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Telenor

DB:TEQ
Snowflake Description

Fair value with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TEQ
DB
NOK262B
Market Cap
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Last updated 2019/07/15 20:49
Company description

Telenor ASA, together with its subsidiaries, operates as a telecommunication company worldwide. The last earnings update was 76 days ago. More info.

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TEQ Share Price and Events
7 Day Returns
-0.3%
DB:TEQ
-2%
DE Telecom
-1.8%
DE Market
1 Year Returns
9%
DB:TEQ
-1.2%
DE Telecom
-6.7%
DE Market
TEQ Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Telenor (TEQ) -0.3% -3% 4.4% 9% 24.1% 11.8%
DE Telecom -2% -2.1% -1.4% -1.2% -7.7% 3.4%
DE Market -1.8% 1.6% -1.6% -6.7% 10.1% 11%
1 Year Return vs Industry and Market
  • TEQ outperformed the Telecom industry which returned -1.2% over the past year.
  • TEQ outperformed the Market in Germany which returned -6.7% over the past year.
Price Volatility
TEQ
Industry
5yr Volatility vs Market

TEQ Value

 Is Telenor undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Telenor to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Telenor.

DB:TEQ Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 17 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:TEQ
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Telecom Unlevered Beta Simply Wall St/ S&P Global 0.35
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.352 (1 + (1- 23%) (38.68%)) 		0.636
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)		 0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 5.96%) 		5%

Discounted Cash Flow Calculation for DB:TEQ using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Telenor is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:TEQ DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (NOK, Millions) Source Present Value
Discounted (@ 5%)
2020 18,251.69 Analyst x9 17,383.22
2021 19,308.85 Analyst x7 17,515.03
2022 20,083.41 Est @ 4.01% 17,350.78
2023 20,661.08 Est @ 2.88% 17,000.51
2024 21,091.22 Est @ 2.08% 16,528.67
2025 21,413.01 Est @ 1.53% 15,982.37
2026 21,656.34 Est @ 1.14% 15,394.86
2027 21,843.43 Est @ 0.86% 14,789.00
2028 21,990.46 Est @ 0.67% 14,180.11
2029 22,109.11 Est @ 0.54% 13,578.25
Present value of next 10 years cash flows NOK159,702.80
DB:TEQ DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= NOK22,109.11 × (1 + 0.23%) ÷ (5% – 0.23%) 		NOK464,755.10
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= NOK464,755.10 ÷ (1 + 5%)10 		NOK285,428.03
DB:TEQ Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= NOK159,702.80 + NOK285,428.03 		NOK445,130.83
Equity Value per Share
(NOK)		 = Total value / Shares Outstanding
= NOK445,130.83 / 1,435.94 		NOK309.99
DB:TEQ Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:TEQ represents 0.10255x of OB:TEL
(This could be a different class, a depositary receipt, a different currency, or all of these things.) 		0.10255x
Value per Share
(Listing Adjusted, EUR)		 = Value per Share (NOK) x Listing Adjustment Factor
= NOK 309.99 x 0.10255 		€31.79
Value per share (EUR) From above. €31.79
Current discount Discount to share price of €18.68
= -1 x (€18.68 - €31.79) / €31.79 		41.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Telenor is available for.
Intrinsic value
41%
Share price is €18.68 vs Future cash flow value of €31.79
Current Discount Checks
For Telenor to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Telenor's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Telenor's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Telenor's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Telenor's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:TEQ PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in NOK NOK6.15
OB:TEL Share Price ** OB (2019-07-15) in NOK NOK182.15
Germany Telecom Industry PE Ratio Median Figure of 5 Publicly-Listed Telecom Companies 37.3x
Germany Market PE Ratio Median Figure of 419 Publicly-Listed Companies 20.05x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Telenor.

DB:TEQ PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OB:TEL Share Price ÷ EPS (both in NOK)

= 182.15 ÷ 6.15

 29.64x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Telenor is good value based on earnings compared to the DE Telecom industry average.
  • Telenor is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Telenor's expected growth come at a high price?
Raw Data
DB:TEQ PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 29.64x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 17 Analysts		 5.3%per year
Europe Telecom Industry PEG Ratio Median Figure of 35 Publicly-Listed Telecom Companies 1.99x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.47x

*Line of best fit is calculated by linear regression .

