Telenor ASA (TEL.OL) 模型更新

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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 (%)