Telenor ASA
TEL.OL · OSL
Company research
Telenor ASA (TEL.OL) is a Norwegian majority state-owned multinational telecommunications company headquartered in Fornebu, Norway, and listed on the Oslo Stock Exchange. Founded in 1855, the company is the leading telecommunications provider in Norway and operates across four business segments — Nordics, Asia, Infrastructure, and Adjacent Business — serving over 160 million subscribers globally and generating annual revenues of approximately NOK 80 billion. Telenor offers a broad range of services including mobile and fixed-line telephony, broadband, TV, IoT solutions, managed services, and satellite-based communications, with a strong presence in Norway, Sweden, Denmark, and Finland, as well as mobile operations in Bangladesh, Malaysia, Thailand, and Pakistan. Under the leadership of CEO Benedicte Schilbred Fasmer, the company continues to drive digital transformation and connectivity across its markets, with a market capitalisation of approximately NOK 199 billion.
Research reports
The report presents Telenor as a de‑risked Nordic digital infrastructure utility, emphasizing its strategic pivot away from volatile Asian markets, strong free cash flow generation, and a NOK 15 billion share buyback funded by divestment of its True Corp stake, with additional upside from sovereign AI, data-center, and IoT initiatives. It includes detailed financial analysis, multi-scenario valuation over 2026–2030, and a qualitative scorecard, concluding that the shares are undervalued on a risk‑adjusted basis while highlighting key risks such as Nordic price competition, macro and regulatory instability in Bangladesh, execution risk in AI/IoT and data centers, and sensitivity to interest rates and currency movements.
LeanVal Research GmbH · December 10, 2025Telenor ASA Equity Research FactsheetLeanVal’s standardized quantitative equity report on Telenor ASA assigns an absolute rating of “Hold (Fairly Valued)” with a NOK 143 price target, underpinned by metrics showing high dividend yield versus sector, strong margins and ROIC, and a generally solid balance sheet but only moderate earnings and revenue growth. The report benchmarks Telenor against major European telecom peers, discusses value, quality, stability, growth, and momentum scores, and notes that while the stock looks attractive on value and quality dimensions, weaker growth indicators and sector-level constraints warrant a neutral, hold‑oriented outlook rather than a clear buy or sell stance.