Consensus Estimates

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

The most recent: ABG, Barclays, Berenberg, DNB, Handelsbanken, HSBC, JP Morgan, Kepler Cheuvreux and Nordea.

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 post Q3 2021

As of November 2021

Post Q3 2021

Amounts in NOK million Average High Low Median
Revenues 27,785 28,574 26,234 27,888
Subscription and traffic revenues 20,475 21,013 20,034 20,367
EBITDA before other items 12,120 12,676 11,642 12,095
Other items -143 -60 -280 -125
EBITDA (reported) 11,976 12,429 11,497 12,008
Operating profit 5,706 6,370 5,109 5,716
Profit/Loss in Ass Comp -25 100 -97 -50
Net financials -592 224 -1,102 -700
Pretax Profit 5,089 5,553 4,563 5,093
Taxes -1,540 -1,318 -1,794 -1,533
Non-controlling interests 876 1,094 623 868
Equity holders of Telenor ASA 2,698 3,333 2,427 2,604

Full year median estimates

Group 2021 2022 2023 2024 CAGR
Revenues 110,113 109,256 110,872 112,475 0.7 %
Subscription and traffic revenues 81,925 82,625 84,754 86,638 1.9 %
EBITDA before other items 49,513 50,051 51,780 53,288 2.5 %
Other items -616 -94 -201 -372
EBITDA (reported) 48,896 49,958 51,578 52,916 2.7 %
Operating profit 23,158 24,881 26,393 28,382 7.0 %
Profit/Loss in Ass Comp -336 80 146 100
Net financials -3,741 -3,148 -3,103 -3,206 -5.0 %
Pretax Profit 19,025 21,955 23,931 25,243 9.9 %
Taxes -6,175 -6,604 -7,179 -7,573 7.0 %
Minorities 3,230 3,466 3,771 4,044 7.8 %
Net income to equity holders 3,551 11,416 12,531 13,429 55.8 %