Company Valuation: Telenor ASA

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 193,965 128,146 161,417 173,578 200,507 184,565 - -
Change - -33.93% 25.96% 7.53% 15.51% -7.95% - -
Enterprise Value (EV) 1 294,748 226,021 241,198 260,366 282,238 240,085 240,707 240,614
Change - -23.32% 6.71% 7.95% 8.4% -14.94% 0.26% -0.04%
P/E 127x 2.85x 11.8x 9.14x 24.5x 12.7x 14.8x 13.3x
PBR 7.38x 2.13x 2.5x 2.29x 2.8x 2.81x 2.92x 3.03x
PEG - 0x -0.2x 0.2x -0.4x 0.2x -1.1x 1.2x
Capitalization / Revenue 1.76x 1.3x 2.01x 2.17x 2.62x 2.49x 2.47x 2.43x
EV / Revenue 2.67x 2.28x 3x 3.26x 3.69x 3.23x 3.23x 3.16x
EV / EBITDA 6x 5.33x 6.98x 7.44x 8.19x 7.28x 7.06x 6.8x
EV / EBIT 12.7x 11.8x 14.2x 14x 15.7x 14x 13.2x 12.4x
EV / FCF 12.9x 11.3x 16.8x 14.4x 14.6x 20.2x 18x 17.1x
FCF Yield 7.74% 8.82% 5.97% 6.95% 6.84% 4.96% 5.56% 5.86%
Dividend per Share 2 9.3 9.4 9.4 9.6 9.7 9.79 9.925 10.13
Rate of return 6.71% 10.3% 8.06% 7.57% 6.61% 7.24% 7.34% 7.49%
EPS 2 1.09 32.09 9.9 13.88 5.98 10.62 9.148 10.16
Distribution rate 853% 29.3% 94.9% 69.2% 162% 92.2% 109% 99.6%
Net sales 1 110,241 98,953 80,452 79,928 76,548 74,222 74,633 76,030
EBITDA 1 49,162 42,374 34,564 34,980 34,462 32,968 34,118 35,402
EBIT 1 23,294 19,105 16,964 18,623 17,978 17,122 18,224 19,392
Net income 1 1,528 44,913 13,734 19,107 8,186 15,321 12,186 13,091
Net Debt 1 100,783 97,875 79,781 86,788 81,731 55,520 56,142 56,049
Reference price 2 138.60 91.60 116.60 126.90 146.70 135.30 135.30 135.30
Nbr of stocks (in thousands) 1,399,458 1,398,973 1,384,365 1,367,829 1,366,784 1,364,117 - -
Announcement Date 2/2/22 2/2/23 2/7/24 2/6/25 2/6/26 - - -
1NOK in Million2NOK
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.74x3.23x7.28x7.24% 19.61B
2199.14x41.28x84.32x - 1,889B
30.95x6.38x29.67x0.19% 208B
16.7x2.96x7.48x2.27% 196B
10.62x2.45x6.57x4.46% 171B
14.49x2.35x7.81x2.95% 68.08B
12.87x1.43x4.88x3.45% 37.33B
20.85x5.64x10.35x4.57% 33.42B
8.66x0.31x1.27x7.57% 24.46B
12.07x1.8x4.37x5.5% 17.61B
Average 233.91x 6.78x 16.40x 4.24% 266.48B
Weighted average by Cap. 1,564.69x 30.33x 63.57x 2.77%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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