Where Does Telenor (OB:TEL) Valuation Sit On Mixed Q2 And Half Year Earnings?

How Telenor’s Latest Earnings Could Matter for Shareholders

Telenor (OB:TEL) has just reported second quarter and half year 2026 results, with weaker quarterly sales and profit but sharply higher net income and earnings per share over the six month period.

This mixed picture provides fresh information on how the telecom group’s operations are tracking across its Nordic and Asian markets, and how that may influence expectations for future cash generation, dividends and overall risk profile.

See our latest analysis for Telenor.

Telenor’s share price has softened recently, with an around 8% share price return decline year to date and an around 12% fall over 90 days. However, the 3 year total shareholder return of about 50% still reflects a stronger longer term outcome. This suggests momentum has cooled as investors reassess growth and risk after the latest earnings.

If you are comparing Telenor with other opportunities in the sector, this could be a useful moment to see what else telecom and infrastructure investors are watching through the 35 power grid technology and infrastructure stocks

After Telenor’s share price slide and mixed quarterly versus half year earnings, the real tension now is between stepping in at today’s level or waiting for clearer signals on value. So how does the current valuation stack up?

Most Popular Narrative: 19% Undervalued

The most followed narrative for Telenor puts fair value at NOK 164.35 per share compared with the latest close at NOK 133.30, framing the current pullback as a discount that rests on specific long term assumptions.

Transformation programs that are structurally reducing OpEx, including FTE reductions and customer service efficiencies, are likely to compound over time, expanding EBITDA margins and supporting a higher, more sustainable free cash flow run rate.

Read the complete narrative.

Want to understand why this narrative supports a higher value for Telenor? It leans on modest revenue growth, slimmer margins and a richer future earnings multiple. The tension between softer earnings forecasts and a higher implied P/E is the real story. The full breakdown shows exactly how those inputs combine to reach the NOK 164.35 fair value.

Result: Fair Value of NOK 164.35 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, Telenor’s story could change if competition in Nordics and Asia squeezes pricing, or if higher spectrum and network costs weigh on earnings and cash flow.

Find out about the key risks to this Telenor narrative.

Next Steps

If this mix of opportunities and risks around Telenor leaves you uncertain, move quickly from headline impressions to your own view with the 5 key rewards and 2 important warning signs

Looking for more investment ideas beyond Telenor?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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