Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: AU$0.028 (vs AU$0.058 loss in FY 2024) Full year 2025 results: EPS: AU$0.028 (up from AU$0.058 loss in FY 2024). Revenue: AU$5.05b (down 8.6% from FY 2024). Net income: AU$52.0m (up AU$159.0m from FY 2024). Profit margin: 1.0% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Telecom industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 108 percentage points per year, which is a significant difference in performance. Announcement • Feb 27
Tpg Telecom Limited Announces Ordinary Dividend for the Six Months Ended December 31, 2025, Payable on April 2, 2026 TPG Telecom Limited announced ordinary dividend of AUD 0.09000000 for the six months ended December 31, 2025. Record date is March 6, 2026. Ex-date is March 5, 2026. The dividend will be payable on April 2, 2026. Announcement • Dec 15
TPG Telecom Limited, Annual General Meeting, May 08, 2026 TPG Telecom Limited, Annual General Meeting, May 08, 2026. Price Target Changed • Nov 19
Price target decreased by 9.2% to AU$5.00 Down from AU$5.50, the current price target is an average from 13 analysts. New target price is 34% above last closing price of AU$3.73. Stock is down 16% over the past year. The company is forecast to post earnings per share of AU$0.015 next year compared to a net loss per share of AU$0.058 last year. Announcement • Nov 19
TPG Telecom Limited has completed a Follow-on Equity Offering in the amount of AUD 300 million. TPG Telecom Limited has completed a Follow-on Equity Offering in the amount of AUD 300 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 83,102,493
Price\Range: AUD 3.61
Transaction Features: Subsequent Direct Listing Announcement • Nov 18
TPG Telecom Limited has filed a Follow-on Equity Offering in the amount of AUD 550.000001 million. TPG Telecom Limited has filed a Follow-on Equity Offering in the amount of AUD 550.000001 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 152,354,571
Price\Range: AUD 3.61
Transaction Features: Subsequent Direct Listing Upcoming Dividend • Nov 07
Upcoming dividend of AU$1.61 per share Eligible shareholders must have bought the stock before 14 November 2025. Payment date: 24 November 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Australian dividend payers (5.6%). Lower than average of industry peers (4.2%). Declared Dividend • Aug 30
First half dividend of AU$0.09 announced Dividend of AU$0.09 is the same as last year. Ex-date: 4th September 2025 Payment date: 3rd October 2025 Dividend yield will be 3.4%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (37% cash payout ratio). The dividend has increased by an average of 19% per year over the past 5 years and payments have been stable during that time. Reported Earnings • Aug 29
First half 2025 earnings released: EPS: AU$0.017 (vs AU$0.004 in 1H 2024) First half 2025 results: EPS: AU$0.017 (up from AU$0.004 in 1H 2024). Revenue: AU$2.45b (up 2.0% from 1H 2024). Net income: AU$32.0m (up 357% from 1H 2024). Profit margin: 1.3% (up from 0.3% in 1H 2024). Revenue is forecast to stay flat during the next 3 years compared to a 3.3% growth forecast for the Telecom industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Announcement • Aug 18
TPG Telecom Limited Appoints John Otty as Non-Executive Director, Effective 18 August 2025 TPG Telecom Limited announced a change to the directors of the Company. The Board of the Company has appointed John Otty as a non-executive director to replace Serpil Timuray as a nominated director of Vodafone Group Plc, which holds 25.05% of the shares in the Company. Mr. Otty's appointment will be effective on 18 August 2025 and fills the casual vacancy arising from Ms Timuray's resignation in July. Mr. Otty will stand for election at TPG's Annual General Meeting in May 2026. Mr. Otty has served as a non-executive director of various companies for over 15 years and served as a director of the Company between 2009 - 2010 and 2012 - 2018 when it was named Vodafone Hutchison Australia and before the merger with TPG. Mr. Otty currently holds directorships with Vodacom Group Ltd. (listed in Johannesburg), Vodafone Ziggo Group BV (Netherlands) and Vodafone Procurement Company SARL (Luxembourg). Previously he was the Vodafone Group Financial Controller. Mr. Otty joined Vodafone in December 1992 and held a number of senior executive positions including Group Technology Financial Director, interim Chief Financial Officer of Vodafone India, Vodafone Plc Group Internal Audit Director and Chief Financial Officer for Africa, Middle East and Asia Pacific region. Mr. Otty holds a degree in Electronic Engineering (Cambridge University) and is a Fellow of the Institute of Chartered Accountants in England and Wales (FCA). Announcement • Jul 31
