Telenor ASA

TEL: XOSL (NOR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	NOK 442.00	Dnwpvbt	Dxvkfzttd

Telenor Q4 Weaker Than Expected on Currency and Business Pressures; Trimming FVE to NOK 147

Javier Correonero

Feb 2, 2022

Business Strategy and Outlook

Telenor is the incumbent telecom operator in Norway and operates in Nordic and Asian countries. Its business is mature and growing slowly with high reliance on mobile operations, but it generates significant free cash flow. Telenor expanded into emerging markets earlier than many European telecom operators, positioning itself to benefit from a geographically diverse footprint.

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