DB:TEQ PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 29.64x ÷ 5.3%

 5.57x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Telenor is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Telenor's assets?
Raw Data
DB:TEQ PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in NOK NOK35.71
OB:TEL Share Price * OB (2019-07-15) in NOK NOK182.15
Germany Telecom Industry PB Ratio Median Figure of 7 Publicly-Listed Telecom Companies 1.39x
Germany Market PB Ratio Median Figure of 565 Publicly-Listed Companies 1.74x
DB:TEQ PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OB:TEL Share Price ÷ Book Value per Share (both in NOK)

= 182.15 ÷ 35.71

 5.1x

* Primary Listing of Telenor.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Telenor is overvalued based on assets compared to the DE Telecom industry average.
Show me more potentially undervalued companies in the Telecom industry
X
Value checks
We assess Telenor's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Telecom industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Telecom industry average (and greater than 0)? (1 check)
    5. Telenor has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

TEQ Future Performance

 How is Telenor expected to perform in the next 1 to 3 years based on estimates from 17 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Telenor expected to grow at an attractive rate?
  • Telenor's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Telenor's earnings growth is positive but not above the Germany market average.
  • Telenor's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:TEQ Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:TEQ Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 17 Analysts 5.3%
DB:TEQ Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 17 Analysts 1.6%
Germany Telecom Industry Earnings Growth Rate Market Cap Weighted Average 23.2%
Germany Telecom Industry Revenue Growth Rate Market Cap Weighted Average 1.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:TEQ Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 17 Analyst Estimates (S&P Global) See Below
All numbers in NOK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:TEQ Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 123,801 43,727 16,423 1
2021-12-31 115,820 37,194 15,762 15
2020-12-31 114,016 36,479 15,250 17
2019-12-31 112,815 35,130 14,799 16
DB:TEQ Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2019-03-31 110,856 37,151 9,002
2018-12-31 110,362 36,394 9,958
2018-09-30 123,585 38,352 14,295
2018-06-30 123,481 39,258 16,062
2018-03-31 111,623 40,473 11,350
2017-12-31 112,069 40,723 10,199
2017-09-30 115,116 41,069 10,707
2017-06-30 118,903 39,833 4,562
2017-03-31 121,497 37,419 6,580
2016-12-31 125,395 39,778 10,404
2016-09-30 127,156 38,532 5,853
2016-06-30 127,743 39,024 4,842

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Telenor's earnings are expected to grow by 5.3% yearly, however this is not considered high growth (20% yearly).
  • Telenor's revenue is expected to grow by 1.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:TEQ Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 17 Analyst Estimates (S&P Global) See Below

All data from Telenor Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:TEQ Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 14.43 14.43 14.43 1.00
2021-12-31 11.37 13.31 9.38 12.00
2020-12-31 10.76 12.27 9.26 14.00
2019-12-31 10.19 11.23 9.52 13.00
DB:TEQ Past Financials Data
Date (Data in NOK Millions) EPS *
2019-03-31 6.15
2018-12-31 6.76
2018-09-30 9.65
2018-06-30 10.77
2018-03-31 7.58
2017-12-31 6.80
2017-09-30 7.19
2017-06-30 3.04
2017-03-31 4.38
2016-12-31 6.93
2016-09-30 3.87
2016-06-30 3.22

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Telenor is expected to make outstanding use of shareholders’ funds in the future (Return on Equity greater than 40%).
X
Future performance checks
We assess Telenor's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Telenor has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

