Telenor (OB:TEL) Profit Jump And Faster Buyback Put Valuation Back In Focus

Telenor (OB:TEL) just posted third quarter 2026 earnings that paired lower revenue with a sharp jump in profit, while also speeding up its NOK 15b share buyback and reshaping its portfolio.

The recent profit surge and accelerated NOK 15b buyback have arrived while Telenor’s share price has fallen 9.67% year to date and its 1 year total shareholder return is down 6.28%. However, the 3 year total shareholder return of 38.94% points to momentum built over a longer horizon.

Scan how Telenor’s buyback and portfolio reshaping compares to other potential ideas by reviewing our handpicked 199 high quality undervalued stocks.

Profit is surging, cash is being returned faster, and Telenor is reshaping its footprint. The real issue now is whether that mix is already fully reflected in today’s share price or not.

Most Popular Narrative: 12% Undervalued

Telenor’s most followed valuation storyline pegs fair value at NOK149.95, above the last close of NOK131.70. This puts the recent profit jump, rich cash returns and heavier caution on future earnings on a collision course in one number.

Transformation programs that are structurally reducing OpEx, including FTE reductions and customer service efficiencies, are likely to compound over time, expanding EBITDA margins and supporting a higher, more sustainable free cash flow run rate.

See why 11 investors see Telenor as 12% undervalued.

Result: Fair Value of NOK149.95 (UNDERVALUED)

Still, setbacks in Asian units or higher spectrum costs in markets such as Bangladesh could squeeze cash generation and test how resilient the Telenor narrative really is.

Find out about the key risks to this Telenor narrative.

Next Steps

Mixed feelings on Telenor so far. If you want a clearer stance and to move quickly, weigh up its 3 key rewards and 3 important warning signs.

Looking for more investment ideas beyond Telenor?

If you stop at Telenor, you could miss out on other compelling setups that fit your goals, risk comfort, and dividend expectations across the market.

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