TELENOR ASA (TEL.OL) Fundamental Analysis & Valuation
OSL:TEL • NO0010063308
173.15 NOK
+1.45 (+0.84%)
Last: Mar 4, 2026, 02:58 PM
This TEL.OL fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.
Taking everything into account, TEL scores 4 out of 10 in our fundamental rating. TEL was compared to 30 industry peers in the Diversified Telecommunication Services industry. TEL has an excellent profitability rating, but there are concerns on its financial health. TEL is valued correctly, but it does not seem to be growing.
1. TEL.OL Profitability Analysis
1.1 Basic Checks
- In the past year TEL was profitable.
- TEL had a positive operating cash flow in the past year.
- TEL had positive earnings in each of the past 5 years.
- In the past 5 years TEL always reported a positive cash flow from operatings.
1.2 Ratios
- With a Return On Assets value of 3.69%, TEL perfoms like the industry average, outperforming 53.33% of the companies in the same industry.
- Looking at the Return On Equity, with a value of 11.43%, TEL is in the better half of the industry, outperforming 63.33% of the companies in the same industry.
- The Return On Invested Capital of TEL (8.51%) is better than 80.00% 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 8.35%.
- 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
- Looking at the Profit Margin, with a value of 10.21%, TEL is in the better half of the industry, outperforming 73.33% of the companies in the same industry.
- In the last couple of years the Profit Margin of TEL has declined.
- The Operating Margin of TEL (23.73%) is better than 86.67% 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
- TEL has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it 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.
- 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.
- TEL has a better Debt to FCF ratio (5.12) than 80.00% of its industry peers.
- A Debt/Equity ratio of 1.20 is on the high side and indicates that TEL has dependencies on debt financing.
- TEL's Debt to Equity ratio of 1.20 is in line compared to the rest of the industry. TEL outperforms 50.00% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.2 | ||
| Debt/FCF | 5.12 | ||
| Altman-Z | N/A |
ROIC/WACC1.29
WACC6.6%
2.3 Liquidity
- TEL has a Current 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.
- TEL has a Current ratio of 0.71. This is in the lower half of the industry: TEL underperforms 73.33% 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.
- With a Quick ratio value of 0.69, TEL is not doing good in the industry: 76.67% of the companies in the same industry are doing better.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.71 | ||
| Quick Ratio | 0.69 |
3. TEL.OL Growth Analysis
3.1 Past
- The earnings per share for TEL have decreased strongly by -38.57% in the last year.
- 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%.
- 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)0.3%
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 12.07% on average per year.
- TEL is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 0.86% yearly.
EPS Next Y22.26%
EPS Next 2Y16.68%
EPS Next 3Y7.73%
EPS Next 5Y12.07%
Revenue Next Year-1.71%
Revenue Next 2Y-0.04%
Revenue Next 3Y0.49%
Revenue Next 5Y0.86%
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
- With a Price/Earnings ratio of 21.01, TEL is valued on the expensive side.
- The rest of the industry has a similar Price/Earnings ratio as TEL.
- Compared to an average S&P500 Price/Earnings ratio of 26.83, TEL is valued a bit cheaper.
- A Price/Forward Earnings ratio of 17.19 indicates a rather expensive valuation of TEL.
- The rest of the industry has a similar Price/Forward Earnings ratio as TEL.
- TEL is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 24.95, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 21.01 | ||
| Fwd PE | 17.19 |
4.2 Price Multiples
- Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of TEL is on the same level as its industry peers.
- TEL's Price/Free Cash Flow is on the same level as the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 11.92 | ||
| EV/EBITDA | 8.78 |
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.
- TEL has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)0.94
PEG (5Y)N/A
EPS Next 2Y16.68%
EPS Next 3Y7.73%
5. TEL.OL Dividend Analysis
5.1 Amount
- TEL has a Yearly Dividend Yield of 5.64%, which is a nice return.
- TEL's Dividend Yield is a higher than the industry average which is at 3.04.
- 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 | 5.64% |
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 160.48% 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.
DP160.48%
EPS Next 2Y16.68%
EPS Next 3Y7.73%
TEL.OL Fundamentals: All Metrics, Ratios and Statistics
OSL:TEL (3/4/2026, 2:58:29 PM)
173.15
+1.45 (+0.84%)
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 Cap236.93B
Revenue(TTM)80.17B
Net Income(TTM)8.19B
Analysts72.5
Price Target179.4 (3.61%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.64% |
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)4.29%
PT rev (3m)2.89%
EPS NQ rev (1m)33.69%
EPS NQ rev (3m)26.56%
EPS NY rev (1m)0%
EPS NY rev (3m)-2.6%
Revenue NQ rev (1m)-0.69%
Revenue NQ rev (3m)-5.87%
Revenue NY rev (1m)-3.53%
Revenue NY rev (3m)-4.06%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 21.01 | ||
| Fwd PE | 17.19 | ||
| P/S | 2.96 | ||
| P/FCF | 11.92 | ||
| P/OCF | 7.59 | ||
| P/B | 3.31 | ||
| P/tB | 6.69 | ||
| EV/EBITDA | 8.78 |
EPS(TTM)8.24
EY4.76%
EPS(NY)10.07
Fwd EY5.82%
FCF(TTM)14.53
FCFY8.39%
OCF(TTM)22.82
OCFY13.18%
SpS58.59
BVpS52.34
TBVpS25.88
PEG (NY)0.94
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 Y22.26%
EPS Next 2Y16.68%
EPS Next 3Y7.73%
EPS Next 5Y12.07%
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 5Y0.86%
EBIT growth 1Y5.04%
EBIT growth 3Y-0.92%
EBIT growth 5Y-7.01%
EBIT Next Year88.64%
EBIT Next 3Y26.37%
EBIT Next 5Y16.44%
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 4 / 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 21.01 and the Price/Book (PB) ratio is 3.31.
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%.