TELENOR ASA (TEL.OL) Stock Fundamental Analysis
OSL:TEL • NO0010063308
172.65 NOK
+0.15 (+0.09%)
Last: Feb 26, 2026, 02:14 PM
Taking everything into account, TEL scores 5 out of 10 in our fundamental rating. TEL was compared to 31 industry peers in the Diversified Telecommunication Services industry. TEL scores excellent on profitability, but there are concerns on its financial health. TEL is valued correctly, but it does not seem to be growing.
1. Profitability
1.1 Basic Checks
- TEL had positive earnings in the past year.
- TEL had a positive operating cash flow in the past year.
- TEL had positive earnings in each of the past 5 years.
- TEL had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
- TEL has a Return On Assets (3.69%) which is in line with its industry peers.
- TEL's Return On Equity of 11.43% is fine compared to the rest of the industry. TEL outperforms 61.29% of its industry peers.
- With an excellent Return On Invested Capital value of 8.51%, TEL belongs to the best of the industry, outperforming 80.65% of the companies in the same industry.
- Measured over the past 3 years, the Average Return On Invested Capital for TEL is in line with the industry average of 8.25%.
- The last Return On Invested Capital (8.51%) for TEL is above the 3 year average (7.95%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.69% | ||
| ROE | 11.43% | ||
| ROIC | 8.51% |
ROA(3y)6%
ROA(5y)7.49%
ROE(3y)18.97%
ROE(5y)27.48%
ROIC(3y)7.95%
ROIC(5y)8.24%
1.3 Margins
- With a decent Profit Margin value of 10.21%, TEL is doing good in the industry, outperforming 74.19% of the companies in the same industry.
- In the last couple of years the Profit Margin of TEL has declined.
- The Operating Margin of TEL (23.73%) is better than 87.10% of its industry peers.
- TEL's Operating Margin has been stable in the last couple of years.
- With an excellent Gross Margin value of 78.07%, TEL belongs to the best of the industry, outperforming 80.65% of the companies in the same industry.
- TEL's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 23.73% | ||
| PM (TTM) | 10.21% | ||
| GM | 78.07% |
OM growth 3Y-0.78%
OM growth 5Y1.02%
PM growth 3Y-43.22%
PM growth 5Y-6.51%
GM growth 3Y0.28%
GM growth 5Y0.67%
2. Health
2.1 Basic Checks
- The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so TEL is still creating some value.
- Compared to 1 year ago, TEL has about the same amount of shares outstanding.
- Compared to 5 years ago, TEL has less shares outstanding
- TEL has a worse debt/assets ratio than last year.
2.2 Solvency
- The Debt to FCF ratio of TEL is 5.12, which is a neutral value as it means it would take TEL, 5.12 years of fcf income to pay off all of its debts.
- With an excellent Debt to FCF ratio value of 5.12, TEL belongs to the best of the industry, outperforming 80.65% of the companies in the same industry.
- TEL has a Debt/Equity ratio of 1.20. This is a high value indicating a heavy dependency on external financing.
- TEL has a Debt to Equity ratio of 1.20. This is comparable to the rest of the industry: TEL outperforms 51.61% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.2 | ||
| Debt/FCF | 5.12 | ||
| Altman-Z | N/A |
ROIC/WACC1.29
WACC6.6%
2.3 Liquidity
- A Current Ratio of 0.71 indicates that TEL may have some problems paying its short term obligations.
- TEL has a worse Current ratio (0.71) than 64.52% of its industry peers.
- TEL has a Quick Ratio of 0.71. This is a bad value and indicates that TEL is not financially healthy enough and could expect problems in meeting its short term obligations.
- With a Quick ratio value of 0.69, TEL is not doing good in the industry: 67.74% of the companies in the same industry are doing better.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.71 | ||
| Quick Ratio | 0.69 |
3. Growth
3.1 Past
- TEL shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -38.57%.
- Measured over the past years, TEL shows a decrease in Earnings Per Share. The EPS has been decreasing by -5.48% on average per year.
- The Revenue has been growing slightly by 0.30% in the past year.
- The Revenue has been decreasing by -7.95% on average over the past years.
EPS 1Y (TTM)-38.57%
EPS 3Y-7.97%
EPS 5Y-5.48%
EPS Q2Q%44.07%
Revenue 1Y (TTM)0.3%
Revenue growth 3Y-0.14%
Revenue growth 5Y-7.95%
Sales Q2Q%-3.19%
3.2 Future
- TEL is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 12.07% yearly.
