TELENOR ASA (TEL.OL) Fundamental Analysis & Valuation
OSL:TEL • NO0010063308
Current stock price
161.8 NOK
+1.1 (+0.68%)
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.
- Each year in the past 5 years TEL has been profitable.
- In the past 5 years TEL always reported a positive cash flow from operatings.
1.2 Ratios
- TEL's Return On Assets of 3.17% is in line compared to the rest of the industry. TEL outperforms 54.55% of its industry peers.
- With a Return On Equity value of 9.98%, TEL perfoms like the industry average, outperforming 57.58% of the companies in the same industry.
- TEL's Return On Invested Capital of 8.18% is amongst the best of the industry. TEL outperforms 84.85% of its industry peers.
- TEL had an Average Return On Invested Capital over the past 3 years of 7.97%. This is in line with the industry average of 7.43%.
- 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 has a better Profit Margin (9.19%) than 66.67% of its industry peers.
- TEL's Profit Margin has declined in the last couple of years.
- The Operating Margin of TEL (23.71%) 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.
- TEL's Gross Margin of 77.47% is amongst the best of the industry. TEL outperforms 81.82% 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 | 23.71% | ||
| 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
- 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.
- Compared to 5 years ago, TEL has less shares outstanding
- Compared to 1 year ago, TEL has a worse debt to assets ratio.
2.2 Solvency
- Based on the Altman-Z score of 1.79, we must say that TEL is in the distress zone and has some risk of bankruptcy.
- With an excellent Altman-Z score value of 1.79, TEL belongs to the best of the industry, outperforming 84.85% of the companies in the same industry.
- 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 Debt to FCF ratio of 5.12. This is amongst the best in the industry. TEL outperforms 81.82% of its industry peers.
- A Debt/Equity ratio of 1.21 is on the high side and indicates that TEL has dependencies on debt financing.
- TEL has a Debt to Equity ratio (1.21) which is comparable to the rest of the industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.21 | ||
| Debt/FCF | 5.12 | ||
| Altman-Z | 1.79 |
ROIC/WACC1.24
WACC6.6%
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.
- The Current ratio of TEL (0.69) is worse than 66.67% of its industry peers.
- A Quick Ratio of 0.67 indicates that TEL may have some problems paying its short term obligations.
- With a Quick ratio value of 0.67, TEL is not doing good in the industry: 69.70% of the companies in the same industry are doing better.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.69 | ||
| Quick Ratio | 0.67 |
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 decreased by -4.23% in the past 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-2.12%
Revenue Next 2Y-0.28%
Revenue Next 3Y0.21%
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.
- 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
- Based on the Price/Earnings ratio of 19.64, the valuation of TEL can be described as rather expensive.
- TEL's Price/Earnings is on the same level as the industry average.
- The average S&P500 Price/Earnings ratio is at 27.38. TEL is valued slightly cheaper when compared to this.
- Based on the Price/Forward Earnings ratio of 16.50, the valuation of TEL can be described as correct.
- Compared to the rest of the industry, the Price/Forward Earnings ratio of TEL is on the same level as its industry peers.
- Compared to an average S&P500 Price/Forward Earnings ratio of 38.20, TEL is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 19.64 | ||
| Fwd PE | 16.5 |
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.
- TEL's Price/Free Cash Flow ratio is in line with the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 11.13 | ||
| EV/EBITDA | 8.57 |
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 2Y13.54%
EPS Next 3Y11.02%
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 2.94, TEL pays a better dividend. On top of this TEL pays more dividend than 81.82% 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
- 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 (4/16/2026, 4:26:15 PM)
161.8
+1.1 (+0.68%)
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 Cap221.40B
Revenue(TTM)76.55B
Net Income(TTM)7.03B
Analysts72.5
Price Target179.7 (11.06%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.7% |
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)4.03%
EPS NQ rev (1m)0.18%
EPS NQ rev (3m)24.56%
EPS NY rev (1m)-1.1%
EPS NY rev (3m)-3.25%
Revenue NQ rev (1m)-0.69%
Revenue NQ rev (3m)-6.81%
Revenue NY rev (1m)-0.42%
Revenue NY rev (3m)-3.93%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 19.64 | ||
| Fwd PE | 16.5 | ||
| P/S | 2.89 | ||
| P/FCF | 11.13 | ||
| P/OCF | 7.09 | ||
| P/B | 3.14 | ||
| P/tB | 6.46 | ||
| EV/EBITDA | 8.57 |
EPS(TTM)8.24
EY5.09%
EPS(NY)9.81
Fwd EY6.06%
FCF(TTM)14.53
FCFY8.98%
OCF(TTM)22.82
OCFY14.1%
SpS55.94
BVpS51.51
TBVpS25.05
PEG (NY)1.03
PEG (5Y)N/A
Graham Number97.7206 (-39.6%)
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 | 1.79 |
F-Score5
WACC6.6%
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-2.12%
Revenue Next 2Y-0.28%
Revenue Next 3Y0.21%
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%.