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

Source: Firehawk

Key developments

After a period of volatility, Telco and IT stocks in Australia and New Zealand have seen some improvements in performance over the last 12 months. Economic growth is recovering, creating opportunities for telco equities, particularly challenger brands.

Codan

Codan’s stock increased by around 20% during the month, with some positive commentary on its FY26 outlook in a letter to shareholders by the CEO (Alf Ianniello). The messaging included that Codan’s FY26 growth outlook remains positive, supported by continued favourable conditions from 30 June 2025. The Communications division anticipates 15-20% revenue growth, driven by elevated defence spending, geopolitical tensions, and $24.5 million in Kägwerks purchase orders. The Minelab division is benefiting from a strong gold price, with Q1 FY26 revenues exceeding the FY25 monthly average by 16%. The CEO highlighted the company’s strong balance sheet and a renewed $250 million debt facility, positioning the company well for continued investment and potential acquisitions.

TPG

TPG’s stock rose by nearly 10% during the month as the company had two price sensitive company announcements. This included the introduction of a new handset receivables financing structure, involving the sale of eligible receivables to an off-balance-sheet Trust. This move is expected to deliver a net free cash flow benefit of approximately $600 million in FY25, improve capital efficiency, and support competitive handset offers. Separately, TPG updated shareholders on its proposed ~$3 billion return of surplus proceeds, expecting the total $1.61 per share distribution to comprise a $1.52 per share capital reduction and a $0.09 per share unfranked special dividend, subject to a final ATO Class Ruling.

Superloop

Superloop’s stock continued its volatility in October, dropping by around 12% during the month and offsetting its rebound in the prior month. The company had no material company announcements. Superloop’s stock plunged in August due to its FY25 revenues being lower than investors’ expectations, despite revenue being up 31% (year on year) to $546.5 million. Superloop’s FY25 results also showed that customer numbers rose to over 731,000, driving EBITDA growth of 70% to $92.2 million and a return to net profit after tax of $1.2 million.

Figure 2: ANZ telco and ICT valuation multiples 

Source: Firehawk

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