Consensus Estimates

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

The most recent: ABG, Berenberg, Citi, Danske Bank, DNB, Goldman Sachs, Handelsbanken, JP Morgan, Morgan Stanley, Nordea, SEB, Societe Generale and UBS.

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 2021

As of April 2021

Pre Q1 2021

Amounts in NOK million Average High Low Median
Revenues 28,881 29,264 28,529 28,869
Subscription and traffic revenues 22,121 22,388 21,750 22,156
EBITDA before other items 13,123 13,397 12,851 13,107
Other items -173 -66 -550 -129
EBITDA (reported) 12,987 13,224 12,785 13,003
Operating profit 6,207 6,565 5,733 6,200
Profit/Loss in Ass Comp -13 100 -100 -25
Net financials -891 -617 -1,146 -928
Pretax Profit 5,303 5,836 4,713 5,344
Taxes -1,544 -1,000 -1,914 -1,585
Non-controlling interests 911 1,104 808 900
Equity holders of Telenor ASA 2,941 4,033 2,311 2,868

Full year median estimates

Group 2021 2022 2023 2024 CAGR
Revenues 116,546 119,281 121,457 122,221 1.6 %
Subscription and traffic revenues 88,837 91,148 92,688 94,056 1.9 %
EBITDA before other items 53,892 55,745 56,923 58,626 2.8 %
Other items -693 -702 -280 -280
EBITDA (reported) 53,200 55,043 56,643 58,346 3.1 %
Operating profit 25,704 27,987 29,565 31,290 6.8 %
Profit/Loss in Ass Comp -71 125 176 197
Net financials -3,782 -3,728 -3,718 -3,629 -1.4 %
Pretax Profit 21,947 24,102 26,044 27,811 8.2 %
Taxes -6,436 -7,079 -7,784 -8,277 8.7 %
Minorities 3,547 3,585 3,612 3,829 2.6 %
Net income to equity holders 11,932 13,605 14,894 16,042 10.4 %