TELENOR ASA (TEL.OL) Fundamental Analysis & Valuation
OSL:TEL • NO0010063308
Current stock price
165.9 NOK
-2.5 (-1.48%)
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.
- 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 3.69% is in line compared to the rest of the industry. TEL outperforms 60.00% of its industry peers.
- With a decent Return On Equity value of 11.43%, TEL is doing good in the industry, outperforming 68.57% of the companies in the same industry.
- Looking at the Return On Invested Capital, with a value of 8.51%, TEL belongs to the top of the industry, outperforming 85.71% of the companies in the same industry.
- The Average Return On Invested Capital over the past 3 years for TEL is in line with the industry average of 7.67%.
- 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 68.57% of its industry peers.
- In the last couple of years the Profit Margin of TEL has declined.
- TEL's Operating Margin of 23.73% is amongst the best of the industry. TEL outperforms 88.57% of its industry peers.
- TEL's Operating Margin has been stable in the last couple of years.
- TEL has a better Gross Margin (78.07%) than 80.00% 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 | 23.73% | ||
| 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
- With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), TEL is creating some value.
- TEL has about the same amout of shares outstanding than it did 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
- 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's Debt to FCF ratio of 5.12 is amongst the best of the industry. TEL outperforms 82.86% of its industry peers.
- TEL has a Debt/Equity ratio of 1.20. This is a high value indicating a heavy dependency on external financing.
- TEL has a Debt to Equity ratio of 1.20. This is comparable to the rest of the industry: TEL outperforms 48.57% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.2 | ||
| Debt/FCF | 5.12 | ||
| Altman-Z | N/A |
ROIC/WACC1.3
WACC6.55%
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 68.57% 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 68.57% 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%.
- 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%.
- The Revenue has been decreasing by -7.95% on average over the past years.
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.
- Based on estimates for the next years, TEL will show a small growth in Revenue. The Revenue will grow by 1.04% on average per year.
EPS Next Y20.35%
EPS Next 2Y14.19%
EPS Next 3Y11.82%
EPS Next 5Y12.26%
Revenue Next Year-1.71%
Revenue Next 2Y-0.04%
Revenue Next 3Y0.49%
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
- A Price/Earnings ratio of 20.13 indicates a rather expensive valuation of TEL.
- TEL's Price/Earnings is on the same level as the industry average.
- TEL is valuated rather cheaply when we compare the Price/Earnings ratio to 25.23, which is the current average of the S&P500 Index.
- The Price/Forward Earnings ratio is 16.73, which indicates a correct valuation of TEL.
- The rest of the industry has a similar Price/Forward Earnings ratio as TEL.
- The average S&P500 Price/Forward Earnings ratio is at 23.28. TEL is valued slightly cheaper when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 20.13 | ||
| Fwd PE | 16.73 |
4.2 Price Multiples
- Based on the Enterprise Value to EBITDA ratio, TEL is valued a bit more expensive than the industry average as 65.71% of the companies are valued more cheaply.
- Compared to the rest of the industry, the Price/Free Cash Flow ratio of TEL is on the same level as its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 11.42 | ||
| EV/EBITDA | 8.65 |
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)0.99
PEG (5Y)N/A
EPS Next 2Y14.19%
EPS Next 3Y11.82%
5. TEL.OL Dividend Analysis
5.1 Amount
- With a Yearly Dividend Yield of 5.76%, TEL is a good candidate for dividend investing.
- TEL's Dividend Yield is a higher than the industry average which is at 3.09.
- TEL's Dividend Yield is rather good when compared to the S&P500 average which is at 1.91.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.76% |
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 (3/20/2026, 7:00:00 PM)
165.9
-2.5 (-1.48%)
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 Cap227.01B
Revenue(TTM)80.17B
Net Income(TTM)8.19B
Analysts71.67
Price Target179.4 (8.14%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.76% |
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)3.14%
PT rev (3m)3.86%
EPS NQ rev (1m)-9.98%
EPS NQ rev (3m)26.56%
EPS NY rev (1m)-1.56%
EPS NY rev (3m)-3.44%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-5.87%
Revenue NY rev (1m)-3.53%
Revenue NY rev (3m)-3.9%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 20.13 | ||
| Fwd PE | 16.73 | ||
| P/S | 2.83 | ||
| P/FCF | 11.42 | ||
| P/OCF | 7.27 | ||
| P/B | 3.17 | ||
| P/tB | 6.41 | ||
| EV/EBITDA | 8.65 |
EPS(TTM)8.24
EY4.97%
EPS(NY)9.92
Fwd EY5.98%
FCF(TTM)14.53
FCFY8.76%
OCF(TTM)22.82
OCFY13.75%
SpS58.59
BVpS52.34
TBVpS25.88
PEG (NY)0.99
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
WACC6.55%
ROIC/WACC1.3
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-1.71%
Revenue Next 2Y-0.04%
Revenue Next 3Y0.49%
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 5 / 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 20.13 and the Price/Book (PB) ratio is 3.17.
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%.