Risk Reward Update

Research evidence excerpt

Not for redistribution without written consent of Morgan Stanley

M

Update

August 7, 2026 04:00 PM GMT

Morgan Stanley & Co. International plc+

Telenor | Europe

Terence Tsui

Equity Analyst

Risk Reward Update

Telenor (TEL.OL, TEL NO)

What’s Changed

Telecommunications Services | Norway

Telenor (TEL.OL)

From

To

Price Target

NKr 170.00

NKr 155.00

Bull Case

NKr 225.00

NKr 205.00

Base Case

NKr 170.00

NKr 155.00

Bear Case

NKr 120.00

NKr 110.00

Updated Components

EPS

Investment Thesis

Risk Reward for Telenor (TEL.OL) has been updated

Stock Rating

Industry View

Price target

Shr price, close (Aug 6, 2026)

52-Week Range

Fiscal Year Ending

EPS (NKr)**

Prior EPS (NKr)**

Equal-weight

Attractive

NKr 155.00

NKr 135.30

NKr 178.70- 125.20

12/25 12/26e 12/27e 12/28e

5.98

8.43

8.38

8.45

8.85

9.03

9.41

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

Reason for change

We update our estimates following Q2 results resulting in a decrease of up to 2% in

revenues, 3% in EBITDA and 5% in EPS. This reflects the weaker than expected Q2

performance in Norway and Finland; and lower EBITDA company guidance for the

Group and the Nordics. We also make lower growth assumptions in future years,

which explains the 9% reduction in our price target to NOK 155 / share, with similar

moves in our bear and bull cases.

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