TEQ Past Performance

  How has Telenor performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Telenor's growth in the last year to its industry (Telecom).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Telenor's year on year earnings growth rate has been positive over the past 5 years.
  • Telenor's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Telenor's 1-year earnings growth is negative, it can't be compared to the DE Telecom industry average.
Earnings and Revenue History
Telenor's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Telenor Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:TEQ Past Revenue, Cash Flow and Net Income Data
Date (Data in NOK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 110,856.00 9,002.00 6,189.00
2018-12-31 110,362.00 9,958.00 6,189.00
2018-09-30 123,585.00 14,295.00 7,063.00
2018-06-30 123,481.00 16,062.00 7,063.00
2018-03-31 111,623.00 11,350.00 6,412.00
2017-12-31 112,069.00 10,199.00 6,412.00
2017-09-30 115,116.00 10,707.00 7,185.00
2017-06-30 118,903.00 4,562.00 7,185.00
2017-03-31 121,497.00 6,580.00 7,185.00
2016-12-31 125,395.00 10,404.00 7,185.00
2016-09-30 127,156.00 5,853.00 7,757.00
2016-06-30 127,743.00 4,842.00 7,757.00
2016-03-31 128,223.00 6,967.00 7,757.00
2015-12-31 128,175.00 3,414.00 7,757.00
2015-09-30 125,128.00 6,035.00 6,176.00
2015-06-30 120,977.00 10,390.00 6,176.00
2015-03-31 117,570.00 9,234.00 6,176.00
2014-12-31 111,443.00 9,077.00 6,176.00
2014-09-30 103,725.00 6,369.00 4,988.00
2014-06-30 101,993.00 7,700.00 4,988.00
2014-03-31 99,741.00 8,648.00 4,988.00
2013-12-31 99,138.00 8,555.00 4,988.00
2013-09-30 102,406.00 13,275.00 5,449.00
2013-06-30 101,706.00 13,008.00 5,449.00
2013-03-31 101,315.00 11,827.00 5,449.00
2012-12-31 101,718.00 8,809.00 5,449.00
2012-09-30 101,161.00 3,592.00 6,170.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whilst Telenor has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • Telenor used its assets more efficiently than the DE Telecom industry average last year based on Return on Assets.
  • Telenor has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Telenor's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Telecom industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Telenor has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

TEQ Health

 How is Telenor's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Telenor's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Telenor's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Telenor's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Telenor's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Telenor Company Filings, last reported 3 months ago.

DB:TEQ Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 57,449.00 62,053.00 25,232.00
2018-12-31 54,455.00 71,497.00 18,883.00
2018-09-30 53,268.00 59,996.00 33,125.00
2018-06-30 52,444.00 71,896.00 18,988.00
2018-03-31 65,861.00 67,535.00 21,363.00
2017-12-31 62,335.00 74,017.00 23,461.00
2017-09-30 59,931.00 75,545.00 30,675.00
2017-06-30 55,536.00 78,006.00 21,734.00
2017-03-31 59,746.00 85,493.00 27,476.00
2016-12-31 55,396.00 86,240.00 24,849.00
2016-09-30 57,274.00 84,250.00 28,970.00
2016-06-30 61,451.00 81,091.00 14,494.00
2016-03-31 66,611.00 75,016.00 15,276.00
2015-12-31 63,127.00 76,055.00 15,001.00
2015-09-30 70,321.00 75,934.00 21,203.00
2015-06-30 72,546.00 67,274.00 13,154.00
2015-03-31 73,848.00 66,753.00 14,385.00
2014-12-31 68,505.00 67,573.00 13,134.00
2014-09-30 69,873.00 62,224.00 14,007.00
2014-06-30 69,961.00 63,586.00 12,648.00
2014-03-31 79,911.00 58,858.00 17,126.00
2013-12-31 77,037.00 57,430.00 12,714.00
2013-09-30 78,242.00 57,958.00 14,554.00
2013-06-30 74,853.00 56,159.00 18,163.00
2013-03-31 81,899.00 47,585.00 11,713.00
2012-12-31 76,412.00 49,292.00 10,140.00
2012-09-30 76,652.00 42,101.00 11,352.00
  • Telenor's level of debt (108%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (73.8% vs 108% today).
  • Debt is well covered by operating cash flow (59.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 16.4x coverage).
X
Financial health checks
We assess Telenor's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
    7. Telenor has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

TEQ Dividends

 What is Telenor's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.61%
Current annual income from Telenor dividends. Estimated to be 5.07% next year.
If you bought €2,000 of Telenor shares you are expected to receive €92 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Telenor's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.48%).
  • Telenor's dividend is above the markets top 25% of dividend payers in Germany (3.85%).
Upcoming dividend payment

