TELENOR ASA (TEL.OL) Fundamental Analysis & Valuation
OSL:TEL • NO0010063308
Current stock price
150.3 NOK
-2.7 (-1.76%)
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
- TEL had positive earnings in the past year.
- 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 (3.17%) than 60.61% of its industry peers.
- Looking at the Return On Equity, with a value of 9.98%, TEL is in the better half of the industry, outperforming 63.64% 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.
- Measured over the past 3 years, the Average Return On Invested Capital for TEL is in line with the industry average of 7.44%.
- The last Return On Invested Capital (8.18%) for TEL is above the 3 year average (7.97%), which is a sign of increasing profitability.
| 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's Profit Margin of 9.19% is fine compared to the rest of the industry. TEL outperforms 69.70% of its industry peers.
- TEL's Profit Margin has declined in the last couple of years.
- TEL has a Operating Margin of 23.71%. This is amongst the best in the industry. TEL outperforms 84.85% of its industry peers.
- TEL's Operating Margin has been stable in the last couple of years.
- With a decent Gross Margin value of 77.47%, TEL is doing good in the industry, outperforming 78.79% 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 | 23.71% | ||
| 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
- The debt/assets ratio for TEL is higher compared to a year ago.
2.2 Solvency
- TEL has an Altman-Z score of 1.75. This is a bad value and indicates that TEL is not financially healthy and even has some risk of bankruptcy.
- TEL has a Altman-Z score of 1.75. This is amongst the best in the industry. TEL outperforms 87.88% of its industry peers.
- 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.
- Looking at the Debt to FCF ratio, with a value of 5.12, TEL belongs to the top of the industry, outperforming 81.82% of the companies in the same industry.
- 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 | 1.75 |
ROIC/WACC1.25
WACC6.53%
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 60.61% of its industry peers.
- TEL has a Quick 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.
- Looking at the Quick ratio, with a value of 0.67, TEL is doing worse than 63.64% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.69 | ||
| Quick Ratio | 0.67 |
3. TEL.OL Growth Analysis
3.1 Past
- The Earnings Per Share has been growing slightly by 5.83% over the past 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 1.41%.
- 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)5.83%
EPS 3Y-7.97%
EPS 5Y-5.48%
EPS Q2Q%9.07%
Revenue 1Y (TTM)1.41%
Revenue growth 3Y-0.14%
Revenue growth 5Y-7.95%
Sales Q2Q%-11.78%
3.2 Future
- The Earnings Per Share is expected to grow by 8.75% on average over the next years. This is quite good.
- TEL is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 0.36% yearly.
EPS Next Y19.03%
EPS Next 2Y13.54%
EPS Next 3Y11.02%
EPS Next 5Y8.75%
Revenue Next Year-2.27%
Revenue Next 2Y-0.37%
Revenue Next 3Y0.13%
Revenue Next 5Y0.36%
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.
- 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
- Based on the Price/Earnings ratio of 17.85, the valuation of TEL can be described as rather expensive.
- Based on the Price/Earnings ratio, TEL is valued a bit cheaper than the industry average as 66.67% of the companies are valued more expensively.
- Compared to an average S&P500 Price/Earnings ratio of 26.91, TEL is valued a bit cheaper.
- TEL is valuated correctly with a Price/Forward Earnings ratio of 14.15.
- Compared to the rest of the industry, the Price/Forward Earnings ratio of TEL indicates a somewhat cheap valuation: TEL is cheaper than 66.67% of the companies listed in the same industry.
- Compared to an average S&P500 Price/Forward Earnings ratio of 21.99, TEL is valued a bit cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 17.85 | ||
| Fwd PE | 14.15 |
4.2 Price Multiples
- Based on the Enterprise Value to EBITDA ratio, TEL is valued a bit more expensive than the industry average as 63.64% of the companies are valued more cheaply.
- TEL's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. TEL is cheaper than 69.70% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 10.34 | ||
| EV/EBITDA | 8.27 |
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 2Y13.54%
EPS Next 3Y11.02%
5. TEL.OL Dividend Analysis
5.1 Amount
- With a Yearly Dividend Yield of 5.94%, TEL is a good candidate for dividend investing.
- Compared to an average industry Dividend Yield of 2.80, TEL pays a better dividend. On top of this TEL pays more dividend than 84.85% 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 | 5.94% |
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
- 186.76% of the earnings are spent on dividend by TEL. This is not a sustainable payout ratio.
- The dividend of TEL is growing, but earnings are growing more, so the dividend growth is sustainable.
DP186.76%
EPS Next 2Y13.54%
EPS Next 3Y11.02%
TEL.OL Fundamentals: All Metrics, Ratios and Statistics
OSL:TEL (4/29/2026, 4:26:15 PM)
150.3
-2.7 (-1.76%)
Chartmill FA Rating
GICS SectorCommunication Services
GICS IndustryGroupTelecommunication Services
GICS IndustryDiversified Telecommunication Services
Industry StrengthN/A
Industry GrowthN/A
Earnings (Last)04-28 2026-04-28/bmo
Earnings (Next)N/A N/A
Inst Owners35.61%
Inst Owner ChangeN/A
Ins Owners0.01%
Ins Owner ChangeN/A
Market Cap205.66B
Revenue(TTM)76.55B
Net Income(TTM)7.03B
Analysts72.5
Price Target179.7 (19.56%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.94% |
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)4.46%
EPS NQ rev (1m)89.82%
EPS NQ rev (3m)153.76%
EPS NY rev (1m)-1.1%
EPS NY rev (3m)-2.64%
Revenue NQ rev (1m)-0.89%
Revenue NQ rev (3m)-1.58%
Revenue NY rev (1m)-0.57%
Revenue NY rev (3m)-4.08%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 17.85 | ||
| Fwd PE | 14.15 | ||
| P/S | 2.69 | ||
| P/FCF | 10.34 | ||
| P/OCF | 6.59 | ||
| P/B | 2.92 | ||
| P/tB | 6 | ||
| EV/EBITDA | 8.27 |
EPS(TTM)8.42
EY5.6%
EPS(NY)10.62
Fwd EY7.07%
FCF(TTM)14.53
FCFY9.67%
OCF(TTM)22.82
OCFY15.18%
SpS55.94
BVpS51.51
TBVpS25.05
PEG (NY)0.94
PEG (5Y)N/A
Graham Number98.7822 (-34.28%)
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 | 1.75 |
F-Score5
WACC6.53%
ROIC/WACC1.25
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)5.83%
EPS 3Y-7.97%
EPS 5Y-5.48%
EPS Q2Q%9.07%
EPS Next Y19.03%
EPS Next 2Y13.54%
EPS Next 3Y11.02%
EPS Next 5Y8.75%
Revenue 1Y (TTM)1.41%
Revenue growth 3Y-0.14%
Revenue growth 5Y-7.95%
Sales Q2Q%-11.78%
Revenue Next Year-2.27%
Revenue Next 2Y-0.37%
Revenue Next 3Y0.13%
Revenue Next 5Y0.36%
EBIT growth 1Y0.24%
EBIT growth 3Y-0.92%
EBIT growth 5Y-7.01%
EBIT Next Year87.86%
EBIT Next 3Y25.77%
EBIT Next 5Y15.74%
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 5 / 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%.