Valuation Result
Final Brand Value
Telenor — Telecoms
Valuation date: 10/29/2026
Total Brand Value
NOK 15.3B
This result turns the selected legal, brand, benchmark and discount-rate assumptions into one reviewable brand value estimate.
Brand Strength
74/100
Royalty Rate
3.7%
Discount Rate
8.5%
Benchmark recommendation not unlocked for this result
Sensitivity snapshot
Quick decision check for discount rate, royalty rate and long-term growth.
Variable
Lower input
Current
Higher input
WACC (Discount Rate)
8.5%
-1.0%
NOK 17.5B
8.5%
NOK 15.3B
+1.0%
NOK 13.5B
Royalty Rate
3.7%
-0.5%
NOK 13.2B
3.7%
NOK 15.3B
+0.5%
NOK 17.3B
Terminal Growth
1.0%
-0.5%
NOK 14.5B
1.0%
NOK 15.3B
+0.5%
NOK 16.1B
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Revenue Base
NOK 36.4B
Legal Protection
74/100
Long-term Growth
1.0%
Recommendation basis
Brand-strength range • Pro
This reference case derives its royalty rate by applying the brand-strength score to a documented industry royalty ceiling.
This valuation uses benchmark support informed by external market references and curated internal calibration.
Use this section to confirm whether the result reflects unlocked benchmark guidance or a non-benchmark method.
Forecast profile
5 years explicit forecast
High growth: 2.0%
Base growth: 1.5%
Long-term growth: 1.0%
Value build
Value for planning period: NOK 4.6B
Terminal value: NOK 10.7B
How the valuation is built
Valuation Build
| Year | Revenue | Royalty | After Tax | PV |
|---|---|---|---|---|
| Y1 | NOK 37,120,860,000 | NOK 1,373,471,820 | NOK 1,071,308,020 | NOK 1,028,488,611 |
| Y2 | NOK 37,863,277,200 | NOK 1,400,941,256 | NOK 1,092,734,180 | NOK 966,874,086 |
| Y3 | NOK 38,620,542,744 | NOK 1,428,960,082 | NOK 1,114,588,864 | NOK 908,950,754 |
| Y4 | NOK 39,199,850,885 | NOK 1,450,394,483 | NOK 1,131,307,697 | NOK 850,308,769 |
| Y5 | NOK 39,787,848,648 | NOK 1,472,150,400 | NOK 1,148,277,312 | NOK 795,450,139 |
| Explicit PV (Y1–Y5) | NOK 4,550,072,359 | |||
| Terminal Value (undiscounted) | NOK 15,463,467,802 | |||
| Terminal PV (discounted) | NOK 10,712,061,874 | |||
| Total Brand Value | NOK 15,262,134,233 |
Supporting context
This section explains the evidence and judgment used to support the recommendation and the legal, brand and financial assumptions used in the valuation.
Reference case
Telenor
Prepared reference case
Indicative upper-exposure value of the Telenor telecom-service name in Norway, Sweden and Denmark. DNA and Moi in Finland, Grameenphone, network infrastructure, spectrum, devices, subscriber contracts and enterprise value are excluded. Talkmore, Vimla and CBB activity remains within the reported country totals; their trademarks are not separately valued here.
Updated 27 October 2026: The industry ceiling changes from 3.50% to 5.00%, the selected royalty from 2.59% to 3.70%, the discount rate from 9.75% to 8.50%, and terminal growth from 1.50% to 1.00%. The indicative value changes from NOK 9.61bn to about NOK 15.26bn. These are analyst scenario choices, not an observed licence or an adopted group discount rate. Telenor reports a 6.0% after-tax impairment rate and 1.0% terminal growth for Sweden; that business-specific test informs but does not determine this three-country name valuation. Reported country service revenue includes Talkmore, Vimla and CBB, with no disclosed name-only split, so it is an upper-exposure proxy. Opening hypothetical rent is NOK 1.347bn, 10.5% of FY2025 Nordic operating profit of NOK 12.773bn. That profit includes DNA Finland and is not a matched name-profit test; a matched 25%-of-profit screen requires at least NOK 5.39bn attributable operating profit, which is not disclosed. Brand-strength and legal scores are outside-in judgments, not customer survey results or a legal title opinion.
Informed by numerous sources including company reporting, investor materials, analyst research, market data and selected benchmark references where relevant.
Key inputs
Reported = directly sourced • Estimated = selected judgment • Inferred = derived from broader evidence • Assumed = inclusion choice
Revenue base
NOK 36.393bn FY2025 service-revenue exposureinferred
Planning growth
2.00% for 3 years, then 1.50%estimated
Long-term growth
1.00%estimated
Royalty rate selected
3.70%estimated
Discount rate
8.50%estimated
Brand Strength
74/100 (B)estimated
Legal analysis
74/100estimated
Company disclosures
These links lead to company-issued materials. BrandValuator cross-checks indicative estimates against multiple sources; the final assumptions and judgments are our own. Each input is labeled by evidence status above.
Legal Protection
trademark Status88
scope Of Rights79
risk Profile62
litigation68
contractual Rights73
goodwill Evidence82
regulatory Compliance68
Brand Strength
marketing Investment75
quality76
availability78
distinctive Brand Codes79
mental Availability80
consideration75
trust73
choice Share75
penetration77
price Elasticity59
revenue Premium68
margin Premium68
stability72