Figure 1: ANZ Telco and ICT share price changes December 2025 

Source: Firehawk. Only includes top 10 movers.

Key developments

After a period of volatility in 2024, Telco and IT stocks in Australia and New Zealand have seen some improvements and price stability over 2025. However, the volatility is returning for some, possibly due to a sluggish economic outlook.

Swoop

Swoop’s stock declined by around 25% during December, after the company announced it completed its entitlement offer at $0.10 per share, raising ~$2.8m from institutions (including ~$1.45m from existing holders) and ~$6.5m from retail investors (~90% participation), for total proceeds of ~$9.3m and a ~$0.7m retail shortfall the board may place within three months. Proceeds are intended mainly for Melbourne Fibre Project capex (to a tune of at least $5.1m) and working capital (plus transaction costs). Retail shares are expected to be allotted 24 December and commence trading 29 December 2025.

Megaport

Megaport’s stock fell by around 13% during the month, despite the company not releasing any price sensitive announcements. The company did have some news during the month, with the announcement of a board refresh with Lisa Hennessy appointed as a Non-Executive Director and Chair of the Remuneration & Nomination Committee. The company also completed its non-underwritten Share Purchase Plan, raising ~$18.2m through ~1.4m new shares at $13.06 per share, following the $200m institutional placement; proceeds will support general corporate and working capital.

Tuas

Tuas’s stock rose by around 4% during December, with the company hosting its Annual General Meeting on the 1st of the month. CEO Richard Tan promoted the company’s recent developments including the steady growth in subscribers for its flagship telco brand, Simba Telcom, based in Singapore. In his address, the company’s Q1 2026 unaudited financials were also announced with revenue of $44.2m and $19.9m in EBITDA (45% margin). Finally, an update on the company’s recent M1 acquisition (a Singapore Telco provider, excluding its ICT business) was provided. The acquisition is currently being reviewed by the Singapore regulator, IMDA. The company remains optimistic about receiving approval in the coming months.

Figure 2: ANZ telco and ICT valuation multiples 

Source: Firehawk. Blank results are due to a lack of equity research analyst coverage, the EV/Revenue multiple being above 25x, or the EV/EBITDA and EV/EBIT multiple being less than zero or above 60x

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