Figure 1: ANZ Telco share price changes May 2025 

Source: Firehawk

Key developments

Telco stocks in Australia and New Zealand have seen wide spreads in performance over the last 12 months. Economic growth is expected to remain sluggish relative to previous years, creating uncertain performance for telco equities, though some challengers are doing better.

Megaport

Megaport’s stock has increased by around 18% during May, despite no price sensitive announcements being released by the company. The stock is now trading at the highest level in a year. During May, the S&P ASX All Technology Index increased by 10.5%, and has performed well over the last two months. This follows a fall during the first quarter of 2025 which was tied to a cooling in investors’ enthusiasm towards data centre and AI demand.

Spark NZ

Spark NZ’s share price climbed around 8% during the month with news that at least three private capital players are interested in acquiring a 50% of Spark’s data-centre platform, which includes 11 data centres and 22 megawatts in high-density cities such as Auckland. The potential bidders are understood to be Pacific Equity Partners and QIC, and Mitsubishi-owned Igneo Infrastructure Partners. The proceeds from the selling down of Spark’s stake will likely be used to pay down the company’s debt.

Superloop

Superloop’s stock is up 8% during the month of May, with the company announcing that it had executed an exclusive six-year contract to provide wholesale internet services to Origin Energy (with a broadband subscriber base of 200,000). This follows a period of a year in which Origin had transitioned from Aussie Broadband to Superloopfor this wholesale internet service. Superloop’s stock has performed strongly over the last year and is up by 91%. 

Figure 2: ANZ telco valuation multiples May 2025

Source: Firehawk

About Venture Insights

Venture Insights is an independent company providing research services to companies across the media, telco and tech sectors in Australia, New Zealand, and Europe.