DASHBOARD: Telco and IT valuation comps for September 2025
- Publisher : Venture Insights
- Publish Date : October 16, 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 ICT share price changes September 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.
Superloop
Superloop’s stock rose by around 18% during the month, offsetting the decline it faced during August. The company had no material company announcements, but it was announced that the company was added to the S&P/ASX 200. 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. Also in Superloop’s FY25 results the company highlighted 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.
Swoop
Swoop’s stock dropped by around 19% during the month, offsetting some of the stocks 44% gain during August. The drop is a correction given there were no price sensitive announcements during the month. During August the company released strong FY25 results, delivering record 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%.
Tuas
Tuas’ stock dropped by around 11% during the month, with the company releasing its FY25 results (July year-end) where it achieved revenue of S$151.3m compared to S$117.1m the year prior, and EBITDA of S$68.4m compared to S$49.7m the year prior. Mobile subscribers grew by around 94,000 and broadband subscribers grew by around 11,000. The company’s recently announced acquisition of M1 is expected to go ahead with the share purchase plan (which will partially fund the acquisition) closing in early October. The enterprise value of M1 (excluding its ICT businesses) is S$1,430m. The company expects to receive regulatory approval for the acquisition in the coming months.
Figure 2: ANZ telco and ICT valuation multiples
Source: Firehawk
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