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South African (JSE) Telecom Sector Analysis

UpdatedSep 12, 2026
DataAggregated Company Financials
Companies11
  • 7D1.8%
  • 3M-5.1%
  • 1Y28.5%
  • YTD12.2%

In the last week, the Telecom industry is up 1.8%, with Vodacom Group up 2.5%. In the same time, Cell C Holdings was down 7.4%. This takes the industry's 12 month performance to a gain of 29%. Looking forward, earnings are forecast to grow by 24% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 13 Sep 2026R728.1bR485.5bR42.2b7.6x17.3x1.5x
Tue, 11 Aug 2026R741.8bR481.6bR48.1b7.7x15.4x1.5x
Thu, 09 Jul 2026R737.3bR481.6bR48.1b7.5x15.3x1.5x
Sat, 06 Jun 2026R741.6bR481.9bR48.1b8.3x15.4x1.5x
Mon, 04 May 2026R720.0bR474.5bR46.2b8.1x15.6x1.5x
Wed, 01 Apr 2026R700.2bR474.5bR46.2b8.1x15.1x1.5x
Fri, 27 Feb 2026R751.4bR454.5bR33.5b8.8x22.4x1.7x
Sun, 25 Jan 2026R662.7bR436.0bR33.2b8.2x19.9x1.5x
Tue, 23 Dec 2025R613.8bR436.0bR33.2b7.9x18.5x1.4x
Thu, 20 Nov 2025R678.0bR486.0bR33.7b9.6x20.1x1.4x
Sat, 18 Oct 2025R660.5bR478.0bR31.4b9.7x21x1.4x
Mon, 15 Sep 2025R604.3bR478.1bR31.4b8.9x19.2x1.3x
Wed, 13 Aug 2025R678.6bR459.8bR12.5b12.9x54.1x1.5x
Fri, 11 Jul 2025R627.0bR459.8bR12.5b13.2x50x1.4x
Sun, 08 Jun 2025R536.3bR408.1bR10.2b13x52.8x1.3x
Tue, 06 May 2025R511.6bR407.2bR8.4b10.2x61.1x1.3x
Thu, 03 Apr 2025R498.1bR407.2bR8.4b9.5x59.5x1.2x
Sat, 01 Mar 2025R472.5bR417.9bR10.5b9.4x45.2x1.1x
Mon, 27 Jan 2025R437.9bR418.2bR10.5b8.7x41.8x1x
Wed, 25 Dec 2024R378.3bR418.2bR10.5b8.4x36.1x0.9x
Fri, 22 Nov 2024R377.5bR418.1bR10.5b7.9x36.1x0.9x
Sun, 20 Oct 2024R402.3bR416.7bR11.9b8.5x33.7x1x
Tue, 17 Sep 2024R405.8bR416.7bR11.9b8.3x34x1x
Thu, 15 Aug 2024R366.9bR441.3bR23.5b8x15.6x0.8x
Sat, 13 Jul 2024R359.5bR441.3bR23.5b8.2x15.3x0.8x
Mon, 10 Jun 2024R343.1bR442.7bR12.4b10.7x27.6x0.8x
Wed, 08 May 2024R370.5bR430.2bR13.5b10.3x27.4x0.9x
Fri, 05 Apr 2024R394.3bR430.2bR13.5b10.9x29.1x0.9x
Sun, 03 Mar 2024R357.1bR431.9bR30.1b7.4x11.9x0.8x
Tue, 30 Jan 2024R390.5bR434.1bR29.6b9.7x13.2x0.9x
Thu, 28 Dec 2023R439.6bR434.1bR29.6b10.1x14.8x1x
Sat, 25 Nov 2023R414.2bR434.1bR29.7b9x14x1x
Mon, 23 Oct 2023R439.1bR473.6bR25.2b9.2x17.4x0.9x
Wed, 20 Sep 2023R471.8bR473.6bR25.2b8x18.7x1x
Price to Earnings Ratio

18.7x


Total Market Cap: R471.8bTotal Earnings: R25.2bTotal Revenue: R473.6bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Telecom Sector Price to Earnings3Y Average 26.8x202420252026
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 17.3x which is lower than its 3-year average PE of 26.8x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.5x.
Past Earnings Growth
  • The earnings for companies in the Communication Services industry have grown 19% 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 South African Telecom sector?

ZA Market-0.98%
Telecom1.76%
Wireless Telecom1.87%
Media1.51%
Telecom Services and Carriers-0.38%
Industry PE
  • Investors are most optimistic about the Wireless Telecom industry even though it's trading below its 3-year average PE ratio of 31.4x.
    • Analysts are expecting annual earnings growth of 24.5%, which is lower than the prior year's growth of 87.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Wireless Telecom industry, expecting annual earnings growth of 25% over the next 5 years.
  • However this is lower than its past earnings growth rate of 88% per year.
  • In contrast, the Telecom Services and Carriers industry is expected to see its earnings grow by 10% 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
VOD Vodacom GroupR154.042.5%
+R7.4b		15.3%PE14.4x
MTN MTN GroupR202.411.6%
+R5.7b		47.8%PE20.9x
BLU Blu Label Unlimited GroupR8.801.1%
+R90.8m		-32.6%PS0.6x
CAT Caxton and CTP Publishers and PrintersR11.561.5%
+R60.1m		-6.4%PE7x
EMH eMedia HoldingsR1.932.1%
+R26.3m		-19.6%PE5.1x

Latest News

CAT
R11.56
Caxton and CTP Publishers and Printers
7D
1.5%
1Y
-6.4%
VOD
R154.04
Vodacom Group
7D
2.5%
1Y
15.3%
Narrative Update • Sep 10

VOD: Higher 2026 EPS Guidance Will Support Margin Strength And Upside

Analysts have lifted the Vodacom Group price target slightly, with updated fair value moving from about ZAR208.47 to around ZAR213.00. This reflects their revised views on revenue growth, profit margins and future P/E assumptions.
MTN
R202.41
MTN Group
7D
1.6%
1Y
47.8%
Narrative Update • Sep 10

MTN: Regulatory Pricing Review Will Shape Future Earnings And Dividend Discipline

Analysts have raised their price target for MTN Group from ZAR224.44 to ZAR234.11, citing updated assumptions that incorporate a slightly lower discount rate along with revised expectations for revenue growth, profit margins and future P/E levels. What's in the News for MTN Group South Africa's telecommunications regulator, the Independent Communications Authority of South Africa, has announced an inquiry into prices charged by firms including MTN Group, Vodacom, Telkom and Cell C Holdings.
BLU
R8.80
Blu Label Unlimited Group
7D
1.1%
1Y
-32.6%
CCD
R23.71
Cell C Holdings
7D
-7.4%
1Y
n/a
EMH
R1.93
eMedia Holdings
7D
2.1%
1Y
-19.6%
TKG
R54.11
Telkom SA SOC
7D
-0.8%
1Y
9.3%