Telenor ASA (TELNF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Telenor ASA $13.81, price $13.13, upside +5.2%, quality 57 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Telenor ASA
TELNF · USNeutralThe stock looks roughly fairly valued with average quality.
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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 Sep 29, 2026.
How to read this chart
60‑month range $5.72 – $18.34 · fair‑value band $10.24 – $17.26 · the $13.13 price screens below the $13.81 fair value. Dashed = 300-day average. As of Sep 29, 2026.
Company profile
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 (TELNF) currently trades at $13.13, while our model-based Fair Value estimate is $13.81, so the stock looks roughly fairly valued today (gap 4.9%).
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Valuation
Bull case: the Growth DCF group reads highest at a median of $14.66 per share, and 11 of the 24 models we run sit above the $13.13 price.
Bear case: the Asset-Based group reads lowest at $3.65, and 13 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: $10.24 (bear) to $17.26 (bull), the price of $13.13 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 57/100 (solid quality), in the Communication Services sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Telenor ASA reported revenue of 76.5B NOK in FY2025 versus 110B NOK in FY2021, a compound −8.7%/yr. Reported net income was 8.2B NOK in FY2025, compounding +52.1%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap $22.0B · P/E ratio 10.4 · P/S ratio 1.11 · EPS (TTM) $1.26 · Net margin 10.7% · Return on equity 22.5% · Return on assets (EBIT) 7.9% · Operating margin 22.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (medium confidence).
What moves the price
The share trades about 28% below its 52-week high and 12% 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 5%, TELNF screens richer than that median.
Fair Value models
All 24 models by family
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Set up alert →Quality Score breakdown
Of which business quality 54 · Market factors (momentum, volatility) 55
Revenue & earnings trend
Growth Forecast
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Compare Telenor ASA with another stock
Price, fair value, quality and upside side by side.
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 · 237 stocks
Valuation Multiplesvs Telecom Services median · lower = cheaper
Context: sector, industry, market
- Is the Communication Services sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Communication Services
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Telecom Services stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| China Mobile Limited 80941 | HK$67.30 | HK$114.85 | +71% |
| Verizon Communications Inc VZ | $45.87 | $70.27 | +53% |
| T-Mobile US, Inc TMUS | $162.98 | $272.88 | +67% |
| AT&T Inc T | $24.48 | $51.11 | +109% |
| Bharti Airtel Limited BHARTIARTL | ₹1,741 | ₹1,883 | +8% |
| China Telecom Corporation 601728 | ¥6.16 | ¥8.36 | +36% |
| Saudi Telecom Company 7010 | 43.22 SAR | 41.80 SAR | −3% |
| Singapore Telecommunications Limited Z74 | 4.28 SGD | 2.16 SGD | −50% |
| Swisscom AG SCMN | CHF 639.00 | CHF 505.18 | −21% |
| Telstra Group TLS | A$4.83 | A$4.43 | −8% |
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Key figures of Telenor ASA
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