REAL-TIME GLOBAL RESEARCH
Telenor ASA (TEL.OL) Model Update
Research evidence excerpt
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18 Aug 2026 12:36:37 ET │ 14 pages
Telenor ASA (TEL.OL)
Model Update
CITI'S TAKE
We update our model to reflect the Q2 26 results. Our changes to
estimates are modest, with FY26 EBITDA before other items forecasted
0.4% lower than our previous estimates. Beyond FY26, our forecasts for
FY27 and FY28 show minimal change at the topline with slight reductions
of 0.5% and 0.1% to EBITDA before other items respectively. Our target
price moves to NOK 139.0 from NOK 167.0 based on changes in our WACC
estimates (up to 8.3% from 7.3% reflecting modestly higher yield
assumptions). We maintain our Neutral rating.
Neutral
Price (18 Aug 26 17:30)
NKr135.30
Target price
NKr139.00↓
from NKr167.00
Expected share price return
2.7%
Expected dividend yield
7.2%
Expected total return
9.9%
Market Cap
NKr185,138M
US$19,651M
Pavan Daswani, CFAAC
Telenor ASA (NOK)
Year to 31 Dec
2024A
2025A
2026E
2027E
2028E
Sales (NKrM)
75,487.1
76,547.6
73,934.5
73,899.4
74,258.9
Net Income (NKrM)
15,025.1
3,645.6
16,488.3
14,101.2
15,133.5
Diluted EPS (NKr)
10.98
2.66
12.05
10.43
11.45
Diluted EPS (Old) (NKr)
10.98
2.66
12.86
10.84
11.87
PE (x)
12.3
50.8
11.2
13.0
11.8
EV/EBITDA (x)
6.6
6.2
6.4
6.5
6.3
DPS (NKr)
9.60
9.70
9.80
9.90
10.00
7.1
7.2
7.3
7.4
Net Div Yield (%)
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