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South African (JSE) Telecom Sector Analysis

UpdatedApr 29, 2026
DataAggregated Company Financials
Companies11
  • 7D0.3%
  • 3M4.1%
  • 1Y32.7%
  • YTD10.0%

Over the last 7 days, the Telecom industry has remained flat. The past year has been better, since the industry has gained 33% in that time. Looking forward, earnings are forecast to grow by 26% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 29 Apr 2026R714.2bR474.5bR46.2b7.9x15.4x1.5x
Fri, 27 Mar 2026R720.6bR474.5bR46.2b8.4x15.6x1.5x
Sun, 22 Feb 2026R734.4bR451.4bR38.9b8.4x18.9x1.6x
Tue, 20 Jan 2026R671.1bR436.0bR33.2b8.2x20.2x1.5x
Thu, 18 Dec 2025R632.2bR436.0bR33.2b7.9x19x1.5x
Sat, 15 Nov 2025R672.0bR486.0bR33.7b9.1x20x1.4x
Mon, 13 Oct 2025R645.0bR478.0bR31.4b9.8x20.5x1.3x
Wed, 10 Sep 2025R613.1bR477.9bR31.5b8.8x19.4x1.3x
Fri, 08 Aug 2025R670.6bR459.8bR12.5b12.9x53.5x1.5x
Sun, 06 Jul 2025R616.8bR459.8bR12.5b12.9x49.2x1.3x
Tue, 03 Jun 2025R529.2bR408.2bR10.2b10.7x51.9x1.3x
Thu, 01 May 2025R519.9bR407.2bR8.4b10.1x62.1x1.3x
Sat, 29 Mar 2025R494.8bR407.2bR8.4b9.5x59.1x1.2x
Mon, 24 Feb 2025R463.1bR417.9bR10.5b8.9x44.3x1.1x
Wed, 22 Jan 2025R428.8bR418.2bR10.5b8.3x41x1x
Fri, 20 Dec 2024R372.2bR418.2bR10.5b8.4x35.6x0.9x
Sun, 17 Nov 2024R370.8bR417.5bR10.4b8x35.7x0.9x
Tue, 15 Oct 2024R390.8bR416.7bR11.9b8.5x32.8x0.9x
Thu, 12 Sep 2024R403.9bR417.0bR11.9b8.3x33.9x1x
Sat, 10 Aug 2024R364.8bR441.3bR23.5b8.2x15.5x0.8x
Mon, 08 Jul 2024R365.6bR441.3bR23.5b7.8x15.5x0.8x
Wed, 05 Jun 2024R350.0bR442.7bR12.4b10.7x28.2x0.8x
Fri, 03 May 2024R365.9bR430.2bR13.5b9.7x27x0.9x
Sun, 31 Mar 2024R384.9bR430.2bR13.5b10.5x28.4x0.9x
Tue, 27 Feb 2024R364.6bR431.9bR30.1b7.7x12.1x0.8x
Thu, 25 Jan 2024R417.1bR434.1bR29.6b9.7x14.1x1x
Sat, 23 Dec 2023R431.6bR434.1bR29.6b10x14.6x1x
Mon, 20 Nov 2023R389.3bR433.5bR29.4b8.2x13.3x0.9x
Wed, 18 Oct 2023R448.6bR473.6bR25.2b9.5x17.8x0.9x
Fri, 15 Sep 2023R482.1bR473.6bR25.2b7.7x19.1x1x
Sun, 13 Aug 2023R512.6bR457.2bR24.1b5.7x21.3x1.1x
Tue, 11 Jul 2023R519.3bR457.6bR24.1b6.9x21.5x1.1x
Thu, 08 Jun 2023R527.3bR454.7bR39.2b6.8x13.4x1.2x
Sat, 06 May 2023R519.9bR442.1bR38.8b7.3x13.4x1.2x
Price to Earnings Ratio

13.4x


Total Market Cap: R519.9bTotal Earnings: R38.8bTotal Revenue: R442.1bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Telecom Sector Price to Earnings3Y Average 27.2x202420252026
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 15.4x which is lower than its 3-year average PE of 27.2x.
  • The 3-year average PS ratio of 1.1x 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 6.0% per year over the last three years.
  • Revenues for these companies have grown 2.4% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the South African Telecom sector?

ZA Market-2.84%
Telecom0.26%
Wireless Telecom0.33%
Telecom Services and Carriers-0.63%
Media-1.68%
Industry PE
  • Investors are most optimistic about the Telecom Services and Carriers industry which is trading above its 3-year average PE ratio of 8.7x.
    • Analysts are expecting annual earnings growth of 8.8%, which is lower than the prior year's growth of 168.1% per year.
  • Investors are most pessimistic about the Media industry, which is trading below its 3-year average of 9.2x.
Forecasted Growth
  • Analysts are most optimistic on the Wireless Telecom industry, expecting annual earnings growth of 27% over the next 5 years.
  • In contrast, the Telecom Services and Carriers industry is expected to see its earnings grow by 8.8% 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
MTN MTN GroupR203.550.8%
+R3.1b		65.9%PE18.4x
TKG Telkom SA SOCR58.280.7%
+R199.6m		48.4%PE8.2x
CAT Caxton and CTP Publishers and PrintersR12.592.4%
+R102.5m		4.9%PE7.6x
CCD Cell C HoldingsR25.991.1%
+R98.6m		n/aPE1.6x
HUG Huge GroupR1.503.4%
+R8.6m		-23.1%PS10.6x

Latest News

MTN
R203.55
MTN Group
7D
0.8%
1Y
65.9%
TLM
R1.30
TeleMasters Holdings
7D
-34.0%
1Y
30.0%
TKG
R58.28
Telkom SA SOC
7D
0.7%
1Y
48.4%

TKG: Stable Outlook As Committee Changes And Margin Assumptions Shape Future P/E

Analysts have lifted their price target for Telkom SA SOC from ZAR54.00 to ZAR58.00, citing refined assumptions around the discount rate, revenue growth, profit margin and future P/E that slightly adjust their valuation framework. What's in the News Telkom SA SOC has scheduled a Board meeting for March 27, 2026, to review various changes to its Board Committees, effective May 1, 2026 (company event filing).
VOD
R144.01
Vodacom Group
7D
-0.4%
1Y
5.2%

VOD: Neutral Stance And Margin Pressure Will Likely Cap Future Upside

Analysts have maintained their Vodacom Group fair value estimate at ZAR130.00 per share. Updated assumptions reflect higher modelled revenue growth, a lower profit margin and a slightly lower future P/E multiple, in line with recent neutral Street research on the stock.
EMH
R2.25
eMedia Holdings
7D
-13.1%
1Y
-26.0%
BLU
R8.85
Blu Label Unlimited Group
7D
-4.8%
1Y
5.9%
CAT
R12.59
Caxton and CTP Publishers and Printers
7D
2.4%
1Y
4.9%
HUG
R1.50
Huge Group
7D
3.4%
1Y
-23.1%