Telenor TEL.OL
Telenor is a Norwegian telecom operator offering mobile, broadband, and TV services in the Nordic countries and emerging Asian markets, generating recurring subscription revenue. Telenor shows solid financial health (ND/EBITDA 2.18, ROE 25.04%) and an attractive dividend yield (6.72% net), but the business is deteriorating: revenue -5.1% and earnings -32.2%, with guidance cut. The P/E of 11.08 is not a bargain; it reflects the decline.
Detailed metrics
Market and fundamental data as of the analysis date.
Full AI report
Generated automatically from the metrics, the macro context and the company's news.
Telenor is a Norwegian telecom operator offering mobile, broadband, and TV services in the Nordic countries and emerging Asian markets, generating recurring subscription revenue. Telenor shows solid financial health (ND/EBITDA 2.18, ROE 25.04%) and an attractive dividend yield (6.72% net), but the business is deteriorating: revenue -5.1% and earnings -32.2%, with guidance cut. The P/E of 11.08 is not a bargain; it reflects the decline.
Score by category
| Category | Score |
|---|---|
| Financial health | 7.9 |
| Quality / Moat | 6.6 |
| Valuation | 7.1 |
| Growth | 1.4 |
| Dividend | 7.7 |
| Momentum | 2.9 |
| Risk & Context | 9.0 |
OVERALL SCORE: 7.1/10
Context and risks
Moderate governance risk in Norway, although institutional quality is high and minority shareholder protection is strong. Regulatory risk in Nordic telecom is low and predictable.
News considered in the analysis
- Telenor Cuts Guidance Following Challenging Quarter — Profit warning material: recorte de guidance tras un trimestre débil, con ingresos y beneficios ya en caída.
- Telenor to Buy Majority Stake in Swedish Broadband Provider Bahnhof in $629 Million Deal — Adquisición estratégica moderada que refuerza su posición en banda ancha nórdica, aunque añade riesgo de integración y aumenta el apalancamiento.
- Telenor ASA (TELNF) Q2 2026 Earnings Call Highlights: Navigating Challenges and Seizing ... — Resumen de la conference call sin información nueva más allá de lo ya conocido.
- BofA explains how telecom companies can evolve to be AI winners — Opinión de analista sobre el sector, sin impacto directo en los fundamentales de Telenor.
- European Dividend Stocks To Enhance Your Portfolio — Listículo genérico sin información específica sobre la empresa.
Verdict: Hold, but with caution: the high dividend and solid balance sheet offset the growth deterioration, but dividend sustainability needs monitoring if earnings keep falling.
Main risk: The main risk is the sustained decline in revenue and earnings (-5.1% and -32.2%) which, with an 81.91% payout, threatens dividend sustainability in the medium term.
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