Telenor is the Nordic anchor telecom with strong Norway/Sweden/Denmark operations supplemented by SE Asia assets (Grameenphone Bangladesh, dtac Thailand merger with True). Following the Dtac-True merger, EM exposure is cleaner and profitability higher. Infrastructure monetisation (tower JVs in Nordics) is an undervalued asset. Dividend yield ~5.5% is sustainable. Growth limited by mature Nordic markets.
Thesis reviewed May 29, 2026
Telenor ASA is headquartered in Norway, which is currently showing elevated risk signals.
🇳🇴Norway72NEUTRALView Norway risk detail →📡Telecom29NEUTRAL| Ticker | Company | Score | Gap | Signal Δ | Action |
|---|---|---|---|---|---|
| VOD | Vodafone Group PLC | 33 | +9% | ↑1% | NEUTRAL |
| NOK | Nokia Oyj | 33 | +1% | ↑1% | NEUTRAL |
| VOD.L | Vodafone | 33 | — | ↑1% | NEUTRAL |
| TEF | Telefónica, S.A. | 33 | 0% | ↑1% | NEUTRAL |
| VZ | Verizon Communications Inc. | 33 | +1% | ↑1% | NEUTRAL |
| AMOV | América Móvil S.A.B. de C.V. | 33 | +9% | ↑1% | EARLY |
| T | AT&T Inc. | 33 | +2% | ↑1% | NEUTRAL |
Investors who hold TELNY may also have indirect exposure through these country funds.
Telenor completes tower JV in Norway; NOK 10B unlocked at 15x EBITDA multiple
True-dtac merged entity delivering synergy run-rate ahead of schedule
Swedish 5G deployment complete; broadband ARPU upgrade cycle beginning
Estimates · Yahoo Finance · Not audited figures