Purchase Telenor before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:TEQ Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 17 Analyst Estimates (S&P Global) See Below
Germany Telecom Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 5.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 325 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:TEQ Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 9.79 1.00
2021-12-31 9.61 15.00
2020-12-31 9.20 17.00
2019-12-31 8.86 15.00
DB:TEQ Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2019-05-08 8.400 4.623
2018-01-31 8.100 4.842
2017-02-02 7.800 5.065
2016-02-10 7.500 5.570
2014-04-22 7.000 4.498
2014-02-12 7.000 5.379
2013-02-13 6.000 4.522
2012-04-23 5.000 4.688
2012-03-21 5.000 4.840
2012-02-08 5.000 4.881
2011-04-28 3.800 4.178
2010-04-26 2.500 2.786
2009-10-29 0.000 0.000
2009-07-23 0.000 0.000
2009-05-05 0.000 0.000
2009-02-11 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Telenor has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Telenor only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Telenor's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.1x coverage).
X
Income/ dividend checks
We assess Telenor's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Telenor afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
    7. Telenor has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

TEQ Management

 What is the CEO of Telenor's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Sigve Brekke
COMPENSATION NOK15,618,000
AGE 60
TENURE AS CEO 3.9 years
CEO Bio

Mr. Sigve Brekke has been the Chief Executive Officer and President of Telenor ASA since August 17, 2015. Mr. Brekke served as the Chief Executive Officer of Total Access Communication Public Company Limited (formerly, Total Access Communication PLC, DTAC and dtac TriNet Co., Ltd.) from January 13, 2005 to September 1, 2008. He served as Co-Chief Executive Officer of Total Access Communications Public Co. Ltd. from 2002 to January 13, 2005 and from February 25, 2005 to October 20, 2005. He served as Chief Executive Officer of Uninor (now, Telenor India) from July 2010 to 2013. He served as the Chief Executive Officer of United Communication Industry Public Company Limited (formerly, United Communication Industry PLC) from October 22, 2005 to 2008. He served as a Manager of Business Development at Telenor Asia Pte. Ltd. from joining in 1999 to 2000. He served as the Head of Region Asia at DiGi Com Berhad. He served as the Head of Region Asia of Telenor Asia Pte. Ltd. from 2008 to 2013 and served as its Executive Vice-President. He served as the Managing Director of Telenor Asia Pte. Ltd. from 2000 to 2002. He served as an Executive Vice President of Telenor ASA until August 17, 2015 and served as its Head of Asian Region from August 2008 to August 17, 2015. He served as Executive Vice President Telenor Group since July 2008. He served as an Acting Chief Executive Officer of Total Access Communication Public Company Limited from September 2, 2014 to April 1, 2015. He served as an Acting Chief Executive Officer of Unitech Wireless Limited from November 2013 to January 8, 2014 and served as its Managing Director from November 2010 to May 2013. From 1993 to 1996, Mr. Brekke served as a Deputy Minister/State Secretary of Defense in the Norwegian Ministry of Defense and Political Advisor of Norwegian Defense Research Establishment, Norway. He served several positions in the Norwegian Labor Party and Norwegian Confederation of Trade Unions. He had a political career starting with several positions in the Labor Youth Organisation (AUF). He is instrumental in building Telenor’s footprint in the region. Since being part of setting the initial direction in 1999, he has been a key driver and shaper of making Telenor a leading force in key Asian markets. He served as Secretary General of AUF Norway from 1989 to 1993. He serves as Chairman of Grameenphone IT Ltd. He serves as the Chairman of Telenor Pakistan (Pte) Ltd. He served as Chairman of GrameenPhone Ltd. from September 1, 2008 to September 28, 2016. He served as Chairman of DiGi Telecommunications Sdn Bhd from August 21, 2008 to August 19, 2015. Mr. Brekke served as the Chairman and Non-Independent Non-Executive Director of DiGi.Com Berhad from August 21, 2008 to August 19, 2015. He serves as Deputy Chairman of TAC. He served as Vice Chairman of Total Access Communication Public Company Limited from February 8, 2006 to August 17, 2015. He serves as a Board Member of Gsma Ltd. He has been a Director of Grameenphone IT Ltd. since September 1, 2008. He serves as a Director of Telenor Asia Pte Ltd. and Telenor Pakistan (Pte) Ltd. He served as a Director of Total Access Communication Public Company Limited from 2000 to August 17, 2015 and DiGi Telecommunications Sdn Bhd until August 19, 2015. He served as a Director of United Communication Industry Public Company Limited from October 22, 2005 to 2008. He served as Director of GrameenPhone Ltd. from September 1, 2008 to September 28, 2016. He served as a Director of Telenor Myanmar since 2013. He served as a Director of Telenor Group since July 2008. Mr. Brekke served as a Director of Unitech Wireless Limited since 2009. He served as a Non-Independent Non-Executive Director of DiGi.Com Bhd from October 2, 2000 to February 8, 2004. He served as an Associate Research Fellow at the Center for Science and International Affairs from Harvard University, John F Kennedy School of Government, USA from 1996 to 1997. Mr. Brekke received a Master Degree in Public Administration from John F. Kennedy School of Government, Harvard University, USA (1998), Bachelor's Degree in Management from Norwegian School of Management Buskerud, Norway and a Bachelor's Degree in Business and Administration from the Telemark College, Norway. He completed courses at Telemark College in 1984.

