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Australian (ASX) Telecom Sector Analysis

UpdatedFeb 03, 2026
DataAggregated Company Financials
Companies42
  • 7D0.4%
  • 3M-8.9%
  • 1Y-1.8%
  • YTD-1.1%

The Telecom is pretty flat in the last 7 days, but Telstra Group has stood out, gaining 4.0%. In line with that, the industry has also been flat over the past 12 months. Looking forward, earnings are forecast to grow by 12% annually.

Sector Valuation and Performance

Has the Australian Telecom Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 03 Feb 2026AU$118.8bAU$42.2bAU$3.4b36.5x34.8x2.8x
Thu, 01 Jan 2026AU$119.7bAU$43.5bAU$3.4b35.2x34.8x2.8x
Sat, 29 Nov 2025AU$124.0bAU$43.5bAU$3.4b36x36.1x2.9x
Mon, 27 Oct 2025AU$132.7bAU$43.5bAU$3.4b40.3x38.6x3.1x
Wed, 24 Sep 2025AU$134.5bAU$43.5bAU$3.4b43.2x39.2x3.1x
Fri, 22 Aug 2025AU$142.8bAU$44.2bAU$3.1b40.5x45.6x3.2x
Sun, 20 Jul 2025AU$138.3bAU$44.4bAU$2.2b35x61.7x3.1x
Tue, 17 Jun 2025AU$136.2bAU$44.4bAU$2.2b40.2x60.7x3.1x
Thu, 15 May 2025AU$131.1bAU$44.4bAU$2.2b40x58.5x3x
Sat, 12 Apr 2025AU$125.6bAU$44.4bAU$2.2b39.7x56.1x2.8x
Mon, 10 Mar 2025AU$125.7bAU$44.4bAU$2.2b33.2x56.2x2.8x
Wed, 05 Feb 2025AU$123.5bAU$43.9bAU$1.9b23.3x65x2.8x
Fri, 03 Jan 2025AU$121.0bAU$44.0bAU$1.9b24.6x64x2.8x
Sun, 01 Dec 2024AU$125.9bAU$44.0bAU$1.9b24x66.6x2.9x
Tue, 29 Oct 2024AU$120.5bAU$44.0bAU$1.9b23.2x63.8x2.7x
Thu, 26 Sep 2024AU$115.0bAU$44.0bAU$1.9b24.3x61.8x2.6x
Sat, 24 Aug 2024AU$118.5bAU$43.9bAU$2.1b23.6x57.2x2.7x
Mon, 22 Jul 2024AU$113.8bAU$43.6bAU$2.8b22.8x40x2.6x
Wed, 19 Jun 2024AU$110.6bAU$43.6bAU$2.8b22.4x38.9x2.5x
Fri, 17 May 2024AU$112.2bAU$43.6bAU$2.8b27x39.5x2.6x
Sun, 14 Apr 2024AU$111.0bAU$43.6bAU$2.9b30.3x38.5x2.5x
Tue, 12 Mar 2024AU$113.7bAU$43.6bAU$2.9b30.8x39.4x2.6x
Thu, 08 Feb 2024AU$116.4bAU$42.9bAU$3.3b21.7x35x2.7x
Sat, 06 Jan 2024AU$115.9bAU$43.2bAU$3.4b20.9x34.4x2.7x
Mon, 04 Dec 2023AU$109.1bAU$43.2bAU$3.4b20x32.3x2.5x
Wed, 01 Nov 2023AU$106.5bAU$43.2bAU$3.4b20.7x31.6x2.5x
Fri, 29 Sep 2023AU$110.5bAU$43.2bAU$3.4b19.9x32.7x2.6x
Sun, 27 Aug 2023AU$113.6bAU$43.0bAU$3.3b19.2x34.2x2.6x
Tue, 25 Jul 2023AU$114.4bAU$42.4bAU$3.3b20.4x34.8x2.7x
Thu, 22 Jun 2023AU$114.4bAU$42.4bAU$3.3b19.6x34.8x2.7x
Sat, 20 May 2023AU$115.0bAU$42.4bAU$3.3b21.2x35x2.7x
Mon, 17 Apr 2023AU$114.5bAU$42.4bAU$3.3b22.8x34.9x2.7x
Wed, 15 Mar 2023AU$107.2bAU$42.4bAU$3.3b21.7x32.7x2.5x
Fri, 10 Feb 2023AU$109.6bAU$40.3bAU$3.0b37x36.3x2.7x
Price to Earnings Ratio

36.3x


Total Market Cap: AU$109.6bTotal Earnings: AU$3.0bTotal Revenue: AU$40.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Telecom Sector Price to Earnings3Y Average 44.3x202420252026
Current Industry PE
  • Investors are pessimistic on the Australian Communication Services industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 34.8x which is lower than its 3-year average PE of 44.3x.
  • The industry is trading close to its 3-year average PS ratio of 2.7x.
Past Earnings Growth
  • The earnings for companies in the Communication Services industry have grown 4.2% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

Which industries have driven the changes within the Australian Telecom sector?

