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Norwegian telecom operator providing mobile and broadband services across the Nordics and parts of Asia.
Norwegian telecom operator providing mobile and broadband services across the Nordics and parts of Asia.
Earns monthly subscription fees from mobile and broadband customers, with the Nordic markets the steadier base and stakes in operators in Bangladesh, Malaysia and Thailand adding growth. It has pulled out of Myanmar and agreed to leave Pakistan, and the Norwegian state holds the majority of its shares.
Moat: narrow (installed base, regulatory licence, scale). Spectrum licenses and network infrastructure across Nordic and Asian markets, amid rational competition at home.
Headquarters: Fornebu, Norway · Founded: 1855 · Employees: 10,000
Size Telenor (TEL.OL) is a Norway Communication Services company (Major Telecommunications) with a market value of $19.8B, the 5th largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 134.50 on 6 Nov 2026.
Performance Over six months the shares fell 14.2%, against -5.9% for the median peer and +2.7% for the Norway market (cap-weighted) — 4th lowest of 17 in its peer set.
Growth Revenue fell 7.5% over the last twelve months (peer median +1.9%); the operating margin is 23.7% (peer median 14.1%).
Valuation It trades at 13.5× forward earnings against a peer median of 16.8× (7th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is -8%, so the hurdle is +0 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.0 points above its cost of capital (5.6% WACC).
Credit Telenor has 11 bonds outstanding ($6.16B), rated A- by the agencies and trading like A+ at a weighted spread of 83 bp.
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 74.8B | NOK 76.5B | NOK 75.5B | NOK 80.5B | NOK 76.9B |
| Revenue growth | — | +1% | -6% | +5% | — |
| Gross profit | NOK 32.2B | NOK 33.2B | NOK 32.6B | NOK 34.9B | NOK 32.7B |
| EBITDA | NOK 33.4B | NOK 34.5B | NOK 33.2B | NOK 34.6B | NOK 33.8B |
| Net income | NOK 22.9B | NOK 11.3B | NOK 18.6B | -NOK 4.86B | NOK 13.7B |
| Free cash flow | NOK 17.6B | NOK 19.3B | NOK 18.1B | NOK 14.4B | NOK 19.9B |
| Capital expenditure | NOK 11.4B | NOK 11.9B | NOK 13.4B | NOK 14.7B | NOK 19.3B |
| Total debt | NOK 83.6B | NOK 102B | NOK 102B | NOK 105B | NOK 123B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Telenor TEL.OL | $19.8B | -14% | -7% | 24% | 13.5× | -7.7% |
| Telia TELIA.ST | $19.2B | 0% | 0% | 18% | 21.1× | -1.1% |
| Tele2 TEL2-A.ST | $11.2B | -14% | +2% | 24% | 10.7× | -2.4% |
| Vodafone Group Public VOD.L | $36.3B | +4% | +11% | 10% | 12.1× | 4.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TEL.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.7% | +5.3% | 8th highest of 17 |
| 6-month return | -14.2% | -5.9% | 4th lowest of 17 |
| Distance from 52-week high | -24.7% | -17.0% | 2nd lowest of 17 |
| Revenue growth (TTM) | -7.5% | +1.9% | 3rd lowest of 17 |
| Operating margin | 23.7% | 14.1% | 4th highest of 17 |
| Forward P/E | 13.5× | 16.8× | 7th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -7.7% | -0.2% | 4th least demanding of 17 |
| Growth delivered (Del g) | -8.0% | +2.6% | lowest of 17 |
| Hurdle (Req g minus delivered) | +0.2 pp | -3.5 pp | 5th most demanding of 17 |
| ROIC minus cost of capital | +6.0 pp | +1.3 pp | 3rd highest of 17 |
| EV / EBITDA | 6.8× | 8.6× | 4th cheapest of 14 |
| Net debt / EBITDA | 1.2× | 2.5× | 2nd least indebted of 14 |
| Bond spread | 83 bp | 79 bp | 3rd widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Telenor TEL.OL | Norway | $19.8B | -14% | -7% | 24% | 13.5× | -7.7% | -8.0% |
| BCE BCE.TO | Canada | $20.3B | -9% | +2% | 22% | 12.3× | -0.9% | +1.3% |
| China United Network Communications 600050.SS | China | $20.4B | -1% | 0% | 2% | 17.9× | -14.9% | +5.2% |
| Royal KPN KPN.AS | Netherlands | $18.6B | -4% | +2% | 24% | 18.2× | -2.5% | +1.9% |
| China Unicom 0762.HK | Hong Kong | $21.3B | -26% | +4% | 2% | 8.2× | -8.3% | +4.5% |
| BT Group plc BT.A.L | United Kingdom | $28.8B | -8% | -4% | 17% | 12.2× | 4.3% | -1.7% |
| Quebecor QBR-B.TO | Canada | $12.3B | +36% | +3% | 27% | 16.8× | 0.4% | +5.6% |
| HKT Trust and HKT 6823.HK | Hong Kong | $11.9B | -2% | +7% | 22% | 16.8× | -3.1% | +2.4% |
| Tele2 TEL2-A.ST | Sweden | $11.2B | -14% | +2% | 24% | 10.7× | -2.4% | +2.4% |
| Chunghwa Telecom 2412.TW | Taiwan | $38.4B | +20% | -10% | 20% | 30.1× | 7.4% | +2.6% |
| KT 030200.KS | South Korea | $9.46B | -12% | +9% | 7% | 9.0× | -4.1% | +3.4% |
| Swisscom SCMN.SW | Switzerland | $45.7B | +7% | +14% | 16% | 26.1× | 3.7% | +6.3% |
| Singapore Telecommunications Z74.SI | Singapore | $52.2B | -14% | +1% | 8% | 21.7× | 21.5% | -1.8% |
| United Internet UTDI.DE | Germany | $5.17B | -9% | -8% | 9% | 15.5× | 1.4% | +2.7% |
| LG Uplus 032640.KS | South Korea | $5.17B | +6% | 0% | 7% | 9.8× | -17.5% | +2.9% |
| Tata Communications TATACOMM.NS | India | $5.15B | +7% | +9% | 8% | 30.9× | 34.1% | +7.7% |
| PCCW 0008.HK | Hong Kong | $5.04B | -17% | +7% | 13% | 46.4× | 1.2% | +2.3% |
Telenor has 11 bonds outstanding with $6.16B face value. The agencies rate it A-; its bonds trade like A+. Weighted yield 3.86%, a spread of 83 bp over government bonds.