Telenor ASA

BATS-CHIXE:TELO Stock Report

Market Cap: NOK 226.1b

Telenor Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow 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.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: TELO (NOK169.55) is trading below our estimate of future cash flow value (NOK362.23)

Significantly Below Future Cash Flow Value: TELO is trading below future cash flow 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 Ratio20.6x
EarningsNOK 10.96b
Market CapNOK 226.07b

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 Average30.2x
BT.A BT Group
17.2x10.17%UK£18.6b
HTWS Helios Towers
70.6x29.25%UK£2.1b
AAF Airtel Africa
24.6x27.26%UK£12.5b
762 China Unicom (Hong Kong)
8.4x1.01%HK$189.1b
TELO Telenor
20.6x9.27%NOK 226.1b

Price-To-Earnings vs Peers: TELO is good value based on its Price-To-Earnings Ratio (20.6x) compared to the peer average (35.5x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

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

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
No. of Companies9PE01632486480+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TELO is expensive based on its Price-To-Earnings Ratio (20.6x) compared to the European Telecom industry average (19.5x).

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 Ratio20.6x
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 174.41
0%
11.19%NOK 220.00NOK 138.00n/a17
Jun ’27n/a
NOK 174.41
0%
11.19%NOK 220.00NOK 138.00n/a17
May ’27n/a
NOK 174.41
0%
11.19%NOK 220.00NOK 138.00n/a17
Apr ’27n/a
NOK 175.29
0%
11.45%NOK 220.00NOK 138.00n/a17
Mar ’27n/a
NOK 174.33
0%
11.54%NOK 220.00NOK 138.00n/a18
Feb ’27n/a
NOK 168.72
0%
10.27%NOK 210.00NOK 138.00n/a18
Jan ’27n/a
NOK 166.82
0%
10.90%NOK 210.00NOK 138.00n/a17
Dec ’26n/a
NOK 169.59
0%
10.79%NOK 210.00NOK 138.00n/a17
Nov ’26n/a
NOK 170.29
0%
10.90%NOK 210.00NOK 138.00n/a17
Oct ’26n/a
NOK 168.94
0%
11.15%NOK 195.00NOK 138.00n/a17
Sep ’26n/a
NOK 163.25
0%
9.84%NOK 195.00NOK 138.00n/a16
Aug ’26n/a
NOK 163.25
0%
9.84%NOK 195.00NOK 138.00n/a16
Jul ’26n/a
NOK 160.65
0%
9.40%NOK 185.00NOK 130.00n/a17
Jun ’26n/a
NOK 160.33
0%
8.70%NOK 185.00NOK 130.00n/a18
May ’26n/a
NOK 158.39
0%
8.47%NOK 186.00NOK 130.00n/a18
Apr ’26n/a
NOK 157.44
0%
8.53%NOK 186.00NOK 130.00n/a18
Mar ’26n/a
NOK 156.83
0%
9.09%NOK 186.00NOK 130.00n/a18
Feb ’26n/a
NOK 153.72
0%
9.76%NOK 186.00NOK 125.00n/a18
Jan ’26n/a
NOK 150.95
0%
11.67%NOK 186.00NOK 110.00n/a19
Dec ’25n/a
NOK 150.42
0%
11.25%NOK 180.00NOK 110.00n/a19
Nov ’25n/a
NOK 149.32
0%
11.51%NOK 180.00NOK 110.00n/a19
Oct ’25n/a
NOK 141.74
0%
11.77%NOK 170.00NOK 110.00n/a19
Sep ’25n/a
NOK 140.37
0%
12.74%NOK 165.00NOK 95.00n/a19
Aug ’25n/a
NOK 139.83
0%
13.03%NOK 165.00NOK 95.00n/a18
Jul ’25n/a
NOK 139.67
0%
12.66%NOK 165.00NOK 95.00n/a18
NOK 178.9
Fair Value
5.2% undervalued intrinsic discount
17
Number of Analysts

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/04/14 15:05
End of Day Share Price 2026/04/09 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Telenor ASA is covered by 36 analysts. 14 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
William Noel MilnerArete Research Services LLP
John DaviesBanco Santander