Telenor ASA

OB:TEL Stock Report

Market Cap: NOK 181.1b

Telenor Valuation

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

Valuation Score

1/6

Valuation Score 1/6

  • 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 TEL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TEL (NOK132.4) is trading below our estimate of fair value (NOK151.39)

Significantly Below Fair Value: TEL is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

TEL key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue3.4x
Enterprise Value/EBITDA10.5x
PEG Ratio-17.4x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for TEL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average15.5x
BT.A BT Group
17.5x14.6%UK£13.4b
KPN Koninklijke KPN
17.3x6.8%€13.8b
TLKM Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia
11.3x7.8%Rp255.6t
VIVT3 Telefônica Brasil
15.8x14.4%R$85.3b
TEL Telenor
18.7x-1.1%NOK 181.1b

Price-To-Earnings vs Peers: TEL is expensive based on its Price-To-Earnings Ratio (18.7x) compared to the peer average (15.5x).

Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a19.2%
 n/an/an/a
No. of CompaniesPE048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a19.2%
 n/an/an/a
No more companies

Price-To-Earnings vs Industry: TEL is expensive based on its Price-To-Earnings Ratio (18.7x) compared to the European Telecom industry average (18.6x).

Price to Earnings Ratio vs Fair Ratio

What is TEL'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.

TEL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio18.7x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate TEL'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 TEL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 132.40
NOK 149.05
+12.6%
11.4%NOK 180.00NOK 110.00n/a19
Nov ’25NOK 137.60
NOK 149.32
+8.5%
11.5%NOK 180.00NOK 110.00n/a19
Oct ’25NOK 135.90
NOK 141.74
+4.3%
11.8%NOK 170.00NOK 110.00n/a19
Sep ’25NOK 131.50
NOK 140.37
+6.7%
12.7%NOK 165.00NOK 95.00n/a19
Aug ’25NOK 130.00
NOK 139.83
+7.6%
13.0%NOK 165.00NOK 95.00n/a18
Jul ’25NOK 122.60
NOK 139.67
+13.9%
12.7%NOK 165.00NOK 95.00n/a18
Jun ’25NOK 122.40
NOK 139.28
+13.8%
13.5%NOK 165.00NOK 95.00n/a18
May ’25NOK 127.90
NOK 138.50
+8.3%
13.6%NOK 165.00NOK 95.00n/a18
Apr ’25NOK 120.75
NOK 135.17
+11.9%
14.1%NOK 165.00NOK 95.00n/a18
Mar ’25NOK 116.20
NOK 132.06
+13.6%
15.7%NOK 165.00NOK 92.00n/a18
Feb ’25NOK 116.80
NOK 131.17
+12.3%
15.4%NOK 170.00NOK 92.00n/a18
Jan ’25NOK 116.60
NOK 130.17
+11.6%
15.8%NOK 170.00NOK 92.00n/a18
Dec ’24NOK 117.05
NOK 127.61
+9.0%
16.5%NOK 165.00NOK 92.00n/a18
Nov ’24NOK 115.30
NOK 128.05
+11.1%
16.4%NOK 165.00NOK 92.00NOK 137.6019
Oct ’24NOK 121.50
NOK 129.74
+6.8%
16.5%NOK 160.00NOK 88.00NOK 135.9019
Sep ’24NOK 114.60
NOK 128.16
+11.8%
16.2%NOK 157.00NOK 88.00NOK 131.5019
Aug ’24NOK 107.65
NOK 130.21
+21.0%
15.7%NOK 157.00NOK 90.00NOK 130.0019
Jul ’24NOK 108.80
NOK 131.63
+21.0%
15.3%NOK 155.00NOK 90.00NOK 122.6019
Jun ’24NOK 113.65
NOK 131.16
+15.4%
16.0%NOK 155.00NOK 90.00NOK 122.4019
May ’24NOK 132.95
NOK 129.11
-2.9%
17.8%NOK 160.00NOK 86.00NOK 127.9018
Apr ’24NOK 122.70
NOK 123.47
+0.6%
17.1%NOK 160.00NOK 86.00NOK 120.7519
Mar ’24NOK 117.90
NOK 123.16
+4.5%
17.3%NOK 160.00NOK 84.00NOK 116.2019
Feb ’24NOK 104.00
NOK 120.79
+16.1%
20.1%NOK 170.00NOK 80.00NOK 116.8019
Jan ’24NOK 91.60
NOK 123.67
+35.0%
21.2%NOK 170.00NOK 80.00NOK 116.6018
Dec ’23NOK 95.94
NOK 126.06
+31.4%
19.7%NOK 170.00NOK 82.00NOK 117.0518
Nov ’23NOK 95.04
NOK 127.50
+34.2%
18.7%NOK 170.00NOK 85.00NOK 115.3018

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

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