Projected Income Statement: Telenor ASA

Forecast Balance Sheet: Telenor ASA

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 110,400 100,783 97,875 79,781 86,788 83,701 86,178 85,727
Change - -8.71% -2.89% -18.49% 8.78% -3.56% 2.96% -0.52%
Announcement Date 02/02/21 02/02/22 02/02/23 07/02/24 06/02/25 - - -
1NOK in Million
Estimates

Cash Flow Forecast: Telenor ASA

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
CAPEX 1 21,440 19,447 19,298 14,728 13,383 11,953 11,907 11,881
Change - -9.3% -0.77% -23.68% -9.13% -10.68% -0.39% -0.21%
Free Cash Flow (FCF) 1 22,596 22,825 19,924 14,392 18,098 16,857 17,201 18,082
Change - 1.01% -12.71% -27.77% 25.75% -6.86% 2.04% 5.12%
Announcement Date 02/02/21 02/02/22 02/02/23 07/02/24 06/02/25 - - -
1NOK in Million
Estimates

Forecast Financial Ratios: Telenor ASA

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027

Profitability

        
EBITDA Margin (%) 46.02% 44.6% 42.82% 42.96% 43.76% 44.87% 45.59% 46.3%
EBIT Margin (%) 22.36% 21.13% 19.31% 21.09% 23.3% 23.92% 25.05% 26.22%
EBT Margin (%) 20.88% 15.5% 10.85% 1.36% 31.11% 22.54% 24.57% 26.53%
Net margin (%) 14.12% 1.39% 45.39% 17.07% 23.91% 14.94% 16.45% 17.44%
FCF margin (%) 18.4% 20.7% 20.13% 17.89% 22.64% 21.09% 21.64% 22.34%
FCF / Net Income (%) 130.3% 1,493.78% 44.36% 104.79% 94.72% 141.17% 131.51% 128.13%

Profitability

        
ROA 5.52% 0.63% 19.32% 6% 8.54% 5.32% 6.03% 6.64%
ROE 36.52% 29.36% 30.1% 6.13% 27.23% 15.92% 19.33% 21.15%

Financial Health

        
Leverage (Debt/EBITDA) 1.95x 2.05x 2.31x 2.31x 2.48x 2.33x 2.38x 2.29x
Debt / Free cash flow 4.89x 4.42x 4.91x 5.54x 4.8x 4.97x 5.01x 4.74x

Capital Intensity

        
CAPEX / Current Assets (%) 17.46% 17.64% 19.5% 18.31% 16.74% 14.95% 14.98% 14.68%
CAPEX / EBITDA (%) 37.93% 39.56% 45.54% 42.61% 38.26% 33.32% 32.85% 31.71%
CAPEX / FCF (%) 94.88% 85.2% 96.86% 102.33% 73.95% 70.91% 69.22% 65.71%

Items per share

        
Cash flow per share 1 31.29 30.15 28.03 20.99 22.87 19.97 19.68 20.97
Change - -3.61% -7.06% -25.1% 8.95% -12.69% -1.42% 6.55%
Dividend per Share 1 9 9.3 9.4 9.4 9.6 9.666 9.819 10.01
Change - 3.33% 1.08% 0% 2.13% 0.69% 1.58% 1.98%
Book Value Per Share 1 27.36 18.79 42.97 46.56 55.44 50.64 50.96 52.12
Change - -31.34% 128.72% 8.34% 19.08% -8.66% 0.63% 2.28%
EPS 1 12.32 1.09 32.09 9.9 13.88 8.541 9.623 10.47
Change - -91.15% 2,844.04% -69.15% 40.2% -38.47% 12.67% 8.83%
Nbr of stocks (in thousands) 1,379,663 1,399,458 1,398,973 1,384,365 1,367,829 1,366,784 1,366,784 1,366,784
Announcement Date 02/02/21 02/02/22 02/02/23 07/02/24 06/02/25 - - -
1NOK
Estimates
2025 *2026 *
P/E ratio 17.1x 15.2x
PBR 2.88x 2.86x
EV / Sales 3.54x 3.59x
Yield 6.63% 6.73%
More valuation ratios * Estimated data

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
AAA
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
18
Last Close Price
145.80NOK
Average target price
166.61NOK
Spread / Average Target
+14.27%
Consensus

Quarterly revenue - Rate of surprise

  1. Stock Market
  2. Equities
  3. TEL Stock
  4. Financials Telenor ASA