Financials Telenor ASA

Equities

TEL

NO0010063308

Wireless Telecommunications Services

Market Closed - Oslo Bors Other stock markets 10:45:00 2024-05-10 am EDT			5-day change	1st Jan Change
126.3 ^NOK	+0.96%		-2.40%	+8.32%

Apr. 30	Global markets live: Adidas, Mercedes, McDonalds, Eli Lilly, PayPal, MicroStrategy, Tesla...
Apr. 30	TELENOR : A strong Q1 and shareholder remuneration at 9.7%

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	223,998	201,293	193,965	128,146	161,417	174,854	-	-
Enterprise Value (EV) ¹	307,098	311,693	294,748	226,021	241,198	252,362	257,499	252,649
P/E ratio	26.7 x	11.8 x	127 x	2.85 x	11.8 x	12.5 x	15.6 x	14 x
Yield	5.53%	6.17%	6.71%	10.3%	8.06%	7.59%	7.64%	7.78%
Capitalization / Revenue	1.97 x	1.64 x	1.76 x	1.3 x	2.01 x	2.13 x	2.1 x	2.07 x
EV / Revenue	2.7 x	2.54 x	2.67 x	2.28 x	3 x	3.08 x	3.1 x	3 x
EV / EBITDA	6.77 x	5.51 x	6 x	5.33 x	6.98 x	7.1 x	7.02 x	6.68 x
EV / FCF	38.6 x	13.8 x	12.9 x	11.3 x	16.8 x	23.7 x	18.1 x	17.9 x
FCF Yield	2.59%	7.25%	7.74%	8.82%	5.97%	4.22%	5.53%	5.57%
Price to Book	5.85 x	5.33 x	7.38 x	2.13 x	2.5 x	2.6 x	2.72 x	2.84 x
Nbr of stocks (in thousands)	1,422,663	1,379,663	1,399,458	1,398,973	1,384,365	1,384,432	-	-
Reference price ²	157.4	145.9	138.6	91.60	116.6	126.3	126.3	126.3
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	82,034	83,177	84,345
EBITDA ¹	45,358	56,520	49,162	42,374	34,564	35,549	36,684	37,815
EBIT ¹	25,707	27,463	23,294	19,105	16,964	19,297	20,098	21,269
Operating Margin	22.56%	22.36%	21.13%	19.31%	21.09%	23.52%	24.16%	25.22%
Earnings before Tax (EBT) ¹	21,906	25,641	17,084	10,732	1,097	25,561	18,227	19,901
Net income ¹	8,489	17,341	1,528	44,913	13,734	13,748	11,163	12,167
Net margin	7.45%	14.12%	1.39%	45.39%	17.07%	16.76%	13.42%	14.42%
EPS ²	5.890	12.32	1.090	32.09	9.900	10.10	8.100	8.997
Free Cash Flow ¹	7,947	22,596	22,825	19,924	14,392	10,649	14,237	14,077
FCF margin	6.98%	18.4%	20.7%	20.13%	17.89%	12.98%	17.12%	16.69%
FCF Conversion (EBITDA)	17.52%	39.98%	46.43%	47.02%	41.64%	29.96%	38.81%	37.22%
FCF Conversion (Net income)	93.62%	130.3%	1,493.78%	44.36%	104.79%	77.46%	127.54%	115.7%
Dividend per Share ²	8.700	9.000	9.300	9.400	9.400	9.582	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	20,792	20,966	21,393	-	-
EBITDA ¹	11,743	11,660	12,501	13,059	10,146	8,078	8,767	9,103	8,467	8,505	9,203	9,650	8,792	-	-
EBIT ¹	5,294	5,300	5,944	6,620	4,272	3,834	4,374	4,987	3,769	5,631	4,859	5,313	4,508	-	-
Operating Margin	18.8%	19.62%	21.2%	23.29%	16.82%	19.98%	21.63%	24.8%	18%	28.94%	23.37%	25.34%	21.07%	-	-
Earnings before Tax (EBT) ¹	2,975	6,537	222	3,256	3,283	-50	2,288	4,567	-5,708	12,858	4,391	4,823	4,010	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	2,665	2,993	2,431	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%	12.82%	14.28%	11.36%	-	-
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	77,508	82,646	77,795
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.832 x	1.953 x	2.05 x	2.31 x	2.308 x	2.18 x	2.253 x	2.057 x
Free Cash Flow ¹	7,947	22,596	22,825	19,924	14,392	10,649	14,237	14,077
ROE (net income / shareholders' equity)	29.6%	36.5%	29.4%	30.1%	6.13%	17.3%	16.9%	20.9%
ROA (Net income/ Total Assets)	6.31%	5.52%	0.63%	19.3%	6%	6%	5.18%	5.9%
Assets ¹	134,456	314,171	241,124	232,494	228,813	229,303	215,560	206,230
Book Value Per Share ²	26.90	27.40	18.80	43.00	46.60	48.50	46.40	44.50
Cash Flow per Share ²	20.70	31.30	30.20	28.00	21.00	23.90	21.90	21.60
Capex ¹	18,075	21,440	19,447	19,298	14,728	14,709	12,926	12,180
Capex / Sales	15.86%	17.46%	17.64%	19.5%	18.31%	17.93%	15.54%	14.44%
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

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

126.3 NOK

Average target price

138.8 NOK

Spread / Average Target

+9.88%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Wireless Telecommunications Services

	1st Jan change	Capi.
TELENOR ASA	+8.32%	16.12B
T-MOBILE US	+2.41%	193B
AT&T INC.	+2.32%	123B
KDDI CORPORATION	-3.92%	57.61B
CHINA UNICOM HONG KONG LIMITED	+27.14%	24.4B
VODAFONE GROUP PLC	+1.23%	23.52B
ADVANCED INFO SERVICE	-5.07%	16.66B
TAIWAN MOBILE CO., LTD.	+6.49%	9.78B
VODACOM GROUP LIMITED	-12.79%	9.88B
TRUE CORPORATION	+70.30%	8.08B

Other Wireless Telecommunications Services