Telenor ASA

TEL: XOSL (NOR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Maintaining Telenor's Narrow Moat and NOK 130 Fair Value Estimate

Javier Correonero

Jul 11, 2025

Business Strategy and Outlook

Telenor is Norway's incumbent telecom operator and also operates in other Scandinavian and Asian countries. Its business is mature and growing slowly with high reliance on mobile operations, but it generates significant free cash flow and has increased dividends nicely in recent years. Telenor expanded into emerging markets earlier than many European telecom operators.

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Telenor ASA

Maintaining Telenor's Narrow Moat and NOK 130 Fair Value Estimate

Business Strategy and Outlook

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