- TEL is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 0.86% yearly.
EPS Next Y22.26%
EPS Next 2Y16.68%
EPS Next 3Y7.73%
EPS Next 5Y12.07%
Revenue Next Year-1.71%
Revenue Next 2Y-0.04%
Revenue Next 3Y0.49%
Revenue Next 5Y0.86%
3.3 Evolution
- When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
- The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
- Based on the Price/Earnings ratio of 20.95, the valuation of TEL can be described as rather expensive.
- The rest of the industry has a similar Price/Earnings ratio as TEL.
- TEL is valuated rather cheaply when we compare the Price/Earnings ratio to 27.05, which is the current average of the S&P500 Index.
- Based on the Price/Forward Earnings ratio of 17.14, the valuation of TEL can be described as rather expensive.
- The rest of the industry has a similar Price/Forward Earnings ratio as TEL.
- When comparing the Price/Forward Earnings ratio of TEL to the average of the S&P500 Index (28.03), we can say TEL is valued slightly cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 20.95 | ||
| Fwd PE | 17.14 |
4.2 Price Multiples
- Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of TEL is on the same level as its industry peers.
- TEL's Price/Free Cash Flow is on the same level as the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 11.88 | ||
| EV/EBITDA | 8.81 |
4.3 Compensation for Growth
- TEL's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
- TEL has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)0.94
PEG (5Y)N/A
EPS Next 2Y16.68%
EPS Next 3Y7.73%
5. Dividend
5.1 Amount
- TEL has a Yearly Dividend Yield of 5.51%, which is a nice return.
- TEL's Dividend Yield is a higher than the industry average which is at 3.06.
- Compared to an average S&P500 Dividend Yield of 1.80, TEL pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.51% |
5.2 History
- The dividend of TEL has a limited annual growth rate of 2.13%.
Dividend Growth(5Y)2.13%
Div Incr Years0
Div Non Decr Years0
5.3 Sustainability
- TEL pays out 160.48% of its income as dividend. This is not a sustainable payout ratio.
- TEL's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP160.48%
EPS Next 2Y16.68%
EPS Next 3Y7.73%
OSL:TEL (2/26/2026, 2:14:08 PM)
172.65
+0.15 (+0.09%)
Chartmill FA Rating
GICS SectorCommunication Services
GICS IndustryGroupTelecommunication Services
GICS IndustryDiversified Telecommunication Services
Earnings (Last)02-06 2026-02-06/bmo
Earnings (Next)04-28 2026-04-28
Inst Owners35.72%
Inst Owner ChangeN/A
Ins Owners0.03%
Ins Owner ChangeN/A
Market Cap236.25B
Revenue(TTM)80.17B
Net Income(TTM)8.19B
Analysts72.5
Price Target173.94 (0.75%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.51% |
Yearly Dividend9.6
Dividend Growth(5Y)2.13%
DP160.48%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-9.63%
Min EPS beat(2)-28%
Max EPS beat(2)8.75%
EPS beat(4)3
Avg EPS beat(4)1.33%
Min EPS beat(4)-28%
Max EPS beat(4)15.1%
EPS beat(8)6
Avg EPS beat(8)56.76%
EPS beat(12)7
Avg EPS beat(12)24.96%
EPS beat(16)10
Avg EPS beat(16)31.32%
Revenue beat(2)0
Avg Revenue beat(2)-1.56%
Min Revenue beat(2)-1.71%
Max Revenue beat(2)-1.41%
Revenue beat(4)1
Avg Revenue beat(4)-1.09%
Min Revenue beat(4)-1.71%
