Telenor ASA (0G8C) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Telenor ASA NOK 142, price NOK 129, upside +10.5%, quality 54 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.
How to read this chart
60‑month range kr 69.29 – kr 172.33 · fair‑value band kr 84.49 – kr 199.60 · the kr 128.55 price screens below the kr 142.04 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 3, 2026.
Telenor ASA, together with its subsidiaries, operates as a telecommunication company worldwide. It operates through four segments: Nordics, Asia, Infrastructure, and Amp.
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Telenor ASA, together with its subsidiaries, operates as a telecommunication company worldwide. It operates through four segments: Nordics, Asia, Infrastructure, and Amp. The company offers mobile and broadband telecom products and services, including mobile, broadband and TV services; other services, including solutions for business customers like managed services, virtual private networks, software defined networks, and network as a service; IoT solutions; and mobile maritime communication for cruise and ferry, fisheries, and oil and gas industry. It also provides hardware comprising mobile phones, broadband modems, and TV boxes; wholesale services, such as national and international roaming and interconnect, and solutions for mobile and fixed virtual network operators and service providers, as well as leased lines and colocation at towers and data centres. In addition, the company provides cloud storage service for private use and businesses that allows to back up, store, synchronize, and share files over the Internet. Telenor ASA was founded in 1855 and is headquartered in Fornebu, Norway.
Stock analysis
Telenor ASA (0G8C) currently trades at kr 128.55, while our model-based Fair Value estimate is kr 142.04, implying the stock looks roughly 9.5% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 211.71 per share, and 11 of the 23 models we run sit above the kr 128.55 price.
Bear case: the Economic Profit group reads lowest at kr 14.58, and 12 of the 23 models stay below the price. Evidence for this calculation is low.
Scenario range: kr 84.49 (bear) to kr 199.60 (bull), the price of kr 128.55 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 54/100 (solid quality), in the Communication Services sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Telenor ASA reported revenue of 110B NOK in FY2021 versus 112B NOK in FY2017, a compound −0.4%/yr. Reported net income was 1.5B NOK in FY2021, compounding −40.2%/yr from FY2017.
Key figures
Market cap 192B NOK (≈ $20.0B) · P/S ratio 2.55 · Dividend yield 7.5% · Net margin 1.4% · Return on equity 25.0% · Return on assets (EBIT) 10.2% · Operating margin 22.8% · Revenue (TTM) 75.3B NOK.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 36% fair-value upside, at 10%, 0G8C screens richer than that median.
Fair Value models
Bear kr 84.49Fair Value kr 142.04Bull kr 199.60
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−4.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.3%
’17
’18
’19
’20
’21
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
17.0% (2017) → 19.5% (2021)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Telecom Services · 236 stocks
Beats the industry median on 9/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score54 · Above median
Profitability
Return on equity (TTM)25.0% · Top 25%
Return on assets5.2% · Above median
Net margin (TTM)15.7% · Top 25%
Operating margin (TTM)22.8% · Top 25%
Growth and dividend
Revenue growth−5.1% · Bottom 25%
Dividend yield (TTM)7.5% · Top 25%
Balance sheet
Debt / equity3.34× · Highest 25%
Valuation Multiplesvs Telecom Services median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Telenor ASA Fair Value". https://www.fairvalue-calculator.com/stock/0G8C
Frequently asked questions
Is Telenor ASA (0G8C) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of kr 142.04 versus a price of kr 128.55, about +10% upside (undervalued).
What is the fair value of 0G8C?
Our model-based fair value for Telenor ASA is kr 142.04 (as of Oct 3, 2026), built from audited fundamentals. The current price: kr 128.55.
What is the quality score of 0G8C?
Telenor ASA has a Quality Score of 54/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Telenor ASA (0G8C)?
Our model-based price target is the fair value of kr 142.04 (as of Oct 3, 2026) from 23 valuation models. Cautious scenario kr 84.49, optimistic scenario kr 199.60. It is a calculation from audited fundamentals, not an analyst target.
What is the Telenor ASA stock forecast for 2026?
Our models put fair value at kr 142.04, about +10% upside versus a price of kr 128.55 (undervalued). Cautious scenario kr 84.49, optimistic scenario kr 199.60. The calculation is refreshed regularly with new filings.
What is the revenue of Telenor ASA (0G8C)?
Telenor ASA reported trailing-twelve-month revenue of about 75.3B NOK (latest available figure, as of Oct 3, 2026).
Does Telenor ASA pay a dividend?
Telenor ASA currently shows a dividend yield of about 7.55% relative to its recent price (as of Oct 3, 2026).
What is the intrinsic value of Telenor ASA (0G8C)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Telenor ASA it is kr 142.04 per share (as of Oct 3, 2026), against a price of kr 128.55. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Telenor ASA stock overvalued or undervalued in 2026?
As of Oct 3, 2026, 0G8C trades below its calculated fair value: price kr 128.55, fair value kr 142.04, a gap of about +10% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0G8C?
No. The price is what the market pays today (kr 128.55); the fair value is what the company's own numbers justify (kr 142.04). For Telenor ASA the two are kr 13.49 per share apart. That gap is exactly why we show both numbers side by side.
How much is Telenor ASA worth?
The market values Telenor ASA at about 192B NOK (market capitalisation, as of Oct 3, 2026). Per share that is kr 128.55; our models calculate a fair value of kr 142.04 per share.
What do the bullish and bearish scenarios say about 0G8C?
Our models span a range for Telenor ASA: cautious scenario kr 84.49, base kr 142.04, optimistic kr 199.60 per share (as of Oct 3, 2026, price kr 128.55). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Telenor ASA (0G8C)?
Balance-sheet figures for Telenor ASA (as of Oct 3, 2026): return on equity 25.0%, debt of 3.34 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is 0G8C from its 52-week high?
Telenor ASA trades at kr 128.55, about 25% below its 52-week high of kr 172.33 and 1% above the low of kr 127.60 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of kr 142.04 is for.
Which stocks are comparable to Telenor ASA?
From the same area (Communication Services) we also value China Mobile Limited, Verizon Communications Inc, T-Mobile US, Inc, AT&T Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Telenor ASA stock attractive at the current price?
The data as of Oct 3, 2026: price kr 128.55, calculated fair value kr 142.04 (+10%), Quality Score 54/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0G8C calculated?
We run Telenor ASA through 23 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 142.04, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Telenor ASA currently trades 9 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Telenor ASA (0G8C)?
The closing price on Oct 2, 2026 was kr 128.55. Our model-based fair value is kr 142.04, about +10% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Telenor ASA right now?
A fairly wide model range (kr 84.49 to kr 199.60) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Telenor ASA
How large is the market capitalisation of Telenor ASA (0G8C)?
The market capitalisation of Telenor ASA is 192B NOK (≈ $20.0B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Telenor ASA (0G8C)?
The price-to-sales ratio of Telenor ASA is 2.55 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Telenor ASA (0G8C)?
The dividend yield of Telenor ASA is 7.5%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Telenor ASA (0G8C)?
The net margin of Telenor ASA is 1.4% (fiscal year 2021). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Telenor ASA (0G8C)?
The return on equity (ROE) of Telenor ASA is 25.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Telenor ASA (0G8C)?
On an EBIT basis the return on assets of Telenor ASA is 10.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Telenor ASA (0G8C)?
The operating margin of Telenor ASA is 22.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Telenor ASA (0G8C)?
Revenue at Telenor ASA is growing −5.1% versus a year earlier (3y avg +1.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Telenor ASA (0G8C)?
Earnings per share at Telenor ASA are growing −32.2% versus a year earlier. How much earnings per share grew versus a year earlier.
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