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South African (JSE) Telecom Sector Analysis

UpdatedNov 24, 2025
DataAggregated Company Financials
Companies10
  • 7D-4.3%
  • 3M-0.2%
  • 1Y53.6%
  • YTD45.0%

Over the last 7 days, the Telecom industry has dropped 4.3%, driven by a pullback from MTN Group of 6.9%. In the past year, the industry has gained 54%. As for the next few years, earnings are expected to grow by 33% per annum.

Sector Valuation and Performance

Has the South African Telecom Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 30 Nov 2025R670.4bR486.8bR34.4b8x19.5x1.4x
Tue, 28 Oct 2025R664.3bR478.0bR31.4b9x21.2x1.4x
Thu, 25 Sep 2025R604.6bR478.0bR31.4b9.1x19.3x1.3x
Sat, 23 Aug 2025R667.4bR478.0bR29.7b17x22.5x1.4x
Mon, 21 Jul 2025R638.9bR459.8bR12.5b13.4x50.9x1.4x
Wed, 18 Jun 2025R574.1bR459.8bR12.5b11.7x45.8x1.2x
Fri, 16 May 2025R505.1bR407.2bR8.4b10.4x60.3x1.2x
Sun, 13 Apr 2025R454.0bR407.2bR8.4b9x54.2x1.1x
Tue, 11 Mar 2025R465.2bR417.8bR10.5b9.3x44.2x1.1x
Thu, 06 Feb 2025R467.0bR418.2bR10.5b8.3x44.6x1.1x
Sat, 04 Jan 2025R397.3bR418.2bR10.5b8.4x38x1x
Mon, 02 Dec 2024R370.1bR418.2bR10.5b8x35.4x0.9x
Wed, 30 Oct 2024R396.6bR416.7bR11.9b8.4x33.3x1x
Fri, 27 Sep 2024R415.6bR416.7bR11.9b8.2x34.9x1x
Sun, 25 Aug 2024R417.1bR419.1bR12.0b7.7x34.8x1x
Tue, 23 Jul 2024R337.2bR441.3bR23.5b7.7x14.3x0.8x
Thu, 20 Jun 2024R375.8bR442.5bR12.4b8.5x30.3x0.8x
Sat, 18 May 2024R361.9bR442.6bR12.4b11.3x29.1x0.8x
Mon, 15 Apr 2024R363.1bR430.2bR13.5b9.5x26.8x0.8x
Wed, 13 Mar 2024R353.9bR431.7bR30.0b7.4x11.8x0.8x
Fri, 09 Feb 2024R372.8bR434.1bR29.6b10x12.6x0.9x
Sun, 07 Jan 2024R432.2bR434.1bR29.6b9.9x14.6x1x
Tue, 05 Dec 2023R399.2bR434.0bR29.6b9.7x13.5x0.9x
Thu, 02 Nov 2023R417.6bR473.6bR25.2b8.2x16.5x0.9x
Sat, 30 Sep 2023R460.4bR473.6bR25.2b7.9x18.2x1x
Mon, 28 Aug 2023R493.1bR473.0bR25.3b5.8x19.5x1x
Wed, 26 Jul 2023R530.3bR457.6bR24.1b6.9x22x1.2x
Fri, 23 Jun 2023R533.5bR458.0bR24.1b6.3x22.1x1.2x
Sun, 21 May 2023R485.1bR442.1bR38.8b6.3x12.5x1.1x
Tue, 18 Apr 2023R544.8bR442.1bR38.8b7.6x14x1.2x
Thu, 16 Mar 2023R547.0bR441.7bR38.7b8x14.1x1.2x
Sat, 11 Feb 2023R577.4bR426.3bR39.1b7.2x14.8x1.4x
Mon, 09 Jan 2023R549.8bR426.3bR39.1b7x14.1x1.3x
Wed, 07 Dec 2022R530.7bR426.3bR39.1b7.5x13.6x1.2x
Price to Earnings Ratio

13.6x


Total Market Cap: R530.7bTotal Earnings: R39.1bTotal Revenue: R426.3bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Telecom Sector Price to Earnings3Y Average 26.5x202320242025
Current Industry PE
  • Investors are pessimistic on the South African 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 19.5x which is lower than its 3-year average PE of 26.5x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.4x.
Past Earnings Growth
  • The earnings for companies in the Communication Services industry have declined 4.1% per year over the last three years.
  • Meanwhile revenues for these companies have grown 4.5% 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 South African Telecom sector?

ZA Market0.86%
Telecom-4.29%
Media0.46%
Telecom Services and Carriers-2.54%
Wireless Telecom-4.88%
Industry PE
  • Investors are most optimistic about the Media industry which is trading above its 3-year average PE ratio of 20.7x.
    • Analysts are expecting annual earnings growth of 37.5%, which is higher than its past year's earnings decline of 3.8% per year.
  • Investors are most pessimistic about the Telecom Services and Carriers industry, which is trading close to its 3-year average of 5.4x.
Forecasted Growth
  • Analysts are most optimistic on the Media industry, expecting annual earnings growth of 38% over the next 5 years.
  • This is better than its past earnings decline of 3.8% per year.
  • In contrast, the Telecom Services and Carriers industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
CAT Caxton and CTP Publishers and PrintersR13.953.4%
+R162.6m		10.7%PE8.2x
EMH eMedia HoldingsR2.3911.2%
+R102.6m		-30.5%PE4.5x
AME African Media EntertainmentR45.007.8%
+R22.7m		12.5%PE5.6x
HUG Huge GroupR1.201.7%
+R3.5m		-40.0%PS4.4x

Latest News

EMH
R2.39
eMedia Holdings
7D
11.2%
1Y
-30.5%
BLU
R9.87
Blu Label Unlimited Group
7D
-0.5%
1Y
85.5%
CAT
R13.95
Caxton and CTP Publishers and Printers
7D
3.4%
1Y
10.7%
TKG
R50.17
Telkom SA SOC
7D
-3.3%
1Y
48.1%

TKG: Market Reactions Will Balance Fibre Acquisition Rumours and Margin Concerns

Analysts have revised their price target for Telkom SA SOC downward from R60.25 to R53.40. They cite anticipated shifts in discount rates and profit margins, even though revenue growth projections are slightly higher.
MTN
R157.88
MTN Group
7D
-6.9%
1Y
95.5%

MTN Group Limited's (JSE:MTN) Price Is Right But Growth Is Lacking

Nov 24
MTN Group Limited's (JSE:MTN) Price Is Right But Growth Is Lacking
VOD
R134.18
Vodacom Group
7D
-2.6%
1Y
32.4%
AME
R45.00
African Media Entertainment
7D
7.8%
1Y
12.5%
HUG
R1.20
Huge Group
7D
1.7%
1Y
-40.0%