Financials Telenor ASA OTC Markets

Equities

TELN.F

NO0010063308

Wireless Telecommunications Services

Market Closed - OTC Markets Other stock markets 10:10:16 2024-07-01 am EDT			5-day change	1st Jan Change
11.51 ^USD	+0.05%		+0.05%	-0.78%

Jul. 02	Sensorita AS announced that it has received $3.25 million in funding from Telenor ASA, Brick & Mortar Ventures	CI
Jun. 27	Tele2 Secures Loan from the European Investment Bank	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	223,998	201,293	193,965	128,146	161,417	165,516	-	-
Enterprise Value (EV) ¹	307,098	311,693	294,748	226,021	241,198	247,378	248,432	243,727
P/E ratio	26.7 x	11.8 x	127 x	2.85 x	11.8 x	8.82 x	15.2 x	13.7 x
Yield	5.53%	6.17%	6.71%	10.3%	8.06%	7.9%	7.98%	8.12%
Capitalization / Revenue	1.97 x	1.64 x	1.76 x	1.3 x	2.01 x	2.03 x	2 x	1.97 x
EV / Revenue	2.7 x	2.54 x	2.67 x	2.28 x	3 x	3.04 x	3.01 x	2.91 x
EV / EBITDA	6.77 x	5.51 x	6 x	5.33 x	6.98 x	6.97 x	6.8 x	6.48 x
EV / FCF	38.6 x	13.8 x	12.9 x	11.3 x	16.8 x	24.5 x	17.6 x	17.5 x
FCF Yield	2.59%	7.25%	7.74%	8.82%	5.97%	4.08%	5.68%	5.72%
Price to Book	5.85 x	5.33 x	7.38 x	2.13 x	2.5 x	2.45 x	2.56 x	2.66 x
Nbr of stocks (in thousands)	1,422,663	1,379,663	1,399,458	1,398,973	1,384,365	1,367,898	-	-
Reference price ²	157.4	145.9	138.6	91.60	116.6	121.0	121.0	121.0
Announcement Date	1/29/20	2/2/21	2/2/22	2/2/23	2/7/24	-	-	-

¹NOK in Million²NOK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	113,935	122,811	110,241	98,953	80,452	81,401	82,642	83,864
EBITDA ¹	45,358	56,520	49,162	42,374	34,564	35,491	36,512	37,604
EBIT ¹	25,707	27,463	23,294	19,105	16,964	19,352	19,975	21,180
Operating Margin	22.56%	22.36%	21.13%	19.31%	21.09%	23.77%	24.17%	25.26%
Earnings before Tax (EBT) ¹	21,906	25,641	17,084	10,732	1,097	20,952	18,069	19,681
Net income ¹	8,489	17,341	1,528	44,913	13,734	18,893	11,085	12,075
Net margin	7.45%	14.12%	1.39%	45.39%	17.07%	23.21%	13.41%	14.4%
EPS ²	5.890	12.32	1.090	32.09	9.900	13.72	7.984	8.804
Free Cash Flow ¹	7,947	22,596	22,825	19,924	14,392	10,102	14,123	13,939
FCF margin	6.98%	18.4%	20.7%	20.13%	17.89%	12.41%	17.09%	16.62%
FCF Conversion (EBITDA)	17.52%	39.98%	46.43%	47.02%	41.64%	28.46%	38.68%	37.07%
FCF Conversion (Net income)	93.62%	130.3%	1,493.78%	44.36%	104.79%	53.47%	127.4%	115.43%
Dividend per Share ²	8.700	9.000	9.300	9.400	9.400	9.561	9.650	9.820
Announcement Date	1/29/20	2/2/21	2/2/22	2/2/23	2/7/24	-	-	-

¹NOK in Million²NOK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	28,154	27,009	28,036	28,428	25,402	19,187	20,224	20,108	20,934	19,457	20,606	20,750	21,270	-	-
EBITDA ¹	11,743	11,660	12,501	13,059	10,146	8,078	8,767	9,103	8,467	8,505	9,015	9,443	8,594	-	-
EBIT ¹	5,294	5,300	5,944	6,620	4,272	3,834	4,374	4,987	3,769	5,631	4,865	5,376	4,419	-	-
Operating Margin	18.8%	19.62%	21.2%	23.29%	16.82%	19.98%	21.63%	24.8%	18%	28.94%	23.61%	25.91%	20.78%	-	-
Earnings before Tax (EBT) ¹	2,975	6,537	222	3,256	3,283	-50	2,288	4,567	-5,708	12,858	4,203	4,784	3,992	3,879	4,353
Net income ¹	587	6,570	-1,113	1,549	37,906	18,146	821	2,451	-7,683	11,560	2,419	2,920	2,632	2,412	2,660
Net margin	2.08%	24.33%	-3.97%	5.45%	149.22%	94.57%	4.06%	12.19%	-36.7%	59.41%	11.74%	14.07%	12.38%	-	-
EPS ²	0.4200	4.690	-0.8000	1.110	27.09	13.01	0.5900	1.770	-5.550	8.350	1.447	2.014	1.601	1.763	1.944
Dividend per Share ²	5.300	-	4.300	-	5.100	-	-	-	4.400	-	6.518	-	2.983	-	5.000
Announcement Date	2/2/22	5/2/22	7/18/22	10/26/22	2/2/23	5/4/23	7/19/23	10/25/23	2/7/24	4/30/24	-	-	-	-	-

¹NOK in Million²NOK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	83,100	110,400	100,783	97,875	79,781	81,863	82,916	78,211
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.832 x	1.953 x	2.05 x	2.31 x	2.308 x	2.307 x	2.271 x	2.08 x
Free Cash Flow ¹	7,947	22,596	22,825	19,924	14,392	10,102	14,123	13,939
ROE (net income / shareholders' equity)	29.6%	36.5%	29.4%	30.1%	6.13%	18.9%	16.6%	19.2%
ROA (Net income/ Total Assets)	6.31%	5.52%	0.63%	19.3%	6%	5.95%	5.13%	5.82%
Assets ¹	134,456	314,171	241,124	232,494	228,813	317,340	216,018	207,508
Book Value Per Share ²	26.90	27.40	18.80	43.00	46.60	49.40	47.20	45.50
Cash Flow per Share ²	20.70	31.30	30.20	28.00	21.00	22.30	21.80	21.80
Capex ¹	18,075	21,440	19,447	19,298	14,728	13,857	12,957	12,121
Capex / Sales	15.86%	17.46%	17.64%	19.5%	18.31%	17.02%	15.68%	14.45%
Announcement Date	1/29/20	2/2/21	2/2/22	2/2/23	2/7/24	-	-	-

¹NOK in Million²NOK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Telenor ASA

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

121 NOK

Average target price

139.7 NOK

Spread / Average Target

+15.43%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Other Wireless Telecommunications Services