AU Market-1.47%
Telecom0.36%
Media4.05%
Telecom Services and Carriers2.66%
Wireless Telecom0%0
Entertainment-1.43%
Interactive Media and Services-3.31%
Industry PE
  • Investors are most optimistic about the Entertainment industry even though it's trading below its 3-year average PE ratio of 196x.
    • Analysts are expecting annual earnings growth of 20.1%, which is lower than the prior year's growth of 307.3% per year.
  • Investors are most pessimistic about the Media industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average.
Forecasted Growth
  • Analysts are most optimistic on the Media industry, expecting annual earnings growth of 20% over the next 5 years.
  • This is better than its past earnings decline of 6.3% per year.
  • In contrast, the Telecom Services and Carriers industry is expected to see its earnings grow by 11% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
TLS Telstra GroupAU$4.891.2%
+AU$674.7m		24.1%PE25.3x
NEC Nine Entertainment HoldingsAU$1.2210.4%
+AU$182.1m		-5.1%PE18.6x
TPG TPG TelecomAU$3.952.3%
+AU$176.3m		-8.6%PS1.4x
SHO SportsHeroAU$0.07921.5%
+AU$12.0m		295.0%PS1475.5x
SLC SuperloopAU$2.410.8%
+AU$10.3m		11.6%PE1026.9x

Latest News

NEC
AU$1.22
Nine Entertainment Holdings
7D
10.4%
1Y
-5.1%

What Does Nine Entertainment Co. Holdings Limited's (ASX:NEC) Share Price Indicate?

Feb 02
What Does Nine Entertainment Co. Holdings Limited's (ASX:NEC) Share Price Indicate?
ABB
AU$4.45
Aussie Broadband
7D
-4.5%
1Y
16.8%
EVT
AU$12.50
EVT
7D
-0.7%
1Y
8.4%
SEK
AU$20.98
SEEK
7D
-8.0%
1Y
-9.1%

SEK: Higher Discount Rate Will Still Support Bullish Earnings Multiple Outlook

Narrative Update on SEEK Analysts have trimmed their price target on SEEK to about A$29.74 from A$30.28 as they factor in slightly higher discount rates, a modestly lower revenue growth outlook, a small adjustment to profit margin assumptions, and a marginally higher future P/E multiple. Valuation Changes Fair Value: reduced slightly from A$30.28 to about A$29.74, reflecting modest model adjustments.
SLC
AU$2.41
Superloop
7D
0.8%
1Y
11.6%
CAR
AU$27.72
CAR Group
7D
-7.4%
1Y
-29.9%

Estimating The Fair Value Of CAR Group Limited (ASX:CAR)

Jan 26
Estimating The Fair Value Of CAR Group Limited (ASX:CAR)
OML
AU$1.26
oOh!media
7D
-3.5%
1Y
13.1%

OML: Steady Growth Assumptions And Higher Required Returns Will Support Future Upside

Analysts have slightly reduced their price target for oOh!media, reflecting a modestly higher discount rate and a small adjustment to projected profit margins and future P/E, while keeping their assessed fair value at A$1.66 per share. Valuation Changes Fair Value: Unchanged at A$1.66 per share, with no adjustment to the central valuation estimate.
PLY
AU$0.28
PlaySide Studios
7D
5.6%
1Y
32.6%

PLY: New CFO Appointment Will Support Margins As Revenue Tops A$49 Million

Analysts have kept their fair value estimate for PlaySide Studios steady at A$0.52 per share, with only very small tweaks to inputs like the discount rate and expected future P/E guiding their updated price target narrative. What's in the News PlaySide Studios has appointed Colin Lai as Chief Financial Officer, effective March 2, 2026.
A1N
AU$0.39
ARN Media
7D
4.1%
1Y
-40.3%

Digital Audience Shift And Cost-Out Program Will Shape Future Earnings Profile

Catalysts About ARN Media ARN Media operates an Australian audio entertainment business focused on radio, podcasts and digital audio platforms. What are the underlying business or industry changes driving this perspective?
REA
AU$191.60
REA Group
7D
-2.2%
1Y
-22.8%

REA: Higher Discount Rate And Leadership Change Will Pressure Premium Valuation

Analysts have reduced their fair value estimate for REA Group from A$178.60 to A$168.40, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples. What's in the News Chief Financial Officer Janelle Hopkins plans to retire from REA Group on 11 February 2026 to move into a non executive career after more than seven years as CFO and over 25 years in executive roles (Key Developments).
TLS
AU$4.89
Telstra Group
7D
1.2%
1Y
24.1%

TLS: Future Margins And Discount Rate Assumptions Will Shape Measured Upside Potential

Analysts have nudged their fair value estimate for Telstra Group slightly lower to A$4.93, reflecting updated assumptions around the discount rate, modest revenue growth and profit margin trends, while keeping future P/E expectations broadly steady. Analyst Commentary Recent Street research on a peer company, Telos, has centered on earnings quality and guidance revisions, which can be useful context when you think about how analysts frame valuation and execution risk for Telstra Group.
TPG
AU$3.95
TPG Telecom
7D
2.3%
1Y
-8.6%

TPG: Upcoming Capital Raises And Special Dividend Will Support Future Upside

Analysts have reduced their price target on TPG Telecom from A$4.75 to A$4.51, citing slightly softer assumptions on profit margins, revenue trends and future P/E multiples as the main reasons for the change. What's in the News TPG Telecom completed a follow on equity offering of A$73.4 million through a rights issue of 20,585,238 ordinary shares at A$3.57 per share, described as a Rights Offering (company event filing).
SXL
AU$0.61
Southern Cross Media Group
7D
-10.9%
1Y
0%
SHO
AU$0.079
SportsHero
7D
21.5%
1Y
295.0%
SWP
AU$0.14
Swoop Holdings
7D
16.7%
1Y
-24.3%

Swoop Holdings Limited's (ASX:SWP) Shares Not Telling The Full Story

Jan 07
Swoop Holdings Limited's (ASX:SWP) Shares Not Telling The Full Story
TUA
AU$7.15
Tuas
7D
-5.4%
1Y
7.8%

Tuas Limited's (ASX:TUA) Earnings Haven't Escaped The Attention Of Investors

Jan 06
Tuas Limited's (ASX:TUA) Earnings Haven't Escaped The Attention Of Investors