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Telenor ASA
(OTC:TELNY)
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Rating:66Neutral
Price Target:
$14.50
â–²(5.53% Upside)
Action:Reiterated
Date:07/17/26
The score is driven primarily by solid financial quality (strong profitability and improved earnings, but pressured by weak revenue growth, leverage, and middling cash conversion). Valuation is a key positive (moderate P/E and high yield), while technicals are a notable drag due to a clear downtrend and negative momentum. The latest earnings call adds a cautious overlay after a guidance downgrade, though strategic transactions and planned savings provide longer-term support.
Positive Factors
Nordic broadband scale via M&A
The planned acquisitions materially deepen fixed broadband scale and customer density in the Nordics, strengthening recurring revenue pools and network assets. Larger scale enables cross-sell, network cost efficiencies and predictable cash flows, improving structural competitiveness over years.
Negative Factors
Elevated leverage
Material leverage for a mature telecom reduces financial flexibility and raises vulnerability to interest-rate or earnings shocks. Ongoing capex and transformation spending means debt levels could constrain strategic optionality and increase refinancing or covenant risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Nordic broadband scale via M&A
The planned acquisitions materially deepen fixed broadband scale and customer density in the Nordics, strengthening recurring revenue pools and network assets. Larger scale enables cross-sell, network cost efficiencies and predictable cash flows, improving structural competitiveness over years.
Read all positive factors
Telenor ASA (TELNY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$19.24B
Dividend Yield6.99%
Average Volume (3M)20.10K
Price to Earnings (P/E)14.1
Beta (1Y)0.08
Revenue Growth3.84%
EPS Growth58.08%
CountryUS
Employees10,000
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)9.48
Shares Outstanding1,368,350,000
10 Day Avg. Volume0
30 Day Avg. Volume20,100
Financial Highlights & Ratios
PEG Ratio-0.43
Price to Book (P/B)2.82
Price to Sales (P/S)2.63
P/FCF Ratio10.45
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.09
Revenue Forecast (FY)$7.75B
Telenor ASA Business Overview & Revenue Model
Company Description
Telenor ASA engages in the provision of telecommunications, data, and media services. It operates through the following segments: Nordics, Asia, Infrastructure, Amp, and Other. The Nordics segment focuses on mobile and fixed operations in Norway, ...
How the Company Makes Money
Telenor makes money primarily by charging customers for connectivity and telecom-related services. The largest revenue stream is generally service revenue from mobile subscriptions, where customers pay recurring monthly fees (postpaid) or usage-ba...
Telenor ASA Earnings Call Summary
Earnings Call Date:Jul 16, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Neutral
The call presents a balanced picture: near-term financials were soft with headline revenue and EBITDA declines, a guidance downgrade and clear short-term costs from large-scale IT and transformation activity. Offsetting these weaknesses are substantial strategic and operational positives — significant Nordic M&A to materially increase fixed-market scale, a NOK 4 billion IoT transaction expected to close in Q3, defense contract traction, healthy free cash flow, a strong balance sheet and a clear pipeline of cost savings that should materialize from 2027 onwards. Given the mix of meaningful strategic progress and clear near-term financial headwinds, the tone is constructive but cautious.Positive Updates
Strategic Nordic M&A and Broadband Expansion
Announced and progressed multiple Nordic deals that materially strengthen fixed broadband scale: GlobalConnect approval and three broadband deals expected to add ~NOK 3.5 billion in revenues and ~NOK 750 million in annual synergies from 2030; announced acquisition of Bahnhof to increase Swedish fixed market share from ~15% to ~27% and add ~500,000 consumer fiber customers, strong B2B position and secure infrastructure assets.
Negative Updates
Headline Group Revenue and EBITDA Declines
Group service revenues were NOK 14.7 billion, down ~0.7% YoY; adjusted EBITDA ~NOK 8.0 billion, down ~4.8% YoY. Adjusted EPS was NOK 1.94, down ~12% YoY.
Read all updates
Q2-2026 Updates
Positive
Negative
Strategic Nordic M&A and Broadband Expansion
Announced and progressed multiple Nordic deals that materially strengthen fixed broadband scale: GlobalConnect approval and three broadband deals expected to add ~NOK 3.5 billion in revenues and ~NOK 750 million in annual synergies from 2030; announced acquisition of Bahnhof to increase Swedish fixed market share from ~15% to ~27% and add ~500,000 consumer fiber customers, strong B2B position and secure infrastructure assets.
