Consensus Estimates

Telenor Investor Relations collects estimates from sell-side analysts covering Telenor and compiles consensus estimates every quarter.

The most recent: The most recent: ABG, Arctic, BofA, Kepler Cheuvreux, DNB, Goldman Sachs, Handelsbanken, HSBC, Jefferies and SEB.

Any opinions, forecasts, estimates, projections or predictions regarding Telenor’s performance made by the analysts, and thereby also the consensus estimates, are theirs alone and do not represent the opinions, forecasts, estimates, projections or predictions of Telenor or its management.

Telenor consensus pre Q1 2020

As of March 2020

Pre Q1 2020

Amounts in NOK million Average High Low Median
Revenues 30.389 31.341 29.324 30.446
Subscription and traffic revenues 23.615 24.188 23.123 23.524
EBITDA before other items 13.714 14.509 13.090 13.780
Other items -84 75 -226 -124
EBITDA (reported) 13.632 14.309 12.965 13.742
Operating profit 7.155 7.519 6.840 7.161
Profit/Loss in Ass Comp -23 72 -88 -38
Net financials -5.082 -622 -12.833 -970
Pretax Profit 2.058 6.897 -5.698 6.210
Taxes -615 1.702 -2.069 -1.685
Non-controlling interests 996 1.234 750 966
Equity holders of Telenor ASA 664 4.557 -5.017 3.318

Full year median estimates

Amounts in NOK million 2020 2021 2022 2023
Revenues 132.498 133.848 135.002 136.242
Subscription and traffic revenues 103.831 102.924 104.746 105.816
EBITDA before other items 58.654 60.457 61.960 62.617
Other items -1.299 -141 -927 -174
EBITDA (reported) 57.355 60.316 61.033 62.443
Operating profit 30.595 31.892 33.029 34.938
Profit/Loss in Ass Comp -58 -25 50 -100
Net financials -4.730 -3.675 -3.614 -3.469
Pretax Profit 22.888 28.365 29.186 31.203
Taxes -6.618 -8.455 -8.648 -9.147
Minorities 3.887 4.030 4.088 4.373
Net income to equity holders 14.316 17.677 17.628 20.219