Valuation Overview

Growth Story

Over the next few years, revenue is expected to grow by 2.28%, lower than industry average of 9.62%.

Growth Trajectory

Profitability

In the growth phase company makes 25.69% profit on every dollar of sales, higher than industry average of 15.85%.

Profitability Trajectory

Risk Profile

Investors expect at least 6.84% return to justify the risk of holding stock.

Risk vs Return

Required Return (Cost of Capital) (%)
Return on Invested Capital (%)

Financial Health Overview

Enterprise Value
249.12B NOK
Equity Value
150.62B NOK
FCF Yield
77.29%
Average ROIC
11.35%
Cost of Capital
7.28%
P/E Ratio
12.64x
Financial MetricMost Recent 12 months (NOK)Previous Year (NOK)
Revenues80.56B NOK79.93B NOK
Operating Income or EBIT21.53B NOK35.23B NOK
Interest Expense4.15B NOK3.99B NOK
Book Value Of Equity64.57B NOK75.85B NOK
Book Value Of Debt100.04B NOK99.89B NOK
Cash and Marketable Securities7.46B NOK10.77B NOK
Number of Shares Outstanding1.37B--
Minority interests5.92B NOK0 NOK
Current Stock Price169.20 NOK--
Effective Tax Rate15.00%--
Marginal Tax Rate22.00%--

Performance vs Industry

Revenue Growth
-8.84%
0.78%Company
vs
9.62%Industry
Below Industry
Operating Margin
+10.88%
26.73%Company
vs
15.84%Industry
Above Industry
Telenor ASA demonstrates superior operational efficiency with margins above industry average, indicating effective cost management.

Terminal Value Analysis

Growth Rate
3.84%
Cost of Capital
8.07%
Return on Capital
8.06%
Reinvestment Rate
47.58%
Terminal value represents 52% of total enterprise value, based on 3.84% perpetual growth and 8.07% discount rate.

Equity Value Breakdown

ComponentValueType
Present Value (Terminal Value) 130.19B NOK Add
Present Value (Cash Flow Over Next 10 Years) 118.92B NOK Add
Value of Operating Assets 249.12B NOK Sub-total
Debt 100.03B NOK Subtract
Minority Interests 5.91B NOK Subtract
Cash 7.45B NOK Add
Value of Equity 150.62B NOK Sub-total
Number of Shares 1.37B shares Divisor
Estimated Value per Share (Fair Value) 110.12 NOK Total
Current Market Price 169.20 NOK Reference

Financial Projections

Total FCF Present Value
118.92B NOK
Avg Revenue Growth
2.48%
Avg Operating Margin
25.45%
Avg ROIC
11.35%
Year 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Terminal Year
REVENUE
Revenue81.20B NOK83.05B NOK84.94B NOK86.87B NOK88.85B NOK91.16B NOK93.80B NOK96.82B NOK100.24B NOK104.09B NOK108.08B NOK
Growth Rate 0.80% 2.27% 2.27% 2.27% 2.27% 2.59% 2.90% 3.21% 3.52% 3.84% 3.84%
PROFITABILITY
Operating Income21.70B NOK21.62B NOK21.82B NOK22.01B NOK22.20B NOK22.78B NOK23.44B NOK24.19B NOK25.05B NOK26.01B NOK27.01B NOK
Operating Margin 26.73% 26.03% 25.68% 25.34% 24.99% 24.99% 24.99% 24.99% 24.99% 24.99% 24.99%
EBIT (1-tax)18.44B NOK18.37B NOK18.54B NOK18.71B NOK18.87B NOK19.04B NOK19.27B NOK19.55B NOK19.89B NOK20.29B NOK21.07B NOK
CASH FLOW
Reinvestment980.02M NOK1.00B NOK1.02B NOK1.04B NOK1.21B NOK2.80B NOK3.19B NOK3.61B NOK4.07B NOK4.23B NOK10.02B NOK
Free Cash Flow17.46B NOK17.37B NOK17.52B NOK17.66B NOK17.65B NOK16.24B NOK16.07B NOK15.93B NOK15.81B NOK16.05B NOK11.04B NOK
Terminal Value--------------------261.10B NOK
Present Value16.35B NOK15.22B NOK14.36B NOK13.55B NOK12.68B NOK10.89B NOK10.04B NOK9.25B NOK8.52B NOK8.00B NOK—
EFFICIENCY
ROIC 11.74% 11.62% 11.65% 11.68% 11.71% 11.72% 11.66% 11.60% 11.56% 11.52% 8.06%
Cost of Capital 6.83% 6.83% 6.83% 6.83% 6.83% 7.08% 7.33% 7.57% 7.82% 8.06% 8.07%
Sales/Capital 1.88x 1.88x 1.88x 1.88x 1.88x 0.94x 0.94x 0.94x 0.94x 0.94x —

Profitability & Efficiency

Operating Margin (%)
ROIC (%)

Value Creation Analysis

ROIC (%)
Cost of Capital (%)

Operational Cash Flow Analysis

Free Cash Flow (krB)
Reinvestment (krB)