Read all positive updates
Company Guidance
Telenor updated its 2026 guidance to reflect a softer Q2: for Telenor Nordics it now expects organic growth in both service revenues and adjusted EBITDA of flat to low single‑digit, with Nordics CapEx-to-sales around 14% for the year; for the group the outlook is for flat to slightly negative organic growth in adjusted EBITDA (with Bangladesh a key sensitivity) and group CapEx-to-sales around the Q2 level of ~14.5%. The guidance excludes prior‑period items such as the TV VAT provision and factors in technical impacts (loss of procurement revenue from True, expected deconsolidation of Telenor Connexion from September) as well as one‑off cash items including ~NOK 4.0bn in IoT proceeds expected in Q3 and announced broadband deals that add ~NOK 3.5bn in revenues and ~NOK 750m annual synergies from 2030. Management flags near‑term OpEx headwinds from peak 2026 transformation and dual IT runs (with savings such as ~NOK 0.3bn annual OpEx from 2027 and average annual Nordic OpEx reductions of ~‑2% from 2025–2028 becoming visible from late Q4 into 2027–28); balance‑sheet and cash metrics at end‑June included net interest‑bearing debt NOK 51.5bn, leverage 1.4x and Q2 free cash flow before M&A NOK 1.8bn.Telenor ASA Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
62
Positive
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 76.17B | 76.55B | 79.93B | 80.45B | 98.95B | 110.24B |
| Gross Profit | 52.54B | 59.30B | 62.20B | 61.40B | 72.55B | 81.06B |
| EBITDA | 41.43B | 37.23B | 46.23B | 22.89B | 39.39B | 39.45B |
| Net Income | 12.95B | 8.19B | 18.34B | 13.73B | 13.65B | 11.34B |
Balance Sheet | ||||||
| Total Assets | 205.97B | 221.59B | 229.51B | 218.38B | 239.25B | 225.74B |
| Cash, Cash Equivalents and Short-Term Investments | 40.13B | 16.78B | 10.70B | 20.86B | 10.26B | 15.60B |
| Total Debt | 87.25B | 100.65B | 101.62B | 102.19B | 118.52B | 131.40B |
| Total Liabilities | 137.89B | 144.83B | 147.04B | 147.95B | 174.88B | 194.25B |
| Stockholders Equity | 62.98B | 71.61B | 76.62B | 64.48B | 60.13B | 26.29B |
Cash Flow | ||||||
| Free Cash Flow | 17.18B | 19.29B | 18.10B | 14.39B | 19.92B | 22.82B |
| Operating Cash Flow | 28.46B | 31.22B | 31.48B | 29.12B | 39.22B | 42.27B |
| Investing Cash Flow | 21.98B | -9.84B | -11.49B | -18.30B | -23.14B | -17.23B |
| Financing Cash Flow | -23.98B | -15.20B | -29.39B | -1.53B | -23.98B | -27.90B |
Telenor ASA Technical Analysis
Neutral
13.74
Price Trends
14.85
Negative
15.85
Negative
15.60
Negative
Market Momentum
-0.21
Negative
47.21
Neutral
66.05
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TELNY, the sentiment is Neutral. The current price of 13.74 is below the 20-day moving average (MA) of 14.12, below the 50-day MA of 14.85, and below the 200-day MA of 15.60, indicating a neutral trend. The MACD of -0.21 indicates Negative momentum. The RSI at 47.21 is Neutral, neither overbought nor oversold. The STOCH value of 66.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TELNY.
Telenor ASA Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $20.67B | 15.84 | 9.70% | 5.69% | 16.10% | 24.13% | |
71 Outperform | $14.49B | 15.18 | 11.99% | 8.52% | -3.37% | -27.49% | |
66 Neutral | $19.24B | 14.08 | 18.74% | 7.18% | 3.84% | 58.08% | |
62 Neutral | $12.03B | 54.50 | 3.00% | 1.78% | -7.08% | -73.85% | |
62 Neutral | $36.57B | -69.93 | -0.79% | 3.59% | 16.69% | 87.12% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% |
* Communication Services Sector Average
TELNY
Telenor ASA
14.18
-0.82
-5.47%
TLK
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SKM
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35.67
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59.24%
VIV
Telefonica Brasil
12.08
0.61
5.29%
VOD
Vodafone
16.00
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47.63%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.