Valuation Telenor ASA

Equities

Market Closed - Oslo Bors Other stock markets 15:45:00 06/02/2026 GMT			5-day change	1st Jan Change
173.50 ^NOK	+7.16%		+7.10%	+18.27%

02-06	Norne Securities Raises Target Price for Telenor to 190 Norwegian Kroner (175), Reiterates Buy - BN	FW
02-06	Telenor ASA Proposes Dividend for the Fiscal Year 2025, Payable on 2 June 2026 and 27 October 2026	CI

Data adjusted to current consolidation scope

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	201,293	193,965	128,146	161,417	173,578	237,137	237,137	-
Change	-	-3.64%	-33.93%	25.96%	7.53%	36.62%	0%	-
Enterprise Value (EV) ¹	311,693	294,748	226,021	241,198	260,366	320,052	319,819	320,590
Change	-	-5.44%	-23.32%	6.71%	7.95%	22.92%	-0.07%	0.24%
P/E ratio	11.8x	127x	2.85x	11.8x	9.14x	24.5x	18.2x	16.8x
PBR	5.33x	7.38x	2.13x	2.5x	2.29x	3.52x	3.43x	3.42x
PEG	-	-1.4x	0x	-0.2x	0.2x	-0.4x	1.3x	2.11x
Capitalization / Revenue	1.64x	1.76x	1.3x	2.01x	2.17x	2.62x	3.03x	2.98x
EV / Revenue	2.54x	2.67x	2.28x	3x	3.26x	4.04x	4.09x	4.03x
EV / EBITDA	5.51x	6x	5.33x	6.98x	7.44x	8.99x	8.93x	8.66x
EV / EBIT	11.3x	12.7x	11.8x	14.2x	14x	17x	16.3x	15.3x
EV / FCF	13.8x	12.9x	11.3x	16.8x	14.4x	17.9x	21.4x	19.8x
FCF Yield	7.25%	7.74%	8.82%	5.97%	6.95%	5.6%	4.66%	5.05%
Dividend per Share ²	9	9.3	9.4	9.4	9.6	9.664	9.819	10.02
Rate of return	6.17%	6.71%	10.3%	8.06%	7.57%	5.57%	5.66%	5.78%
EPS ²	12.32	1.09	32.09	9.9	13.88	5.98	9.544	10.3
Distribution rate	73.1%	853%	29.3%	94.9%	69.2%	115%	103%	97.3%
Net sales ¹	122,811	110,241	98,953	80,452	79,928	76,548	78,136	79,565
EBITDA ¹	56,520	49,162	42,374	34,564	34,980	34,462	35,801	37,014
EBIT ¹	27,463	23,294	19,105	16,964	18,623	17,978	19,657	20,951
Net income ¹	17,341	1,528	44,913	13,734	19,107	8,186	12,941	13,832
Net Debt ¹	110,400	100,783	97,875	79,781	86,788	82,915	82,682	83,453
Reference price ²	145.90	138.60	91.60	116.60	126.90	173.50	173.50	173.50
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	-
Announcement Date	02/02/21	02/02/22	02/02/23	07/02/24	06/02/25	06/02/26	-	-

¹NOK in Million²NOK

Estimates

Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E (Y)	EV / Sales (Y)	EV / EBITDA (Y)	Dividend Yield (Y)	Capi.($)
TELENOR ASA	20.71x	4.04x	8.99x	5.57%	24.52B
T-MOBILE US, INC.	19.71x	3.44x	8.96x	1.83%	221B
AT&T INC.	9.24x	2.47x	6.67x	4.09%	191B
SOFTBANK GROUP CORP.	8.39x	4.92x	22.73x	0.28%	145B
KDDI CORPORATION	14.38x	2.31x	7.49x	2.88%	67.87B
VODAFONE GROUP PLC	15.7x	1.4x	4.96x	3.77%	35.19B
ADVANCED INFO SERVICE	21.13x	5.47x	10.02x	4.77%	34.42B
CHINA UNICOM (HONG KONG) LIMITED	9.05x	0.38x	1.49x	7.13%	28.59B
VODACOM GROUP LIMITED	14.65x	2.07x	5.51x	4.78%	18.55B
TRUE CORPORATION	43.8x	4.27x	8x	2.03%	13.48B
Average	17.68x	3.07x	8.48x	3.71%	77.95B
Weighted average by Cap.	14.39x	3.26x	10.33x	2.79%