Projected Income Statement: Telenor ASA

Forecast Balance Sheet: Telenor ASA

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 100,783 97,875 79,781 86,788 81,731 57,991 62,603 65,843
Change - -2.89% -18.49% 8.78% -5.83% -29.05% 7.95% 5.18%
Announcement Date 2/2/22 2/2/23 2/7/24 2/6/25 2/6/26 - - -
1NOK in Million
Estimates

Cash Flow Forecast: Telenor ASA

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 19,447 19,298 14,728 13,383 11,928 10,993 11,140 11,040
Change - -0.77% -23.68% -9.13% -10.87% -7.84% 1.34% -0.89%
Free Cash Flow (FCF) 1 22,825 19,924 14,392 18,098 19,294 10,430 12,142 12,786
Change - -12.71% -27.77% 25.75% 6.61% -45.94% 16.42% 5.3%
Announcement Date 2/2/22 2/2/23 2/7/24 2/6/25 2/6/26 - - -
1NOK in Million
Estimates

Forecast Financial Ratios: Telenor ASA

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 44.6% 42.82% 42.96% 43.76% 45.02% 45.38% 46.29% 46.88%
EBIT Margin (%) 21.13% 19.31% 21.09% 23.3% 23.49% 24.13% 25.13% 25.86%
EBT Margin (%) 15.5% 10.85% 1.36% 31.11% 21.68% 31.58% 24.51% 25.06%
Net margin (%) 1.39% 45.39% 17.07% 23.91% 10.69% 21.34% 16.59% 17.12%
FCF margin (%) 20.7% 20.13% 17.89% 22.64% 25.21% 13.98% 16.14% 16.69%
FCF / Net Income (%) 1,493.78% 44.36% 104.79% 94.72% 235.7% 65.5% 97.3% 97.48%

Profitability

        
ROA 0.63% 19.32% 6% 8.54% 3.64% 5.1% 5.9% 5.83%
ROE 29.36% 30.1% 6.13% 27.23% 11.1% 21.23% 18.78% 20.8%

Financial Health

        
Leverage (Debt/EBITDA) 2.05x 2.31x 2.31x 2.48x 2.37x 1.71x 1.8x 1.83x
Debt / Free cash flow 4.42x 4.91x 5.54x 4.8x 4.24x 5.56x 5.16x 5.15x

Capital Intensity

        
CAPEX / Current Assets (%) 17.64% 19.5% 18.31% 16.74% 15.58% 14.73% 14.81% 14.41%
CAPEX / EBITDA (%) 39.56% 45.54% 42.61% 38.26% 34.61% 32.47% 32% 30.74%
CAPEX / FCF (%) 85.2% 96.86% 102.33% 73.95% 61.82% 105.39% 91.74% 86.35%

Items per share

        
Cash flow per share 1 30.15 28.03 20.99 22.87 22.82 17.85 19.83 20.03
Change - -7.06% -25.1% 8.95% -0.2% -21.8% 11.14% 0.97%
Dividend per Share 1 9.3 9.4 9.4 9.6 9.7 9.799 9.942 10.18
Change - 1.08% 0% 2.13% 1.04% 1.02% 1.47% 2.34%
Book Value Per Share 1 18.79 42.97 46.56 55.44 52.35 52.4 50.55 49.37
Change - 128.72% 8.34% 19.08% -5.57% 0.09% -3.53% -2.33%
EPS 1 1.09 32.09 9.9 13.88 5.98 11.76 9.383 10.13
Change - 2,844.04% -69.15% 40.2% -56.92% 96.65% -20.21% 8.01%
Nbr of stocks (in thousands) 1,399,458 1,398,973 1,384,365 1,367,829 1,366,784 1,367,628 1,367,628 1,367,628
Announcement Date 2/2/22 2/2/23 2/7/24 2/6/25 2/6/26 - - -
1NOK
Estimates
2026 *2027 *
P/E ratio 12.7x 15.9x
PBR 2.84x 2.94x
EV / Sales 3.5x 3.54x
Yield 6.59% 6.68%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
AAA
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
19
Last Close Price
148.80NOK
Average target price
167.79NOK
Spread / Average Target
+12.76%

Quarterly revenue - Rate of surprise

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