TELENOR ASA (TEL.OL) Fundamental Analysis & Valuation
OSL:TEL • NO0010063308
Current stock price
170.3 NOK
+0.6 (+0.35%)
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.
- In the past 5 years TEL has always been profitable.
- Each year in the past 5 years TEL had a positive operating cash flow.
1.2 Ratios
- TEL has a better Return On Assets (3.69%) than 60.61% of its industry peers.
- TEL has a better Return On Equity (11.43%) than 69.70% of its industry peers.
- TEL has a Return On Invested Capital of 8.51%. This is amongst the best in the industry. TEL outperforms 81.82% 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 7.91%.
- 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
- With a decent Profit Margin value of 10.21%, TEL is doing good in the industry, outperforming 66.67% of the companies in the same industry.
- TEL's Profit Margin has declined in the last couple of years.
- Looking at the Operating Margin, with a value of 23.73%, TEL belongs to the top of the industry, outperforming 87.88% of the companies in the same industry.
- TEL's Operating Margin has been stable in the last couple of years.
- Looking at the Gross Margin, with a value of 78.07%, TEL is in the better half of the industry, outperforming 78.79% 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.
- The number of shares outstanding for TEL remains at a similar level compared to 1 year ago.
- The number of shares outstanding for TEL has been reduced compared to 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 81.82% 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 has a Debt to Equity ratio (1.20) which is in line with its industry peers.
| 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.
- TEL has a Current ratio (0.71) which is in line with 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.
- Looking at the Quick ratio, with a value of 0.69, TEL is in line with its industry, outperforming 42.42% 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%.
- 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
- 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.
- 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-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.
- When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
4. TEL.OL Valuation Analysis
4.1 Price/Earnings Ratio
- TEL is valuated rather expensively with a Price/Earnings ratio of 20.67.
- The rest of the industry has a similar Price/Earnings ratio as TEL.
- When comparing the Price/Earnings ratio of TEL to the average of the S&P500 Index (26.91), we can say TEL is valued slightly cheaper.
- The Price/Forward Earnings ratio is 17.17, which indicates a rather expensive current valuation of TEL.
- The rest of the industry has a similar Price/Forward Earnings ratio as TEL.
- TEL's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 23.68.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 20.67 | ||
| Fwd PE | 17.17 |
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.
- The rest of the industry has a similar Price/Free Cash Flow ratio as TEL.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 11.72 | ||
| EV/EBITDA | 8.7 |
4.3 Compensation for Growth
- TEL's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
- The decent profitability rating of TEL may justify a higher PE ratio.
PEG (NY)1.02
PEG (5Y)N/A
EPS Next 2Y14.19%
EPS Next 3Y11.82%
5. TEL.OL Dividend Analysis
5.1 Amount
- TEL has a Yearly Dividend Yield of 5.83%, which is a nice return.
- Compared to an average industry Dividend Yield of 3.07, TEL pays a better dividend. On top of this TEL pays more dividend than 81.82% of the companies listed in the same industry.
- Compared to an average S&P500 Dividend Yield of 1.89, TEL pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.83% |
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.
- The dividend of TEL is growing, but earnings are growing more, so the dividend growth is sustainable.
DP160.48%
EPS Next 2Y14.19%
EPS Next 3Y11.82%
TEL.OL Fundamentals: All Metrics, Ratios and Statistics
OSL:TEL (4/9/2026, 4:26:15 PM)
170.3
+0.6 (+0.35%)
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 Cap233.03B
Revenue(TTM)80.17B
Net Income(TTM)8.19B
Analysts72.5
Price Target180.3 (5.87%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.83% |
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)0.5%
PT rev (3m)4.38%
EPS NQ rev (1m)0.18%
EPS NQ rev (3m)24.56%
EPS NY rev (1m)0%
EPS NY rev (3m)-2.17%
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 | 20.67 | ||
| Fwd PE | 17.17 | ||
| P/S | 2.91 | ||
| P/FCF | 11.72 | ||
| P/OCF | 7.46 | ||
| P/B | 3.25 | ||
| P/tB | 6.58 | ||
| EV/EBITDA | 8.7 |
EPS(TTM)8.24
EY4.84%
EPS(NY)9.92
Fwd EY5.82%
FCF(TTM)14.53
FCFY8.53%
OCF(TTM)22.82
OCFY13.4%
SpS58.59
BVpS52.34
TBVpS25.88
PEG (NY)1.02
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 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-2.12%
Revenue Next 2Y-0.28%
Revenue Next 3Y0.21%
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.
Can you provide the valuation status for TELENOR ASA?
ChartMill assigns a valuation rating of 3 / 10 to TELENOR ASA (TEL.OL). This can be considered as Overvalued.
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 20.35% 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 160.48%.