Telenor ASA ADR

TELNY: PINX (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$27.00	Rmwyjcf	Vfttfchx

Telenor on Track for Midterm Free Cash Flow Ambitions; Maintaining NOK 130 Fair Value Estimate

Javier Correonero

Mar 28, 2024

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 and has increased dividends nicely in recent years. Telenor expanded into emerging markets earlier than many European telecom operators.

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