TELENOR ASA (TEL.OL) Fundamental Analysis & Valuation
OSL:TEL • NO0010063308
170 NOK
-0.3 (-0.18%)
Last: Mar 6, 2026, 04:26 PM
This TEL.OL fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.
We assign a fundamental rating of 4 out of 10 to TEL. TEL was compared to 30 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.
1. TEL.OL Profitability Analysis
1.1 Basic Checks
- TEL had positive earnings in the past year.
- TEL had a positive operating cash flow in the past year.
- Each year in the past 5 years TEL has been profitable.
- TEL had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
- TEL has a Return On Assets (3.69%) which is in line with its industry peers.
- 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.
- TEL's Return On Invested Capital of 8.51% is fine compared to the rest of the industry. TEL outperforms 80.00% of its industry peers.
- TEL had an Average Return On Invested Capital over the past 3 years of 7.95%. This is in line with the industry average of 8.35%.
- The last Return On Invested Capital (8.51%) for TEL is above the 3 year average (7.95%), which is a sign of increasing profitability.
| 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
- The Profit Margin of TEL (10.21%) is better than 73.33% of its industry peers.
- In the last couple of years the Profit Margin of TEL has declined.
- With an excellent Operating Margin value of 23.73%, TEL belongs to the best of the industry, outperforming 86.67% of the companies in the same industry.
- TEL's Operating Margin has been stable in the last couple of years.
- With a decent Gross Margin value of 78.07%, TEL is doing good in the industry, outperforming 80.00% of the companies in the same industry.
- 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 | 23.73% | ||
| 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
- The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so TEL is still creating some value.
- Compared to 1 year ago, TEL has about the same amount of shares outstanding.
- The number of shares outstanding for TEL has been reduced compared to 5 years ago.
- TEL has a worse debt/assets ratio than last year.
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.
- The Debt to FCF ratio of TEL (5.12) is better 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.
- The Debt to Equity ratio of TEL (1.20) is comparable to the rest of the industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.2 | ||
| Debt/FCF | 5.12 | ||
| Altman-Z | N/A |
ROIC/WACC1.29
WACC6.59%
2.3 Liquidity
- A Current Ratio of 0.71 indicates that TEL may have some problems paying its short term obligations.
- The Current ratio of TEL (0.71) is worse than 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.
- TEL has a Quick ratio of 0.69. This is in the lower half of the industry: TEL underperforms 76.67% of its industry peers.
| 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%.
- Measured over the past years, TEL shows a decrease in Earnings Per Share. The EPS has been decreasing by -5.48% on average per year.
- Looking at the last year, TEL shows a small growth in Revenue. The Revenue has grown by 0.30% 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)0.3%
Revenue growth 3Y-0.14%
Revenue growth 5Y-7.95%
Sales Q2Q%-3.19%
3.2 Future
- The Earnings Per Share is expected to grow by 12.07% on average over the next years. This is quite good.
- The Revenue is expected to grow by 0.86% on average over the next years.
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 20.63, TEL is valued on the expensive side.
- The rest of the industry has a similar Price/Earnings ratio as TEL.
- TEL's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 26.69.
- With a Price/Forward Earnings ratio of 16.88, TEL is valued correctly.
- 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 24.79, TEL is valued a bit cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 20.63 | ||
| Fwd PE | 16.88 |
4.2 Price Multiples
- The rest of the industry has a similar Enterprise Value to EBITDA ratio as TEL.
- TEL's Price/Free Cash Flow is on the same level as the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 11.7 | ||
| EV/EBITDA | 8.72 |
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)0.93
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.
- Compared to an average industry Dividend Yield of 3.04, TEL pays a bit more dividend than its industry peers.
- Compared to an average S&P500 Dividend Yield of 1.82, TEL pays a better dividend.
| 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
- 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 2Y16.68%
EPS Next 3Y7.73%
TEL.OL Fundamentals: All Metrics, Ratios and Statistics
OSL:TEL (3/6/2026, 4:26:15 PM)
170
-0.3 (-0.18%)
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 Cap232.62B
Revenue(TTM)80.17B
Net Income(TTM)8.19B
Analysts72.5
Price Target179.4 (5.53%)
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 | 20.63 | ||
| Fwd PE | 16.88 | ||
| P/S | 2.9 | ||
| P/FCF | 11.7 | ||
| P/OCF | 7.45 | ||
| P/B | 3.25 | ||
| P/tB | 6.57 | ||
| EV/EBITDA | 8.72 |
EPS(TTM)8.24
EY4.85%
EPS(NY)10.07
Fwd EY5.93%
FCF(TTM)14.53
FCFY8.55%
OCF(TTM)22.82
OCFY13.42%
SpS58.59
BVpS52.34
TBVpS25.88
PEG (NY)0.93
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
WACC6.59%
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 20.63 and the Price/Book (PB) ratio is 3.25.
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%.