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U.K. (FTSE) Telecom Services and Carriers Industry Analysis

UpdatedMar 21, 2026
DataAggregated Company Financials
Companies4
  • 7D-1.5%
  • 3M16.3%
  • 1Y34.8%
  • YTD15.8%

Over the last 7 days, the Telecom Services and Carriers industry has dropped 1.5%, driven by BT Group declining 1.0%. Over the past 12 months, the industry was up 35%. Looking forward, earnings are forecast to grow by 22% annually.

Industry Valuation and Performance

Has the U.K. Telecom Services and Carriers Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 21 Mar 2026UK£25.4bUK£23.3bUK£953.5m16.8x26.6x1.1x
Mon, 16 Feb 2026UK£33.7bUK£23.3bUK£953.4m17.1x35.4x1.4x
Wed, 14 Jan 2026UK£30.0bUK£23.3bUK£953.5m15.7x31.4x1.3x
Fri, 12 Dec 2025UK£28.6bUK£23.3bUK£950.3m15.4x30.1x1.2x
Sun, 09 Nov 2025UK£27.4bUK£22.8bUK£705.0m16x38.8x1.2x
Tue, 07 Oct 2025UK£29.0bUK£23.1bUK£812.4m15.4x35.7x1.3x
Thu, 04 Sep 2025UK£29.8bUK£23.0bUK£816.3m16.5x36.5x1.3x
Sat, 02 Aug 2025UK£27.9bUK£23.0bUK£814.1m16.7x34.3x1.2x
Mon, 30 Jun 2025UK£25.3bUK£21.2bUK£1.1b16.6x23.6x1.2x
Wed, 28 May 2025UK£23.2bUK£21.2bUK£1.1b16.1x21.6x1.1x
Fri, 25 Apr 2025UK£22.4bUK£21.4bUK£783.2m19.3x28.6x1x
Sun, 23 Mar 2025UK£22.7bUK£21.3bUK£770.8m21x29.4x1.1x
Tue, 18 Feb 2025UK£20.5bUK£21.3bUK£771.2m21.2x26.6x1x
Thu, 16 Jan 2025UK£18.2bUK£21.3bUK£770.5m20.7x23.6x0.9x
Sat, 14 Dec 2024UK£18.8bUK£21.3bUK£771.1m23.3x24.4x0.9x
Mon, 11 Nov 2024UK£17.7bUK£21.3bUK£771.3m27.3x22.9x0.8x
Wed, 09 Oct 2024UK£18.3bUK£21.4bUK£896.9m28.1x20.4x0.9x
Fri, 06 Sep 2024UK£17.9bUK£21.3bUK£894.0m26.3x20x0.8x
Sun, 04 Aug 2024UK£17.6bUK£21.3bUK£893.9m26.7x19.6x0.8x
Tue, 02 Jul 2024UK£17.1bUK£21.3bUK£894.0m16.2x19.1x0.8x
Thu, 30 May 2024UK£15.7bUK£21.3bUK£894.0m14.5x17.5x0.7x
Sat, 27 Apr 2024UK£13.2bUK£21.3bUK£1.9b11.6x6.9x0.6x
Mon, 25 Mar 2024UK£13.4bUK£21.3bUK£1.9b11.6x7.1x0.6x
Wed, 21 Feb 2024UK£13.3bUK£21.3bUK£1.9b11.6x7x0.6x
Fri, 19 Jan 2024UK£13.6bUK£21.3bUK£1.9b11.6x7.2x0.6x
Sun, 17 Dec 2023UK£14.5bUK£21.3bUK£1.9b11.6x7.6x0.7x
Tue, 14 Nov 2023UK£13.1bUK£21.3bUK£1.9b20.9x6.9x0.6x
Thu, 12 Oct 2023UK£12.8bUK£21.3bUK£1.9b20.8x6.6x0.6x
Sat, 09 Sep 2023UK£12.1bUK£21.3bUK£1.9b21.9x6.2x0.6x
Mon, 07 Aug 2023UK£12.3bUK£21.3bUK£1.9b21.6x6.3x0.6x
Wed, 05 Jul 2023UK£13.4bUK£21.3bUK£1.9b14.4x6.9x0.6x
Fri, 02 Jun 2023UK£15.8bUK£21.3bUK£1.9b15.1x8.1x0.7x
Sun, 30 Apr 2023UK£17.0bUK£21.4bUK£1.7b16x9.7x0.8x
Tue, 28 Mar 2023UK£14.8bUK£21.4bUK£1.7b14.7x8.5x0.7x
Price to Earnings Ratio

8.5x


Total Market Cap: UK£14.8bTotal Earnings: UK£1.7bTotal Revenue: UK£21.4bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Telecom Services and Carriers Industry Price to Earnings3Y Average 19.3x202420252026
Current Industry PE
  • Investors are optimistic on the British Telecom industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 26.6x which is higher than its 3-year average PE of 19.3x.
  • The 3-year average PS ratio of 0.89x is lower than the industry's current PS ratio of 1.1x.
Past Earnings Growth
  • The earnings for companies in the Telecom industry have declined 18% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.9% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the U.K. Telecom industry?

GB Market-3.50%
Telecom-1.98%
Telecom Services and Carriers-1.52%
Integrated Telecom Services-1.47%
Alternative Carriers-3.27%
Industry PE
  • Investors are most optimistic about the Integrated Telecom Services industry which is trading above its 3-year average PE ratio of 19.5x.
    • Analysts expect its future annual earnings growth (22.4%) to be largely in line with prior year's earnings growth.
  • Investors are most pessimistic about the Alternative Carriers industry, which is trading below its 3-year average of 21.9x.
Forecasted Growth
  • Analysts are most optimistic on the Integrated Telecom Services industry, expecting annual earnings growth of 22% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Alternative Carriers industry is expected to see its earnings grow by 7.0% 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
HTWS Helios TowersUK£1.790.6%
+UK£9.1m		73.1%PE62.4x

Latest News

GAMA
UK£8.59
Gamma Communications
7D
-3.3%
1Y
-30.3%
HTWS
UK£1.79
Helios Towers
7D
0.6%
1Y
73.1%
ZEG
UK£16.65
Zegona Communications
7D
-4.0%
1Y
136.2%
BT.A
UK£2.12
BT Group
7D
-1.0%
1Y
29.2%

BT.A: Fiber Monetisation Will Support Re-Rating On Stronger Cash Generation

Analysts have nudged their average price target on BT Group higher, with recent moves ranging from £1.40 to £2.50. They point to fibre monetisation and improved cash flow expectations, alongside slightly adjusted discount rate, revenue growth and profit margin assumptions.