Telenor ASA

BATS-CHIXE:TELO Stock Report

Market Cap: NOK 167.5b

Telenor Valuation

Is TELO undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TELO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TELO (NOK122.55) is trading below our estimate of fair value (NOK298.7)

Significantly Below Fair Value: TELO is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TELO?

Key metric: As TELO is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for TELO. This is calculated by dividing TELO's market cap by their current earnings.
What is TELO's PE Ratio?
PE Ratio19.9x
EarningsNOK 8.41b
Market CapNOK 167.51b

Price to Earnings Ratio vs Peers

How does TELO's PE Ratio compare to its peers?

The above table shows the PE ratio for TELO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average18.6x
BT.A BT Group
20.3x14.1%UK£15.5b
VOD Vodafone Group
9.4x4.2%UK£18.5b
GAMA Gamma Communications
26.8x12.7%UK£1.5b
KPN Koninklijke KPN
17.8x6.8%€14.3b
TELO Telenor
19.9x-13.5%NOK 167.5b

Price-To-Earnings vs Peers: TELO is expensive based on its Price-To-Earnings Ratio (19.9x) compared to the peer average (10.9x).

Price to Earnings Ratio vs Industry

How does TELO's PE Ratio compare vs other companies in the European Telecom Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No. of Companies6PE01020304050+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TELO is expensive based on its Price-To-Earnings Ratio (19.9x) compared to the European Telecom industry average (16.1x).

Price to Earnings Ratio vs Fair Ratio

What is TELO's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TELO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio19.9x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate TELO's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst TELO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentn/a
NOK 129.83
0%
15.5%NOK 170.00NOK 92.00n/a18
Nov ’25n/a
NOK 129.83
0%
15.5%NOK 170.00NOK 92.00n/a18
Oct ’25n/a
NOK 129.83
0%
15.5%NOK 170.00NOK 92.00n/a18
Sep ’25n/a
NOK 129.83
0%
15.5%NOK 170.00NOK 92.00n/a18
Aug ’25n/a
NOK 129.83
0%
15.5%NOK 170.00NOK 92.00n/a18
Jul ’25n/a
NOK 129.83
0%
15.5%NOK 170.00NOK 92.00n/a18
Jun ’25n/a
NOK 129.83
0%
15.5%NOK 170.00NOK 92.00n/a18
May ’25n/a
NOK 129.83
0%
15.5%NOK 170.00NOK 92.00n/a18
Apr ’25n/a
NOK 129.83
0%
15.5%NOK 170.00NOK 92.00n/a18
Mar ’25n/a
NOK 129.83
0%
15.5%NOK 170.00NOK 92.00n/a18
Feb ’25n/a
NOK 129.83
0%
15.5%NOK 170.00NOK 92.00n/a18
Jan ’25n/a
NOK 130.17
0%
15.8%NOK 170.00NOK 92.00n/a18
Dec ’24n/a
NOK 126.06
0%
16.4%NOK 165.00NOK 92.00n/a17
Nov ’24n/a
NOK 128.05
0%
16.4%NOK 165.00NOK 92.00n/a19
Oct ’24n/a
NOK 129.74
0%
16.5%NOK 160.00NOK 88.00n/a19
Sep ’24n/a
NOK 128.16
0%
16.2%NOK 157.00NOK 88.00n/a19
Aug ’24n/a
NOK 130.21
0%
15.7%NOK 157.00NOK 90.00n/a19
Jul ’24n/a
NOK 131.63
0%
15.3%NOK 155.00NOK 90.00n/a19
Jun ’24n/a
NOK 131.16
0%
16.0%NOK 155.00NOK 90.00n/a19
May ’24n/a
NOK 129.11
0%
17.8%NOK 160.00NOK 86.00n/a18
Apr ’24n/a
NOK 123.67
0%
17.6%NOK 160.00NOK 86.00n/a18
Mar ’24n/a
NOK 123.16
0%
17.3%NOK 160.00NOK 84.00n/a19
Feb ’24n/a
NOK 120.79
0%
20.1%NOK 170.00NOK 80.00n/a19
Jan ’24n/a
NOK 123.67
0%
21.2%NOK 170.00NOK 80.00n/a18
Dec ’23n/a
NOK 126.06
0%
19.7%NOK 170.00NOK 82.00n/a18
Nov ’23n/a
NOK 127.50
0%
18.7%NOK 170.00NOK 85.00n/a18

Analyst Forecast: Target price is less than 20% higher than the current share price.

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