Telenor ASA (TELNY)
OTHER OTC:TELNY
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Telenor ASA
(OTC:TELNY)
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Rating:57Neutral
Price Target:
$17.00
â–²(17.89% Upside)
Action:Downgraded
Date:04/29/26
The score is driven primarily by steady but constrained fundamentals (solid margins and ongoing cash generation tempered by weak revenue/FCF trends and leverage). Earnings-call commentary is supportive due to guidance and capital returns, but technical signals are notably bearish, and valuation is mixed (high dividend yield but negative P/E).
Positive Factors
Strong Free Cash Flow
Sustained, material free cash flow (NOK 12.9bn FY25) underpins durable financial flexibility: it funds dividends, buybacks, debt reduction and strategic M&A without relying on capital markets. Persistent FCF supports long-term shareholder returns and balance sheet resilience across cycles.
Negative Factors
Meaningful Leverage
A debt-heavy capital structure (debt>equity; ~2.2x leverage) limits strategic optionality and increases sensitivity to interest costs and cyclical cash-flow swings. Elevated leverage constrains investment agility and raises refinancing and covenant risks during tougher operating periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Free Cash Flow
Sustained, material free cash flow (NOK 12.9bn FY25) underpins durable financial flexibility: it funds dividends, buybacks, debt reduction and strategic M&A without relying on capital markets. Persistent FCF supports long-term shareholder returns and balance sheet resilience across cycles.
Read all positive factors
Telenor ASA (TELNY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$23.89B
Dividend Yield5.27%
Average Volume (3M)5.07K
Price to Earnings (P/E)7.1
Beta (1Y)0.03
Revenue Growth6.19%
EPS Growth82.05%
CountryUS
Employees10,867
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)10.35
Shares Outstanding1,368,350,000
10 Day Avg. Volume0
30 Day Avg. Volume5,072
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 Cap11.46
Enterprise Value/Revenue3.49
Enterprise Value/Gross Profit5.02
Enterprise Value/Ebitda6.34
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.1
Revenue Forecast (FY)$8.02B
Telenor ASA Business Overview & Revenue Model
Company Description
Telenor ASA (TELNY) is a leading telecommunications company headquartered in Norway, operating in multiple markets across Scandinavia, Eastern Europe, and Asia. The company provides a wide range of services including mobile and fixed-line telecomm...
How the Company Makes Money
Telenor primarily makes money by selling subscription-based connectivity services. The largest revenue stream typically comes from mobile services: customers pay recurring monthly fees for postpaid plans (bundling voice, SMS, and data) and usage-b...
Telenor ASA Earnings Call Summary
Earnings Call Date:Feb 06, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 16, 2026
Earnings Call Sentiment Positive
The call presented a broadly positive performance: Telenor delivered on 2025 guidance with strong adjusted EBITDA growth, material free cash flow, improved ROCE and deleveraging, a proposed dividend increase and a significant NOK 15 billion buyback funded by proceeds from the True sale. Nordic operations were the main driver, showing healthy top-line and margin progress, while the Amp/IoT portfolio and the True transaction added clear value. Key challenges remain in Asia (Bangladesh currency and demand weakness), some accounting/timing effects that boosted reported EBITDA, competitive pressure and rising churn in Finland and other Nordic market promotional dynamics, near-term transformation and implementation costs, and risks to tower revenues from competitor infrastructure deals. On balance, the positive operational and capital allocation outcomes outweigh the identifiable headwinds, though management remains cautious on Bangladesh and expects variability in 2026 results.Positive Updates
Delivered on 2025 Outlook and Strong Operational Execution
Telenor confirmed it delivered on all parameters of its 2025 outlook, closing the year with strong operational momentum across the Nordics and Asia and disciplined execution, including clean exits from Pakistan and Allente and the announced sale of True.
Negative Updates
Asia Revenue and Currency Headwinds (Bangladesh)
Grameenphone delivered 3.4% organic service revenue growth in Q4 but NOK-reported amounts fell due to a 14% weakening of the Bangladeshi taka; underlying revenues and EBITDA were broadly flat year-on-year amid cautious consumer spending and tough price competition. Management retains modest near-term expectations for Bangladesh.
Read all updates
Q4-2025 Updates
Positive
Negative
Delivered on 2025 Outlook and Strong Operational Execution
Telenor confirmed it delivered on all parameters of its 2025 outlook, closing the year with strong operational momentum across the Nordics and Asia and disciplined execution, including clean exits from Pakistan and Allente and the announced sale of True.
