Company Valuation: Telenor ASA

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 193,965 128,146 161,417 173,578 200,507 219,231 - -
Change - -33.93% 25.96% 7.53% 15.51% 9.34% - -
Enterprise Value (EV) 1 294,748 226,021 241,198 260,366 282,238 279,745 288,923 293,108
Change - -23.32% 6.71% 7.95% 8.4% -0.88% 3.28% 1.45%
P/E ratio 127x 2.85x 11.8x 9.14x 24.5x 16.8x 16.5x 15.2x
PBR 7.38x 2.13x 2.5x 2.29x 2.8x 2.87x 3x 3.11x
PEG - 0x -0.2x 0.2x -0.4x 0.3x 11.85x 1.76x
Capitalization / Revenue 1.76x 1.3x 2.01x 2.17x 2.62x 2.91x 2.86x 2.78x
EV / Revenue 2.67x 2.28x 3x 3.26x 3.69x 3.71x 3.77x 3.71x
EV / EBITDA 6x 5.33x 6.98x 7.44x 8.19x 8.05x 7.96x 7.85x
EV / EBIT 12.7x 11.8x 14.2x 14x 15.7x 15.3x 14.5x 14x
EV / FCF 12.9x 11.3x 16.8x 14.4x 14.6x 24.6x 21.9x 21x
FCF Yield 7.74% 8.82% 5.97% 6.95% 6.84% 4.06% 4.57% 4.75%
Dividend per Share 2 9.3 9.4 9.4 9.6 9.7 9.834 9.919 10.17
Rate of return 6.71% 10.3% 8.06% 7.57% 6.61% 6.13% 6.19% 6.34%
EPS 2 1.09 32.09 9.9 13.88 5.98 9.569 9.702 10.54
Distribution rate 853% 29.3% 94.9% 69.2% 162% 103% 102% 96.5%
Net sales 1 110,241 98,953 80,452 79,928 76,548 75,413 76,627 78,983
EBITDA 1 49,162 42,374 34,564 34,980 34,462 34,755 36,298 37,328
EBIT 1 23,294 19,105 16,964 18,623 17,978 18,318 19,979 20,871
Net income 1 1,528 44,913 13,734 19,107 8,186 12,296 12,999 13,650
Net Debt 1 100,783 97,875 79,781 86,788 81,731 60,514 69,692 73,877
Reference price 2 138.60 91.60 116.60 126.90 146.70 160.30 160.30 160.30
Nbr of stocks (in thousands) 1,399,458 1,398,973 1,384,365 1,367,829 1,366,784 1,367,628 - -
Announcement Date 2/2/22 2/2/23 2/7/24 2/6/25 2/6/26 - - -
1NOK in Million2NOK
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.75x3.71x8.05x6.13% 23.37B
19.03x3.17x8.06x2.09% 218B
11.5x2.56x6.85x4.19% 185B
7.41x5.28x28.09x0.24% 163B
13.72x2.22x7.31x3.11% 62.38B
15.78x1.36x4.71x3.66% 35.8B
20.34x5.31x9.73x4.7% 33B
8.93x0.38x1.53x7.18% 28.61B
14.24x2.01x5.35x5.02% 17.1B
20.24x4.7x7.83x3.42% 15.31B
Average 14.79x 3.07x 8.75x 3.97% 78.17B
Weighted average by Cap. 13.78x 3.32x 11.51x 2.86%

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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