DASHBOARD: Telco and IT valuation comps for January 2026
- Publisher : Venture Insights
- Publish Date : February 7, 2026
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 ICT share price changes January 2026
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 surged by 55% during January, as the micro-cap reversed some of the declines of previous months. The company released a strong quarterly update during the period with customer receipts rising 53% year-on-year to $72.9 million, driven by accelerating growth in its core NBN and mobile products and contributions from the Melbourne Fibre Project. Swoop ended the period with $16.0 million in available funding to support fibre buildout and continued growth.
Codan
Codan’s stock rose by around 34% during January, after the company released a favourable trading update. The release forecasts group revenue of approximately $394 million, up 29% year-on-year, with underlying NPAT expected to exceed $70 million, representing 52% growth. Strong performance was driven by continued momentum in its communications segment, which delivered revenue of around $222 million (+19%), alongside outstanding growth in metal detection.
Pentanet
Pentanet’s stock rocketed by 55% during January, continuing its extreme volatility. The stock is down by around 38% on a year-on-year basis. The company released its quarterly update during the month which reported continued profitability in Q2 FY26, delivering its fifth consecutive quarter of positive EBITDA of $0.4 million alongside consolidated revenue growth of 7% year-on-year to $6.0 million. Telecommunications revenue rose 6%, supported by NBN subscriber gains and strong 5G revenue growth of 330% on the prior year.
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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