CEO Compensation
  • Sigve's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Sigve's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Telenor management team in years:

2.5
Average Tenure
53.5
Average Age
  • The tenure for the Telenor management team is about average.
Management Team

Sigve Brekke

TITLE
President & CEO
COMPENSATION
NOK16M
AGE
60
TENURE
3.9 yrs

Jørgen Arentz Rostrup

TITLE
Executive VP & CFO
COMPENSATION
NOK6M
AGE
53
TENURE
2.7 yrs

Ruza Sabanovic

TITLE
Executive VP and Head of Technologies & Services
COMPENSATION
NOK7M
AGE
48
TENURE
2.3 yrs

Cecilie Heuch

TITLE
Executive VP & Chief People Officer
COMPENSATION
NOK5M
AGE
54
TENURE
1.6 yrs

Morten Sørby

TITLE
Executive VP & Acting Cluster Head of Scandinavia
COMPENSATION
NOK10M
AGE
60
TENURE
16.5 yrs

Albern Murty

TITLE
Executive VP of Developed Asia Cluster & CEO of Digi - Malaysia
COMPENSATION
NOK3M
AGE
46
TENURE
0.9 yrs

Wenche Agerup

TITLE
Head of Group Holdings Unit
COMPENSATION
NOK4M
AGE
55
TENURE
3.7 yrs

Anne Kvam

TITLE
Executive VP & Chief Corporate Affairs Officer
COMPENSATION
NOK4M
AGE
52
TENURE
0.8 yrs

Petter-Børre Furberg

TITLE
Chief Executive Officer of Norway
COMPENSATION
NOK8M
AGE
52
TENURE
0.8 yrs

Alexandra Reich

TITLE
CEO of Dtac
COMPENSATION
NOK4M
AGE
56
TENURE
2.7 yrs
Board of Directors Tenure

Average tenure and age of the Telenor board of directors in years:

2.1
Average Tenure
62
Average Age
  • The average tenure for the Telenor board of directors is less than 3 years, this suggests a new board.
Board of Directors

