Much of the valuation upside in telecom operators Telenor, Tele2, and Telia is already priced in, according to an analysis from Bank of America.
For Telenor, investors are positive about the portfolio's development but see a continued need for Nordic consolidation in Sweden and Denmark. Meanwhile, Telia's Ice deal is described as strategically strong, and the forecast for 2026 is seen as cautious, even though clearer guidance on shareholder returns is being sought.
The outlook on Elisa is mixed, with a focus on valuation and competition in Finland, while Tele2's share price strength is linked to Iliad's intention to increase its financial stake.
Telenor ASA is the No. 1 telecommunications group in Norway. Net sales (including intragroup) break down by activity as follows:
- mobile and fixed-line telecommunications services (87.5%): mobile and fixed-line telephony services, voice and data transmission, Internet access, messaging, TV channel broadcasting, sale of telecommunications equipment, etc.;
- telecommunications infrastructure management (3.8%): construction, development and leasing of towers, masts, buildings, etc.;
- other (8.7%): offshore telecommunications services, interconnection between operators, etc.
Net sales are geographically distributed as follows: Norway (31.3%), Bangladesh (18.8%), Sweden (17.1%), Finland (15.7%), Denmark (7.4%), Pakistan (5.6%) and other (4.1%).
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Investor
Investor
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Global
Global
This composite rating is the result of an average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), Financial Estimates Revisions (Composite), Consensus (Composite), and Visibility (Composite). The company must be covered by at least 4 of these 5 ratings for the calculation to be performed. We recommend that you carefully review the associated descriptions.
Quality
Quality
This composite rating is the result of an average of the rankings based on the following ratings: Capital Efficiency (Composite), Quality of Financial Reporting (Composite), and Financial Health (Composite). The company must be covered by at least 2 of these 3 ratings for the calculation to be performed. We recommend that you carefully review the associated descriptions.
ESG MSCI
ESG MSCI
The MSCI ESG score assesses a company’s environmental, social, and governance practices relative to its industry peers. Companies are rated from CCC (laggard) to AAA (leader). This rating helps investors incorporate sustainability risks and opportunities into their investment decisions.