Max Revenue beat(4)0.3%
Revenue beat(8)1
Avg Revenue beat(8)-1.64%
Revenue beat(12)4
Avg Revenue beat(12)-0.89%
Revenue beat(16)6
Avg Revenue beat(16)-3.16%
PT rev (1m)1.12%
PT rev (3m)-0.24%
EPS NQ rev (1m)33.69%
EPS NQ rev (3m)26.56%
EPS NY rev (1m)0%
EPS NY rev (3m)-2.6%
Revenue NQ rev (1m)-0.69%
Revenue NQ rev (3m)-5.87%
Revenue NY rev (1m)-3.53%
Revenue NY rev (3m)-4.06%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 20.95 | ||
| Fwd PE | 17.14 | ||
| P/S | 2.95 | ||
| P/FCF | 11.88 | ||
| P/OCF | 7.57 | ||
| P/B | 3.3 | ||
| P/tB | 6.67 | ||
| EV/EBITDA | 8.81 |
EPS(TTM)8.24
EY4.77%
EPS(NY)10.07
Fwd EY5.83%
FCF(TTM)14.53
FCFY8.42%
OCF(TTM)22.82
OCFY13.22%
SpS58.59
BVpS52.34
TBVpS25.88
PEG (NY)0.94
PEG (5Y)N/A
Graham Number98.51
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.69% | ||
| ROE | 11.43% | ||
| ROCE | 10.78% | ||
| ROIC | 8.51% | ||
| ROICexc | 9.42% | ||
| ROICexgc | 12.19% | ||
| OM | 23.73% | ||
| PM (TTM) | 10.21% | ||
| GM | 78.07% | ||
| FCFM | 24.8% |
ROA(3y)6%
ROA(5y)7.49%
ROE(3y)18.97%
ROE(5y)27.48%
ROIC(3y)7.95%
ROIC(5y)8.24%
ROICexc(3y)8.8%
ROICexc(5y)9.03%
ROICexgc(3y)11.31%
ROICexgc(5y)11.7%
ROCE(3y)10.07%
ROCE(5y)10.43%
ROICexgc growth 3Y2.96%
ROICexgc growth 5Y-5.31%
ROICexc growth 3Y2.26%
ROICexc growth 5Y-5.25%
OM growth 3Y-0.78%
OM growth 5Y1.02%
PM growth 3Y-43.22%
PM growth 5Y-6.51%
GM growth 3Y0.28%
GM growth 5Y0.67%
F-Score7
Asset Turnover0.36
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.2 | ||
| Debt/FCF | 5.12 | ||
| Debt/EBITDA | 2.36 | ||
| Cap/Depr | 65.52% | ||
| Cap/Sales | 14.14% | ||
| Interest Coverage | 7.22 | ||
| Cash Conversion | 85.95% | ||
| Profit Quality | 242.93% | ||
| Current Ratio | 0.71 | ||
| Quick Ratio | 0.69 | ||
| Altman-Z | N/A |
F-Score7
WACC6.6%
ROIC/WACC1.29
Cap/Depr(3y)76.18%
Cap/Depr(5y)74.01%
Cap/Sales(3y)16.95%
Cap/Sales(5y)20.41%
Profit Quality(3y)148.8%
Profit Quality(5y)394.85%
High Growth Momentum
Growth
EPS 1Y (TTM)-38.57%
EPS 3Y-7.97%
EPS 5Y-5.48%
EPS Q2Q%44.07%
EPS Next Y22.26%
EPS Next 2Y16.68%
EPS Next 3Y7.73%
EPS Next 5Y12.07%
Revenue 1Y (TTM)0.3%
Revenue growth 3Y-0.14%
Revenue growth 5Y-7.95%
Sales Q2Q%-3.19%
Revenue Next Year-1.71%
Revenue Next 2Y-0.04%
Revenue Next 3Y0.49%
Revenue Next 5Y0.86%
EBIT growth 1Y5.04%
EBIT growth 3Y-0.92%
EBIT growth 5Y-7.01%
EBIT Next Year92.24%
EBIT Next 3Y26.23%
EBIT Next 5Y16.1%
FCF growth 1Y9.87%
FCF growth 3Y9.22%
FCF growth 5Y-4.34%
OCF growth 1Y-0.82%
OCF growth 3Y-7.32%
OCF growth 5Y-6.55%
TELENOR ASA / TEL.OL FAQ
Can you provide the ChartMill fundamental rating for TELENOR ASA?
ChartMill assigns a fundamental rating of 5 / 10 to TEL.OL.
What is the valuation status for TEL stock?
ChartMill assigns a valuation rating of 4 / 10 to TELENOR ASA (TEL.OL). This can be considered as Fairly Valued.
Can you provide the profitability details for TELENOR ASA?
TELENOR ASA (TEL.OL) has a profitability rating of 7 / 10.
Can you provide the PE and PB ratios for TEL stock?
The Price/Earnings (PE) ratio for TELENOR ASA (TEL.OL) is 20.95 and the Price/Book (PB) ratio is 3.3.
How sustainable is the dividend of TELENOR ASA (TEL.OL) stock?
The dividend rating of TELENOR ASA (TEL.OL) is 6 / 10 and the dividend payout ratio is 160.48%.