Vocus Group Limited completed the acquisition of Non-Mobile Fibre Assets of TPG from TPG Telecom Limited (ASX:TPG). Vocus Group Limited agreed to acquire Non-Mobile Fibre Assets of TPG from TPG Telecom Limited (ASX:TPG) for AUD 6.3 billion on August 1, 2023. The indicative offer is conditional upon a number of matters, including due diligence, debt financing, finalization of transaction documentation, and approvals of the respective Boards of TPG and Vocus Group. As of October 14, 2024, Vocus Group Limited entered into a binding Share Purchase Agreement to acquire Non-Mobile Fibre Assets of TPG from TPG Telecom Limited (ASX:TPG) for an enterprise value of AUD 5.1 billion. This includes a potential AUD 250 million Contingent Value Payment, subject to the meeting of certain subscriber targets for the Vision Network wholesale residential fixed access business between two and four years after completion. TPG intends to use these proceeds to support future capital management and business investment initiatives. The transaction will see TPG offload nearly 27,000 kilometres of fibre, 15,000 kilometres of international submarine cables and its enterprise, government and wholesale fixed business units to Vocus, which is partly owned by Aware Super and Macquarie Asset Management. TPG will retain its mobile network infrastructure and its consumer business unit under the deal, which follows a similar failed AUD 6.3 billion agreement with Vocus that was shelved this time last year. As part of the agreement, 560 TPG employees will shift to Vocus, and TPG will buy fixed network services from Vocus for an annual fee of AUD 130 million. The parties are targeting completion of the Transaction in the second half of 2025 subject to satisfaction of conditions precedent, including regulatory approvals. TPG intends to use these proceeds to support future capital management and business investment initiatives. As of November 18, 2024, The Australian Competition and Consumer Commission declared that the submissions are invited from interested parties regarding the Proposed Acquisition by 5pm on December 2, 2024.
TPG Telecom has extended the exclusive due diligence period with Vocus Group until October 4, 2023. As on October 4, 2023, exclusive due diligence period granted to Vocus Group in relation to acquisition has expired. Discussions in relation to the commercial terms remain ongoing. As on 4 August 2024, stating that TPG is in discussions with Vocus Group in relation to the possible sale of its fibre network. At the TPG Annual General Meeting on 3 May 2024, TPG confirmed previous statements that it would continue assessing value-optimizing alternatives for its fixed infrastructure assets as part of a strategic review. Vocus Group and TPG have engaged in non-exclusive discussions as part of that strategic review process. As of March 20, 2025, The Australian Competition and Consumer Commission declared that it will not oppose acquisition. As of July 7, 2025, the deal has been approved by Foreign Investment Review Board.
Macquarie Australia Capital Limited and BofA acted as the financial advisor to TPG, Allens acted as legal advisor to TPG Telecom Limited (ASX:TPG).
Vocus Group Limited completed the acquisition of Non-Mobile Fibre Assets of TPG from TPG Telecom Limited (ASX:TPG) on July 31, 2025. TPG Telecom Limited completed the sale of its fibre network infrastructure assets and Enterprise, Government and Wholesale fixed business to Vocus Group Limited, for an enterprise value of AUD 5.25 billion. Buy Or Sell Opportunity • Jul 04
Now 20% undervalued Over the last 90 days, the stock has risen 13% to AU$5.35. The fair value is estimated to be AU$6.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Declared Dividend • Mar 03
