Figure 1: ANZ Telco and ICT share price changes November 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.

TPG

TPG’S stock dropped by around 31% during November, with most of the decline occurring on November 14th which was when the stock went ex-dividend. The drop reflects the loss of an entitlement of up to $1.61 per share. This comprises a $1.52 per share capital reduction and a 9 cents per share unfranked special dividend. This entitlement stems from when the company announced a range of capital management initiatives in August, following the receipt of approximately $4.7 billion in net proceeds from the sale of its fibre assets and Enterprise, Government, and Wholesale (EGW) business to Vocus. Its capital management plan included the return up to $3 billion to shareholders through a pro rata capital reduction and cash distribution. It also used the funds to make a $1.7 billion repayment of bank borrowings.

Megaport

Megaport’s stock fell by around 13% in November. During the month, the company announced it has launched a fully underwritten A$200m placement to fund the acquisition of compute-as-a-service provider Latitude.sh and accelerate network expansion into India. The transaction broadens Megaport’s network-as-a-service platform into integrated, high-performance compute, and is expected to lift revenue by >20% and EBITDA by >40% on an FY25 pro forma basis. Additional proceeds support an A$43m India “land and expand” rollout and preserve balance sheet flexibility, with FY26 guidance unchanged.

Codan

Codan’s stock decreased by around 15% during the month, offsetting its gains in the prior month. This fall is despite there being no price sensitive announcements by the company. In October, the company released a letter to shareholders by the CEO (Alf Ianniello). The messaging included that Codan’s FY26 growth outlook remains positive, supported by continued favourable market from 30 June 2025. The CEO also highlighted that the company’s strong balance sheet and a renewed $250 million debt facility, positioning the company well for continued investment and potential acquisitions.

Figure 2: ANZ telco and ICT valuation multiples 

Source: Firehawk

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