Telenor ASA (OSE:TEL)

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Price: 132.1 NOK 1.15%

Market Cap: 178.5B NOK

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Section:

Relative Value

The Relative Value of one TEL stock under the Base Case scenario is 164.71 NOK. Compared to the current market price of 132.1 NOK, Telenor ASA is Undervalued by 20%.

Relative Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

What is Relative Valuation?

How is Relative Value calculated?

TEL Relative Value

Base Case

Worst Case

Base Case

Best Case

Valuation Multiples

2.2

P/S

vs History	6
vs Industry	32

Median 5Y

1.7

Industry

1.4

Forward

2.2

More Details

20.4

P/E

vs History	34
vs Industry	18

Median 5Y

Industry

17.1

Forward

14.8

More Details

5.4

P/OCF

vs History	25
vs Industry	41

Median 5Y

4.4

Industry

6.5

More Details

7.1

P/FCFE

vs History	71
vs Industry	48

Median 5Y

11.5

Industry

16.3

More Details

2.8

P/B

vs History	66
vs Industry	33

Median 5Y

4.7

Industry

1.9

More Details

EV/S

vs History	14
vs Industry	27

Median 5Y

2.7

Industry

Forward

More Details

3.9

EV/GP

vs History	17
vs Industry	41

Median 5Y

3.6

Industry

4.2

More Details

EV/EBITDA

vs History	7
vs Industry	40

Median 5Y

5.4

Industry

8.1

Forward

6.9

More Details

13.3

EV/EBIT

vs History	33
vs Industry	32

Median 5Y

12.6

Industry

13.7

Forward

12.8

More Details

7.3

EV/OCF

vs History	39
vs Industry	43

Median 5Y

Industry

8.8

More Details

12.1

EV/FCFF

vs History	66
vs Industry	33

Median 5Y

13.4

Industry

More Details

1.3

EV/IC

vs History	60
vs Industry	36

Median 5Y

1.4

Industry

1.2

More Details

Multiples Across Competitors

All Multiples

P/S

P/E

EV/EBITDA

EV/EBIT

Forward Multiples

		Market Cap	P/S	P/E	EV/EBITDA	EV/EBIT
NO	Telenor ASA OSE:TEL	180.8B NOK	2.2	20.4	7	13.3
US	Verizon Communications Inc NYSE:VZ	181B USD	1.3	18.5	6.2	9.8
US	AT&T Inc NYSE:T	166.3B USD	1.4	18.8	6.5	11.7
DE	Deutsche Telekom AG XETRA:DTE	145.7B EUR	1.3	24.3	5.3	10.6
JP	Nippon Telegraph and Telephone Corp TSE:9432	13.1T JPY	1	11.1	5.2	9.4
CN	China Telecom Corp Ltd SSE:601728	498.4B CNY	1	15.5	11.4	11.4
SA	Saudi Telecom Company SJSC SAU:7010	189B SAR	2.6	13.7	7.9	12.1
SG	Singapore Telecommunications Ltd SGX:Z74	50.5B SGD	3.6	63.5	16.3	50.8
CH	Swisscom AG SIX:SCMN	26.2B CHF	2.4	15.7	7.1	15.2
TW	Chunghwa Telecom Co Ltd TWSE:2412	954.2B TWD	4.2	26.1	10.8	20
AU	Telstra Corporation Ltd ASX:TLS	44.6B AUD	1.9	27.5	16.7	16.7

			Revenue Growth
NO	Telenor ASA OSE:TEL	Average P/S: 2.1 2.2	3%
US	Verizon Communications Inc NYSE:VZ	1.3	7%
US	AT&T Inc NYSE:T	1.4	5%
DE	Deutsche Telekom AG XETRA:DTE	1.3	10%
JP	Nippon Telegraph and Telephone Corp TSE:9432	1	6%
CN	China Telecom Corp Ltd SSE:601728	1	15%
SA	Saudi Telecom Company SJSC SAU:7010	2.6	19%
SG	Singapore Telecommunications Ltd SGX:Z74	3.6	9%
CH	Swisscom AG SIX:SCMN	2.4	14%
TW	Chunghwa Telecom Co Ltd TWSE:2412	4.2	8%
AU	Telstra Corporation Ltd ASX:TLS	1.9	8%

			Earnings Growth
NO	Telenor ASA OSE:TEL	Average P/E: 23.2 20.4	-6%
US	Verizon Communications Inc NYSE:VZ	18.5	84%
US	AT&T Inc NYSE:T	18.8	18%
DE	Deutsche Telekom AG XETRA:DTE	24.3	-35%
JP	Nippon Telegraph and Telephone Corp TSE:9432	11.1	1%
CN	China Telecom Corp Ltd SSE:601728	15.5	24%
SA	Saudi Telecom Company SJSC SAU:7010	13.7	18%
SG	Singapore Telecommunications Ltd SGX:Z74	63.5	336%
CH	Swisscom AG SIX:SCMN	15.7	-5%
TW	Chunghwa Telecom Co Ltd TWSE:2412	26.1	10%
AU	Telstra Corporation Ltd ASX:TLS	27.5	61%

			EBITDA Growth
NO	Telenor ASA OSE:TEL	Average EV/EBITDA: 9.1 7	6%
US	Verizon Communications Inc NYSE:VZ	6.2	10%
US	AT&T Inc NYSE:T	6.5	10%
DE	Deutsche Telekom AG XETRA:DTE	5.3	9%
JP	Nippon Telegraph and Telephone Corp TSE:9432	5.2	-1%
CN	China Telecom Corp Ltd SSE:601728	11.4	228%
SA	Saudi Telecom Company SJSC SAU:7010	7.9	18%
SG	Singapore Telecommunications Ltd SGX:Z74	16.3	21%
CH	Swisscom AG SIX:SCMN	7.1	16%
TW	Chunghwa Telecom Co Ltd TWSE:2412	10.8	6%
AU	Telstra Corporation Ltd ASX:TLS	16.7	166%

			EBIT Growth
NO	Telenor ASA OSE:TEL	Average EV/EBIT: 16.5 13.3	15%
US	Verizon Communications Inc NYSE:VZ	9.8	12%
US	AT&T Inc NYSE:T	11.7	9%
DE	Deutsche Telekom AG XETRA:DTE	10.6	31%
JP	Nippon Telegraph and Telephone Corp TSE:9432	9.4	N/A
CN	China Telecom Corp Ltd SSE:601728	11.4	16%
SA	Saudi Telecom Company SJSC SAU:7010	12.1	22%
SG	Singapore Telecommunications Ltd SGX:Z74	50.8	38%
CH	Swisscom AG SIX:SCMN	15.2	1%
TW	Chunghwa Telecom Co Ltd TWSE:2412	20	8%
AU	Telstra Corporation Ltd ASX:TLS	16.7	32%

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Telenor ASA
OSE:TEL

Relative Value

Valuation Multiples

Multiples Across Competitors

TEL Competitors Multiples
Telenor ASA Competitors

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Company

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52 Week Range	111.65 137.6
Price Target

Telenor ASA OSE:TEL

Relative Value

Valuation Multiples

Multiples Across Competitors

TEL Competitors Multiples Telenor ASA Competitors

See Also

Company

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Telenor ASA
OSE:TEL

TEL Competitors Multiples
Telenor ASA Competitors