Consensus Estimates

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

The most recent: ABG, Arctic, Barclays, Berenberg, Citi, Goldman Sachs, Handelsbanken and JP Morgan.

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 Q2 2020

As of July 2020

Post Q2 2020

Amounts in NOK million Average High Low Median
Revenues 30.809 31.986 30.104 30.764
Subscription and traffic revenues 23.520 23.864 23.116 23.541
EBITDA before other items 14.347 15.239 13.944 14.246
Other items -108 1.140 -127 -110
EBITDA (reported) 14.429 15.239 13.819 14.364
Operating profit 7.300 8.522 6.414 7.343
Profit/Loss in Ass Comp -27 50 -70 -50
Net financials -846 -581 -1.175 -825
Pretax Profit 6.431 7.901 5.460 6.511
Taxes -1.919 -1.631 -2.370 -1.907
Non-controlling interests 928 1.214 650 917
Equity holders of Telenor ASA 3.646 5.189 2.740 3.526

Full year median estimates

Group 2020 2021 2022 2023
Revenues 124.809 127.373 129.487 130.172
Subscription and traffic revenues 94.848 96.398 98.144 99.942
EBITDA before other items 56.540 58.302 59.556 61.240
Other items -1.724 -473 -369 -296
EBITDA (reported) 54.816 57.828 59.187 60.944
Operating profit 25.782 29.301 30.550 33.146
Profit/Loss in Ass Comp -192 50 125 180
Net financials -5.412 -3.478 -3.927 -3.680
Pretax Profit 19.876 25.146 27.058 29.110
Taxes -6.173 -7.446 -7.967 -8.630
Minorities 3.831 3.874 3.748 4.150
Net income to equity holders 11.957 13.934 14.891 15.602