P500 Dividend Yield of 1.91, TEL pays a better dividend.
| 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 (3/17/2026, 4:26:15 PM)
172.2
-0.7 (-0.4%)
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 Cap235.63B
Revenue(TTM)80.17B
Net Income(TTM)8.19B
Analysts71.67
Price Target179.4 (4.18%)
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 | 20.9 | ||
| Fwd PE | 17.36 | ||
| P/S | 2.94 | ||
| P/FCF | 11.85 | ||
| P/OCF | 7.55 | ||
| P/B | 3.29 | ||
| P/tB | 6.65 | ||
| EV/EBITDA | 8.82 |
EPS(TTM)8.24
EY4.79%
EPS(NY)9.92
Fwd EY5.76%
FCF(TTM)14.53
FCFY8.44%
OCF(TTM)22.82
OCFY13.25%
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 20.9 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%.