DASHBOARD: Telco and IT valuation comps for August 2025
- Publisher : Venture Insights
- Publish Date : September 8, 2025
This Telco and IT Valuation Comps report provides a comprehensive analysis of key financial metrics for telco stocks listed in Australia and New Zealand (ANZ). It includes detailed visualisations of monthly and annual share price movements, key earnings multiples, and forward earnings multiples compared to forward growth estimates. Additionally, it tracks share price trends over the past twelve months, offering valuable insights for market participants.
Figure 1: ANZ Telco and IT share price changes August 2025
Source: Firehawk
Key developments
After a period of volatility, Telco and IT stocks in Australia and New Zealand have seen improvements in performance over the last 12 months. Economic growth is recovering, creating opportunities for telco equities, particularly challenger brands.
Codan
Codan’s stock rallied by around 47% during August, with the company releasing its FY25 results at the tail end of the month. The company’s posted a very strong FY25 result, with group revenue up 22% to $674.2m, EBIT rising 28% to $146m, and NPAT increasing 27% to $103.5m. Communications revenue jumped 26% to $413.5m, supported by a growing orderbook, while MineLab Metal Detection products delivered 16% growth to $254.8m. Net debt fell to $78.3m, bolstering financial flexibility. A fully franked dividend of 28.5c per share was declared, up 27%. Looking ahead, Codan targets 15–20% growth in Communications in FY26 and new product launches at Minelab, positioning the Group for sustained expansion, supported by a strengthened balance sheet and strategic acquisition capacity.
Tuas
Tuas’ stock rocketed by around 46% during the month, with the company announcing a $220m equity raising to fund the acquisition of SIMBA Telecom, a Singapore-based mobile services provider. The raising comprises a $200m institutional placement and a $20m share purchase plan. The acquisition, valued at ~$427m enterprise value, will be funded through the equity raising and existing cash. SIMBA adds over 700,000 subscribers and strong recurring revenue, significantly enhancing Tuas’ scale and competitive positioning in the Singapore telecommunications market. The transaction is expected to be earnings accretive, with synergies anticipated from network integration and operational efficiencies, supporting Tuas’ growth strategy and long-term shareholder value creation.
Swoop
Swoop’s stock climbed by around 44% during August, with the company releasing strong FY25 results with the company delivering record FY25 results with revenue up 20% to $106.5m and underlying recurring revenue growing 32%. Underlying EBITDA reached $15.2m, while free cash flow turned positive at $5.1m versus a loss in FY24. Subscriber numbers rose 14%, supported by a 300% improvement in NBN market share to 0.69%. Operating cash flow increased 64% to $17.6m, underpinned by efficiency gains and automation. The company secured long-term contracts worth up to $49m for its Melbourne fibre build and signed a three-year wholesale deal with Flip, expected to generate over $10m annually, strengthening both scale and cash position.
Figure 2: ANZ telco and IT valuation multiples August 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.