Valuation Telenor ASA

Equities

Market Closed - Oslo Bors Other stock markets 10:45:00 2026-01-21 EST			5-day change	1st Jan Change
146.40 ^NOK	+0.41%		+3.10%	-0.20%

01-21	Telenor Unit Obtains Band Spectrum Allocation in Bangladesh	MT
01-21	Bangladesh Approves 700 MHz Spectrum Allocation to Grameenphone	FW

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	200,097	200,097	-
Change	-	-3.64%	-33.93%	25.96%	7.53%	15.28%	0%	-
Enterprise Value (EV) ¹	311,693	294,748	226,021	241,198	260,366	283,798	286,276	285,824
Change	-	-5.44%	-23.32%	6.71%	7.95%	9%	0.87%	-0.16%
P/E ratio	11.8x	127x	2.85x	11.8x	9.14x	17.1x	15.2x	14x
PBR	5.33x	7.38x	2.13x	2.5x	2.29x	2.92x	2.9x	2.84x
PEG	-	-1.4x	0x	-0.2x	0.2x	-0.4x	1.2x	1.59x
Capitalization / Revenue	1.64x	1.76x	1.3x	2.01x	2.17x	2.5x	2.52x	2.47x
EV / Revenue	2.54x	2.67x	2.28x	3x	3.26x	3.55x	3.6x	3.53x
EV / EBITDA	5.51x	6x	5.33x	6.98x	7.44x	7.91x	7.9x	7.63x
EV / EBIT	11.3x	12.7x	11.8x	14.2x	14x	14.8x	14.4x	13.5x
EV / FCF	13.8x	12.9x	11.3x	16.8x	14.4x	16.8x	16.6x	15.8x
FCF Yield	7.25%	7.74%	8.82%	5.97%	6.95%	5.94%	6.01%	6.33%
Dividend per Share ²	9	9.3	9.4	9.4	9.6	9.666	9.819	10.01
Rate of return	6.17%	6.71%	10.3%	8.06%	7.57%	6.6%	6.71%	6.84%
EPS ²	12.32	1.09	32.09	9.9	13.88	8.541	9.623	10.47
Distribution rate	73.1%	853%	29.3%	94.9%	69.2%	113%	102%	95.6%
Net sales ¹	122,811	110,241	98,953	80,452	79,928	79,939	79,492	80,939
EBITDA ¹	56,520	49,162	42,374	34,564	34,980	35,871	36,243	37,472
EBIT ¹	27,463	23,294	19,105	16,964	18,623	19,119	19,915	21,224
Net income ¹	17,341	1,528	44,913	13,734	19,107	11,941	13,080	14,112
Net Debt ¹	110,400	100,783	97,875	79,781	86,788	83,701	86,178	85,727
Reference price ²	145.90	138.60	91.60	116.60	126.90	146.40	146.40	146.40
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	2/2/21	2/2/22	2/2/23	2/7/24	2/6/25	-	-	-

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 (N)	EV / Sales (N)	EV / EBITDA (N)	Dividend Yield (N)	Capi.($)
TELENOR ASA	17.07x	3.54x	7.89x	6.63%	19.99B
T-MOBILE US, INC.	18.33x	3.26x	8.49x	1.96%	205B
AT&T INC.	7.97x	2.27x	6.14x	4.73%	166B
SOFTBANK GROUP CORP.	8.08x	4.81x	22.23x	0.36%	139B
KDDI CORPORATION	13.99x	2.26x	7.33x	2.99%	65.09B
ADVANCED INFO SERVICE	22.87x	5.4x	10.04x	3.99%	32.77B
VODAFONE GROUP PLC	15.39x	1.35x	4.79x	4.18%	31.86B
CHINA UNICOM (HONG KONG) LIMITED	9.54x	0.4x	1.58x	6.78%	30.09B
VODACOM GROUP LIMITED	13.68x	1.94x	5.16x	5.16%	16.93B
Average	14.10x	2.80x	8.18x	4.09%	78.59B
Weighted average by Cap.	13.04x	3.11x	10.04x	3%