Final dividend of AU$0.09 announced Dividend of AU$0.09 is the same as last year. Ex-date: 6th March 2025 Payment date: 4th April 2025 Dividend yield will be 4.0%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (44% cash payout ratio). The dividend has increased by an average of 24% per year over the past 4 years and payments have been stable during that time. Announcement • Mar 02
TPG Telecom Limited Declares Ordinary Fully Paid Dividend for the Period of Six Months Ended December 31, 2024, Payable on April 4, 2025 TPG Telecom Limited declared an ordinary fully paid dividend of AUD 0.09000000 for a period of six months ended December 31, 2024. The Ex Date is March 6, 2025, the Record Date is March 7, 2025, and the Payment Date is April 4, 2025. Reported Earnings • Feb 28
Full year 2024 earnings released Full year 2024 results: Revenue: AU$5.53b (flat on FY 2023). Net loss: AU$107.0m (down 318% from profit in FY 2023). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Telecom industry in Australia. Announcement • Feb 14
TPG Telecom Limited, Annual General Meeting, May 07, 2025 TPG Telecom Limited, Annual General Meeting, May 07, 2025. Major Estimate Revision • Jan 30
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from AU$0.048 to AU$0.042 per share. Revenue forecast steady at AU$5.55b. Net income forecast to grow 190% next year vs 29% growth forecast for Telecom industry in Australia. Consensus price target broadly unchanged at AU$5.09. Share price rose 3.3% to AU$4.37 over the past week. Announcement • Oct 21
TPG Telecom Limited Announces Board Changes TPG Telecom Limited announced the appointment of Paula Jane Dwyer as independent non-executive director, date of appointment is October 21, 2024. Ms. Dwyer will become Chairman of TPG Telecom's Audit and Risk Committee, and a member of its Governance and Remuneration Committee, as well as the Nomination Committee. Ms. Dwyer has had a distinguished career as a Non-Executive Director. She is currently Chairman of Allianz Australia and a Non-Executive Director of AMCIL, Lion and Dexus. She has previously been Chairman of Healthscope and Tabcorp and a Non-Executive Director of ANZ Banking Group and Suncorp, among other roles. A chartered accountant by training, Ms. Dwyer has chaired multiple Audit and/or Risk Committees, including for Lion, ANZ Banking Group and Suncorp. Ms. Arlene Tansey will retire from her directorship effective 21 October 2024 following four years of
service to TPG Telecom and its stakeholders. TPG Telecom Chairman, Canning Fok, welcomed Ms. Dwyer to the Board and thanked Ms. Tansey for her contribution to the Company. Announcement • Oct 18
TPG Telecom Limited Appoints Rebecca Darley as Chief Marketing Officer, Effective 16 December, 2024 TPG Telecom has appointed Rebecca Darley to a role of group chief marketing officer, starting on 16 December. Darley was most recently chief marketing officer at property company Domain Group where she was also managing director of its consumer division. At TPG, Darley will lead marketing across all of TPG's brands including Vodafone, TPG, felix, iiNet and Lebara. Announcement • Oct 14
Vocus Group Limited entered into binding Share Purchase Agreement to acquire Fibre network assets and EGW business of TPG Telecom Limited (ASX:TPG) for an enterprise value of AUD 5.2 billion. Vocus Group Limited entered into binding Share Purchase Agreement to acquire Fibre network assets and EGW business of TPG Telecom Limited (ASX:TPG) for an enterprise value of AUD 5.2 billion on October 13, 2024. The consideration will be paid at an enterprise value of AUD 5,210, including a potential AUD 250 million Contingent Value Payment. TPG intends to use these proceeds to support future capital management and business investment initiatives. The transaction will see TPG offload nearly 27,000 kilometres of fibre, 15,000 kilometres of international submarine cables and its enterprise, government and wholesale fixed business units to Vocus, which is partly owned by Aware Super and Macquarie Asset Management. TPG will retain its mobile network infrastructure and its consumer business unit under the deal, which follows a similar failed $6.3 billion agreement with Vocus that was shelved this time last year. As part of the agreement, 560 TPG employees will shift to Vocus, and TPG will buy fixed network services from Vocus for an annual fee of AUD 130 million.