Gunn Waersted

TITLE
Chair of the Board
COMPENSATION
NOK805K
AGE
64
TENURE
3.5 yrs

Jørgen Kildahl

TITLE
Vice Chair of the Board
COMPENSATION
NOK633K
AGE
56
TENURE
2.1 yrs

Sally Davis

TITLE
Board Member
COMPENSATION
NOK528K
AGE
66
TENURE
7.7 yrs

Jon Erik Reinhardsen

TITLE
Board Member
COMPENSATION
NOK597K
AGE
63
TENURE
5.2 yrs

Jacob Aqraou

TITLE
Board Member
COMPENSATION
NOK555K
AGE
47
TENURE
3.2 yrs

Bjørn Næss

TITLE
Chairman of Corporate Assembly
TENURE
0.2 yrs

Lars Tronsgaard

TITLE
Vice Chairman of Corporate Assembly
AGE
65
TENURE
1.5 yrs

Jan Eriksen

TITLE
Employee Representative Director
TENURE
0.2 yrs

Grethe Viksaas

TITLE
Board Member
COMPENSATION
NOK530K
AGE
61
TENURE
2.2 yrs

Ren Obermann

TITLE
Board Member
COMPENSATION
NOK434K
AGE
56
TENURE
1.5 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Telenor individual insiders in the past 3 months.
Show me more companies with insider buying in the Telecom industry
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
13. May 19 Buy Siri Birgitte Berge Individual 10. May 19 10. May 19 1,275 €17.58 €22,415
13. May 19 Buy Jørgen Arentz Rostrup Individual 10. May 19 10. May 19 2,990 €17.58 €52,565
13. May 19 Buy Rita Skjervik Individual 10. May 19 10. May 19 911 €17.58 €16,015
13. May 19 Buy Ruza Sabanovic Individual 10. May 19 10. May 19 1,972 €17.58 €34,668
13. May 19 Buy Cecilie Heuch Individual 10. May 19 10. May 19 2,508 €17.58 €44,091
13. May 19 Buy Anne Kvam Individual 10. May 19 10. May 19 2,536 €17.58 €44,583
13. May 19 Buy Albern Murty Individual 10. May 19 10. May 19 5,505 €17.58 €96,779
13. May 19 Buy Lars Thomsen Individual 10. May 19 10. May 19 1,259 €17.58 €22,133
13. May 19 Buy Knut Giske Individual 10. May 19 10. May 19 1,200 €17.58 €21,096
13. May 19 Buy Sigve Brekke Individual 10. May 19 10. May 19 5,298 €17.58 €93,140
X
Management checks
We assess Telenor's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
    5. Telenor has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

TEQ News

Simply Wall St News

TEQ Company Info

Description

Telenor ASA, together with its subsidiaries, operates as a telecommunication company worldwide. Its principal products and services include mobile communication, fixed line communication, and broadcasting services. The company’s mobile communication services comprise voice, data, Internet, and content services, as well as customer equipment and messaging. Its fixed line services consist of telephony, Internet and TV, and leased lines, as well as data and managed services; and broadcast services include DTH, and broadcasting and data communication services through satellite, and terrestrial radio and TV transmission. The company also provides wholesale services that enable the operators to route international voice, messaging, data, and signaling traffic through a single connection to a global network, as well as handles international roaming relationships. In addition, it offers digital services, such as international communication services and machine to machine communication, as well as Internet based services, digital media advertising, and financial services. Further, the company sells mobile devices; and leases base station sites and equipment. Telenor ASA was founded in 1855 and is headquartered in Fornebu, Norway.

Details
Name: Telenor ASA
TEQ
Exchange: DB
Founded: 1855
NOK27,185,438,136
1,435,943,039
Website: http://www.telenor.com
Address: Telenor ASA
Snarøyveien 30,
Fornebu,
Akershus, 1360,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB TEL Ordinary Shares Oslo Bors NO NOK 04. Dec 2000
OTCPK TELN.F Ordinary Shares Pink Sheets LLC US USD 04. Dec 2000
DB TEQ Ordinary Shares Deutsche Boerse AG DE EUR 04. Dec 2000
LSE 0G8C Ordinary Shares London Stock Exchange GB NOK 04. Dec 2000
SWX TEL Ordinary Shares SIX Swiss Exchange CH CHF 04. Dec 2000
BATS-CHIXE TELO Ordinary Shares BATS 'Chi-X Europe' GB NOK 04. Dec 2000
OTCPK TELN.Y SPONSORED ADR Pink Sheets LLC US USD 04. Dec 2000
Number of employees
Current staff
Staff numbers
31,000
Telenor employees.
Industry
Integrated Telecommunication Services
Telecom
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/15 20:49
End of day share price update: 2019/07/15 00:00
Last estimates confirmation: 2019/07/15
Last earnings filing: 2019/04/30
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Related Companies

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