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

UpdatedFeb 24, 2026
DataAggregated Company Financials
Companies4
  • 7D1.4%
  • 3M17.6%
  • 1Y44.4%
  • YTD14.7%

Over the last 7 days, the Telecom Services and Carriers industry has dropped 1.2%, driven by BT Group declining 1.7%. In contrast, Zegona Communications has gained 11%. In the past year, the industry has gained 44%. Looking forward, earnings are forecast to grow by 20% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Feb 2026UK£25.2bUK£23.3bUK£953.0m16.7x26.4x1.1x
Thu, 22 Jan 2026UK£31.0bUK£23.3bUK£953.2m15.6x32.5x1.3x
Sat, 20 Dec 2025UK£28.9bUK£23.3bUK£952.9m15.7x30.3x1.2x
Mon, 17 Nov 2025UK£27.2bUK£22.8bUK£703.6m15.8x38.6x1.2x
Wed, 15 Oct 2025UK£28.4bUK£23.1bUK£811.7m15.4x35x1.2x
Fri, 12 Sep 2025UK£30.3bUK£23.1bUK£814.0m16.3x37.2x1.3x
Sun, 10 Aug 2025UK£28.8bUK£23.0bUK£816.7m16.7x35.3x1.3x
Tue, 08 Jul 2025UK£25.9bUK£21.2bUK£1.1b16.6x24.2x1.2x
Thu, 05 Jun 2025UK£24.1bUK£21.2bUK£1.1b16.3x22.5x1.1x
Sat, 03 May 2025UK£23.2bUK£21.4bUK£783.3m20.1x29.7x1.1x
Mon, 31 Mar 2025UK£22.6bUK£21.4bUK£784.2m19.1x28.8x1.1x
Wed, 26 Feb 2025UK£20.7bUK£21.3bUK£771.2m21.1x26.8x1x
Fri, 24 Jan 2025UK£18.1bUK£21.3bUK£770.4m20.1x23.5x0.8x
Sun, 22 Dec 2024UK£18.1bUK£21.3bUK£771.2m22.3x23.5x0.8x
Tue, 19 Nov 2024UK£18.1bUK£21.3bUK£771.0m27.2x23.5x0.8x
Thu, 17 Oct 2024UK£18.4bUK£21.4bUK£896.9m27.8x20.6x0.9x
Sat, 14 Sep 2024UK£18.4bUK£21.4bUK£896.8m28.6x20.5x0.9x
Mon, 12 Aug 2024UK£16.7bUK£21.3bUK£893.9m27.2x18.6x0.8x
Wed, 10 Jul 2024UK£17.0bUK£21.3bUK£894.1m16.1x19.1x0.8x
Fri, 07 Jun 2024UK£16.4bUK£21.3bUK£894.0m15.2x18.3x0.8x
Sun, 05 May 2024UK£13.1bUK£21.3bUK£1.9b11.6x6.9x0.6x
Tue, 02 Apr 2024UK£13.6bUK£21.3bUK£1.9b11.6x7.2x0.6x
Thu, 29 Feb 2024UK£12.9bUK£21.3bUK£1.9b11.6x6.8x0.6x
Sat, 27 Jan 2024UK£13.8bUK£21.3bUK£1.9b11.6x7.3x0.6x
Mon, 25 Dec 2023UK£14.8bUK£21.3bUK£1.9b11.6x7.8x0.7x
Wed, 22 Nov 2023UK£12.6bUK£21.3bUK£1.9b11.6x6.7x0.6x
Fri, 20 Oct 2023UK£12.4bUK£21.3bUK£1.9b19.4x6.4x0.6x
Sun, 17 Sep 2023UK£12.6bUK£21.3bUK£1.9b22.4x6.5x0.6x
Tue, 15 Aug 2023UK£12.3bUK£21.3bUK£1.9b21.3x6.4x0.6x
Thu, 13 Jul 2023UK£13.4bUK£21.3bUK£1.9b13.9x6.9x0.6x
Sat, 10 Jun 2023UK£15.7bUK£21.3bUK£1.9b15.5x8.1x0.7x
Mon, 08 May 2023UK£16.5bUK£21.4bUK£1.7b15.6x9.4x0.8x
Wed, 05 Apr 2023UK£15.4bUK£21.4bUK£1.7b14.9x8.8x0.7x
Fri, 03 Mar 2023UK£15.2bUK£21.3bUK£1.7b14x8.7x0.7x
Price to Earnings Ratio

8.7x


Total Market Cap: UK£15.2bTotal Earnings: UK£1.7bTotal Revenue: UK£21.3bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Telecom Services and Carriers Industry Price to Earnings3Y Average 18.9x202420252026
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 26.1x which is higher than its 3-year average PE of 18.9x.
  • The 3-year average PS ratio of 0.88x 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 3.0% 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 Market1.89%
Telecom1.89%
Telecom Services and Carriers1.35%
Integrated Telecom Services1.41%
Alternative Carriers-0.45%
Industry PE
  • Investors are most optimistic about the Integrated Telecom Services industry which is trading above its 3-year average PE ratio of 19.0x.
    • Analysts are expecting annual earnings growth of 20.2%, which is lower than the prior year's growth of 24.0% per year.
  • Investors are most pessimistic about the Alternative Carriers industry, which is trading below its 3-year average of 22.1x.
Forecasted Growth
  • Analysts are most optimistic on the Integrated Telecom Services industry, expecting annual earnings growth of 20% 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
ZEG Zegona CommunicationsUK£17.959.5%
+UK£354.7m		223.4%PS1.6x
HTWS Helios TowersUK£1.991.4%
+UK£28.6m		106.0%PE33x

Latest News

GAMA
UK£8.79
Gamma Communications
7D
-0.5%
1Y
-32.8%

GAMA: Rebased Price Assumptions Will Support Future Upside Potential

Narrative Update on Gamma Communications Gamma Communications has seen its consensus analyst price target cut to around £14.60, reflecting lower published Street targets from £18.50 and a slightly higher assumed future P/E multiple, as analysts reassess the stock's valuation rather than its underlying fair value inputs. Analyst Commentary Recent research updates on Gamma Communications focus on recalibrating price targets to around £14.60, rather than signalling a clear change in how analysts view the company’s fundamentals.
BT.A
UK£2.07
BT Group
7D
-0.1%
1Y
35.1%

BT.A: Execution Risks Around Margin Assumptions Will Limit Future Upside

Analysts have lifted their fair value estimate for BT Group from £1.35 to £1.40, reflecting updated assumptions around the discount rate, margins, future P/E and a recent move in Street price targets, including an increase from £2.40 to £2.50 by one firm. Analyst Commentary While the latest fair value adjustment and some Street targets support a modestly higher valuation for BT Group, not every analyst is leaning positive.
HTWS
UK£1.99
Helios Towers
7D
1.4%
1Y
106.0%

HTWS: Lower Discount Rate And Higher P/E Assumptions Will Shape Future Returns

Analysts have lifted their price target for Helios Towers by £0.40, citing updated fair value work, a slightly lower discount rate and revised future P/E assumptions as the key drivers of the change. Analyst Commentary Recent research points to a higher assessed fair value for Helios Towers, with the new target price lifted by £0.40 after updated modelling work, a slightly lower discount rate and revised future P/E assumptions.
ZEG
UK£17.95
Zegona Communications
7D
9.5%
1Y
223.4%

Estimating The Fair Value Of Zegona Communications plc (LON:ZEG)

Feb 12
Estimating The Fair Value Of Zegona Communications plc (LON:ZEG)