Read all positive updates
Company Guidance
Guidance: For 2026 Telenor expects low single‑digit Nordic service revenue growth and mid‑single‑digit Nordic EBITDA growth, with Nordic CapEx-to-sales (ex leases) around 14% and significant quarter-to-quarter variability (tough Q2 comparables); group adjusted EBITDA is guided to low‑to‑mid single‑digit growth and group free cash flow before M&A (excluding dividends from associates and incremental spectrum) is expected at NOK 10–11 billion (back‑end loaded). Management notes ~NOK 550 million of national roaming wholesale revenue in 2025 that they expect to be roughly similar in 2026 but to fade by 2027, a leverage target range of 1.8–2.3x (year-end 2025 was 2.2x), and reiterated ROCE LTM of 9.2% (13.6% excl. associates). Recent FY25 and Q4 reference metrics include FY25 FCF before M&A NOK 12.9bn (including M&A NOK 17.3bn), Q4 FCF before M&A NOK 4.1bn, Q4 group service revenues NOK 15.3bn (+2.6% YoY), Q4 adjusted EBITDA NOK 8.6bn (+11.7%), Q4 adjusted EPS NOK 2.21, Q4 group CapEx/sales 15.5% (Nordics 17.2% Q4 / 14.3% FY). Capital allocation guidance: proposed ordinary dividend NOK 9.7/share, a NOK 15bn buyback (to be executed over three years and confirmed annually), and allocation of the first NOK 32bn True proceeds to NOK 15bn buyback, NOK 11.5bn to repay a EUR 1bn bond and NOK 6bn for the GlobalConnect Norway consumer fiber acquisition (with a remaining NOK 7bn from the second tranche to be decided later).Telenor ASA Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
55
Neutral
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 78.35B | 76.55B | 79.93B | 80.45B | 98.95B | 110.24B |
| Gross Profit | 54.58B | 59.30B | 62.20B | 61.40B | 72.55B | 81.06B |
| EBITDA | 43.17B | 37.23B | 46.23B | 22.89B | 39.39B | 39.45B |
| Net Income | 14.15B | 8.19B | 18.34B | 13.73B | 13.65B | 11.34B |
Balance Sheet | ||||||
| Total Assets | 221.58B | 221.59B | 229.58B | 218.38B | 239.25B | 225.74B |
| Cash, Cash Equivalents and Short-Term Investments | 57.06B | 17.16B | 10.77B | 20.86B | 10.26B | 15.60B |
| Total Debt | 97.07B | 100.65B | 101.62B | 102.19B | 118.52B | 131.40B |
| Total Liabilities | 140.61B | 144.83B | 147.04B | 147.95B | 174.88B | 194.25B |
| Stockholders Equity | 75.76B | 71.61B | 76.62B | 64.48B | 60.13B | 26.29B |
Cash Flow | ||||||
| Free Cash Flow | 17.48B | 19.29B | 18.10B | 14.39B | 19.92B | 22.82B |
| Operating Cash Flow | 29.32B | 31.22B | 31.48B | 29.12B | 39.22B | 42.27B |
| Investing Cash Flow | 20.65B | -9.84B | -11.49B | -18.30B | -23.14B | -17.23B |
| Financing Cash Flow | -11.76B | -15.20B | -29.39B | -1.53B | -23.98B | -27.90B |
Telenor ASA Technical Analysis
Positive
14.42
Price Trends
17.27
Positive
16.81
Positive
16.18
Positive
Market Momentum
-0.03
Negative
59.68
Neutral
94.11
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TELNY, the sentiment is Positive. The current price of 14.42 is below the 20-day moving average (MA) of 16.95, below the 50-day MA of 17.27, and below the 200-day MA of 16.18, indicating a bullish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 59.68 is Neutral, neither overbought nor oversold. The STOCH value of 94.11 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $22.42B | 26.59 | 9.28% | 5.03% | 10.34% | 17.26% | |
65 Neutral | $14.09B | 12.72 | 3.00% | 5.02% | -7.08% | -73.85% | |
64 Neutral | $17.24B | 324,222.53 | 13.00% | 6.14% | -6.44% | -27.87% | |
62 Neutral | $34.59B | -6.03 | -0.79% | 3.77% | 16.69% | 87.10% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
57 Neutral | $23.89B | 7.10 | 20.35% | 5.27% | 6.19% | 82.05% |
* Communication Services Sector Average
TELNY
Telenor ASA
17.63
2.83
19.10%
TLK
PT Telekomunikasi Indonesia Tbk
17.26
1.54
9.80%
SKM
Sk Telecom
37.14
16.60
80.82%
VIV
Telefonica Brasil
13.73
4.24
44.69%
VOD
Vodafone
15.15
5.21
52.45%
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.