Financials Telenor ASA

Equities

TEL

NO0010063308

Wireless Telecommunications Services

Market Closed - Oslo Bors 15:45:00 26/04/2024 BST 5-day change 1st Jan Change
128.2 NOK +1.34% Intraday chart for Telenor ASA +3.30% +9.95%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 223,998 201,293 193,965 128,146 161,417 177,484 - -
Enterprise Value (EV) 1 307,098 311,693 294,748 226,021 241,198 259,787 260,177 255,563
P/E ratio 26.7 x 11.8 x 127 x 2.85 x 11.8 x 13.8 x 15.8 x 14.3 x
Yield 5.53% 6.17% 6.71% 10.3% 8.06% 7.46% 7.52% 7.66%
Capitalization / Revenue 1.97 x 1.64 x 1.76 x 1.3 x 2.01 x 2.17 x 2.14 x 2.11 x
EV / Revenue 2.7 x 2.54 x 2.67 x 2.28 x 3 x 3.18 x 3.13 x 3.03 x
EV / EBITDA 6.77 x 5.51 x 6 x 5.33 x 6.98 x 7.38 x 7.16 x 6.82 x
EV / FCF 38.6 x 13.8 x 12.9 x 11.3 x 16.8 x 21.9 x 19.6 x 19.8 x
FCF Yield 2.59% 7.25% 7.74% 8.82% 5.97% 4.57% 5.09% 5.04%
Price to Book 5.85 x 5.33 x 7.38 x 2.13 x 2.5 x 2.69 x 2.79 x 2.92 x
Nbr of stocks (in thousands) 1,422,663 1,379,663 1,399,458 1,398,973 1,384,365 1,384,432 - -
Reference price 2 157.4 145.9 138.6 91.60 116.6 128.2 128.2 128.2
Announcement Date 29/01/20 02/02/21 02/02/22 02/02/23 07/02/24 - - -
1NOK in Million2NOK
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 113,935 122,811 110,241 98,953 80,452 81,783 83,000 84,217
EBITDA 1 45,358 56,520 49,162 42,374 34,564 35,221 36,346 37,483
EBIT 1 25,707 27,463 23,294 19,105 16,964 18,945 19,880 21,230
Operating Margin 22.56% 22.36% 21.13% 19.31% 21.09% 23.16% 23.95% 25.21%
Earnings before Tax (EBT) 1 21,906 25,641 17,084 10,732 1,097 21,182 18,174 19,918
Net income 1 8,489 17,341 1,528 44,913 13,734 13,102 11,059 12,147
Net margin 7.45% 14.12% 1.39% 45.39% 17.07% 16.02% 13.32% 14.42%
EPS 2 5.890 12.32 1.090 32.09 9.900 9.292 8.121 8.982
Free Cash Flow 1 7,947 22,596 22,825 19,924 14,392 11,885 13,254 12,884
FCF margin 6.98% 18.4% 20.7% 20.13% 17.89% 14.53% 15.97% 15.3%
FCF Conversion (EBITDA) 17.52% 39.98% 46.43% 47.02% 41.64% 33.75% 36.47% 34.37%
FCF Conversion (Net income) 93.62% 130.3% 1,493.78% 44.36% 104.79% 90.71% 119.85% 106.07%
Dividend per Share 2 8.700 9.000 9.300 9.400 9.400 9.558 9.641 9.820
Announcement Date 29/01/20 02/02/21 02/02/22 02/02/23 07/02/24 - - -
1NOK in Million2NOK
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 27,411 28,154 27,009 28,036 28,428 25,402 19,187 20,224 20,108 20,934 19,782 20,537 20,765 21,294 -
EBITDA 1 12,856 11,743 11,660 12,501 13,059 10,146 8,078 8,767 9,103 8,467 8,398 8,912 9,519 8,680 -
EBIT 1 6,239 5,294 5,300 5,944 6,620 4,272 3,834 4,374 4,987 3,769 4,889 4,743 5,420 4,495 -
Operating Margin 22.76% 18.8% 19.62% 21.2% 23.29% 16.82% 19.98% 21.63% 24.8% 18% 24.72% 23.1% 26.1% 21.11% -
Earnings before Tax (EBT) 1 4,482 2,975 6,537 222 3,256 3,283 -50 2,288 4,567 -5,708 9,665 4,231 4,796 4,075 3,983
Net income 1 2,642 587 6,570 -1,113 1,549 37,906 18,146 821 2,451 -7,683 7,810 2,470 2,907 2,691 2,434
Net margin 9.64% 2.08% 24.33% -3.97% 5.45% 149.22% 94.57% 4.06% 12.19% -36.7% 39.48% 12.03% 14% 12.64% -
EPS 2 1.890 0.4200 4.690 -0.8000 1.110 27.09 13.01 0.5900 1.770 -5.550 5.616 1.746 2.124 1.846 1.779
Dividend per Share 2 - 5.300 - 4.300 - 5.100 - - - 4.400 - 6.518 - 2.983 -
Announcement Date 27/10/21 02/02/22 02/05/22 18/07/22 26/10/22 02/02/23 04/05/23 19/07/23 25/10/23 07/02/24 - - - - -
1NOK in Million2NOK
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 83,100 110,400 100,783 97,875 79,781 82,303 82,692 78,079
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.832 x 1.953 x 2.05 x 2.31 x 2.308 x 2.337 x 2.275 x 2.083 x
Free Cash Flow 1 7,947 22,596 22,825 19,924 14,392 11,885 13,254 12,884
ROE (net income / shareholders' equity) 29.6% 36.5% 29.4% 30.1% 6.13% 14.3% 17% 19.9%
ROA (Net income/ Total Assets) 6.31% 5.52% 0.63% 19.3% 6% 6.31% 5.22% 5.96%
Assets 1 134,456 314,171 241,124 232,494 228,813 207,583 211,740 203,842
Book Value Per Share 2 26.90 27.40 18.80 43.00 46.60 47.60 46.00 43.90
Cash Flow per Share 2 20.70 31.30 30.20 28.00 21.00 20.50 21.10 21.10
Capex 1 18,075 21,440 19,447 19,298 14,728 13,532 12,666 12,205
Capex / Sales 15.86% 17.46% 17.64% 19.5% 18.31% 16.55% 15.26% 14.49%
Announcement Date 29/01/20 02/02/21 02/02/22 02/02/23 07/02/24 - - -
1NOK in Million2NOK
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
18
Last Close Price
128.2 NOK
Average target price
137.8 NOK
Spread / Average Target
+7.47%
Consensus
  1. Stock Market
  2. Equities
  3. TEL Stock
  4. Financials Telenor ASA