Telenor ASA

TELNY

Telecommunications Services · Communication Services

Price

$13.78

+0.07 (+0.51%)

Market Cap

$18.80B

Exchange

Other OTC

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Jul 28, 2026 · filings through Jun 30, 2026

Share count falling — buybacks

−2.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 1.40B (2021) → 1.37B (2025)

Telenor ASA engages in the provision of telecommunications, data, and media services. It operates through the following segments: Nordics, Asia, Infrastructure, Amp, and Other. The Nordics segment focuses on mobile and fixed operations in Norway, Sweden, Denmark, and Finland.The Asia segment includes mobile operations in Telenor Pakistan and Grameenphone Bangladesh. The Infrastructure segment involves the development, building, and maintenance of passive telecom. The Amp segment consists of controlled companies and non-controlled investments. The Other segment refers to corporate functions, group leadership, strategy, research and development, technology, finance, procurement, and insurance. The company was founded in 1855 and is headquartered in Fornebu, Norway.

Winston Score History

Score breakdown

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Quality

Gross Margin

77.8%

Premium pricing power — 77.8% gross margin

Operating Margin

22.8%

Excellent — 22.8% operating margin

ROCE

3.1%

Weak — 3.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-5.4%

Shrinking sales (-5.4% YoY)

EPS YoY

+18.4%

Earnings growing fast (18.4% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

220%

Turns 220% of profit into real cash

FCF Margin

22.6%

Converts sales into free cash efficiently (22.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

1.15

Elevated debt (1.15)

Interest Cover

5.33x

Adequate interest coverage (5.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

1.5x

Attractive valuation — P/E 1.5

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+0.1

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

7.15%

Healthy income — 7.15% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+15.5%

Dividend growing fast (15.5% YoY)

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