The acquisition is subject to customary conditions precedent for a transaction of this kind including applicable regulatory approvals, including from FIRB and the ACCC and is expected to close in the second half of 2025. Major Estimate Revision • Sep 14
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from AU$0.041 to AU$0.045. Revenue forecast steady at AU$5.56b. Net income forecast to grow 207% next year vs 37% growth forecast for Telecom industry in Australia. Consensus price target broadly unchanged at AU$5.24. Share price was steady at AU$4.93 over the past week. Declared Dividend • Sep 02
First half dividend of AU$0.09 announced Dividend of AU$0.09 is the same as last year. Ex-date: 12th September 2024 Payment date: 11th October 2024 Dividend yield will be 3.6%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 11x earnings). However, it is covered by cash flows (57% cash payout ratio). The dividend has increased by an average of 24% per year over the past 4 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 1,137% to bring the payout ratio under control. EPS is expected to grow by 159% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Aug 31
First half 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First half 2024 results: EPS: AU$0.016 (down from AU$0.026 in 1H 2023). Revenue: AU$2.72b (flat on 1H 2023). Net income: AU$29.0m (down 40% from 1H 2023). Profit margin: 1.1% (down from 1.8% in 1H 2023). Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Telecom industry in Australia. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Aug 06
Vocus Eyes TPG Fibre Networks TPG Telecom Almost a year to the day after speculation about Vocus Group aiming to snap up TPG Telecom Limited (ASX:TPG)'s fibre network was floated, the latter has confirmed talks are once again under way. And once again the message to shareholders is that there is no certainty any deal will go through, with TPG drawing attention to last year's failed talks. On August 1 last year TPG confirmed to the ASX that it was talking to Macquarie-backed Vocus about the potential sale of its non-mobile fibre assets, with a price tag of $6.3 billion later revealed as the bid price. During that process TPG Telecom warned repeatedly that ‘the nature of the transaction involves considerable complexity which needs time to work through and there remains no certainty an agreed transaction will eventuate’. In mid-November the talks were discontinued with TPG saying they were ‘unable to reach alignment on the operating model and commercial terms for TPG to have sufficient confidence that a successful transaction can be agreed and executed’. TPG Managing Director Inaki Berroeta told the company's annual meeting in May that a strategic review into the fibre assets was ongoing. ‘These assets include our Vision Network wholesale business and the extensive fibre networks we own and operate around the nation - the value of which is not fully reflected in TPG Telecom's share price,’ he said. ‘Following our decision to cease discussions with Vocus last November, we are continuing to explore value-optimising options around these assets and will update the market as we fully explore this opportunity.’ TPG said on August 5, 2024 that Mr. Berroeta's statements at the annual meeting remained accurate. ‘Vocus Group and TPG have engaged in non-exclusive discussions as part of that strategic review process. ‘Securityholders should be aware that TPG's discussion with Vocus Group in 2023 did not lead to a transaction and there is no certainty a transaction will eventuate from the current discussions. ‘TPG will keep the market updated in accordance with its continuous disclosure obligations’. Upcoming Dividend • Mar 07
Upcoming dividend of AU$0.09 per share Eligible shareholders must have bought the stock before 14 March 2024. Payment date: 12 April 2024. The company is paying out more than 100% of its profits and is paying out 91% of its cash flow. Trailing yield: 3.9%. Lower than top quartile of Australian dividend payers (6.3%). Lower than average of industry peers (5.0%). Declared Dividend • Feb 28
Final dividend of AU$0.09 announced Dividend of AU$0.09 is the same as last year. Ex-date: 14th March 2024 Payment date: 12th April 2024 Dividend yield will be 3.8%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 6x earnings) nor is it adequately covered by cash flows (91% cash payout ratio). The dividend has increased by an average of 34% per year over the past 3 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 658% to bring the payout ratio under control. EPS is expected to grow by 130% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Feb 26
Full year 2023 earnings: Revenues in line with analyst expectations Full year 2023 results: Revenue: AU$5.57b (up 2.8% from FY 2022). Net income: AU$49.0m (down 90% from FY 2022). Profit margin: 0.9% (down from 9.5% in FY 2022). Revenue was in line with analyst estimates. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Telecom industry in Australia. Announcement • Feb 02
TPG Telecom Reportedly Prepares Fresh Push for Mobile Asset Sales TPG Telecom Limited (ASX:TPG) is believed to be preparing to bring its non-fibre mobile assets back to market in the months ahead. Sources say TPG Telecom has a large team examining the company's capital costs and possible funding options. The thinking is a second sale attempt is being planned with improving market conditions in the not-too-distant future. TPG halted talks with Macquarie-backed rival telco Vocus Group Limited in November over a sale and leaseback of its non-fibre mobile assets in a deal expected to be worth about $6.3 billion. That deal came after a strategic review was taking place that included a sale process for its Vision Network business, which connects homes to the internet. Vocus was originally weighing an acquisition of Vision, but then became more keen on a broader deal. The transaction stalled after both groups could not agree on operational and commercial terms. Aiding any sale process will be improving conditions in the US debt markets. Vocus made an unsolicited bid for TPG's "mini NBN" fixed infrastructure assets - including Vision Network, which services about 400,000 customers. But once the pair engaged in talks, the deal increased dramatically in scale to include TPG's broadband assets, which would have effectively doubled Vocus's market share in the business and government space, rivalling beleaguered Optus. Separating out assets in a telecoms company is a tricky exercise as Telstra knows only too well with its infrastructure unit it created called Telstra InfraCo. That took about two years. Part of the Vocus negotiations would involve long-term supply contracts. The question is whether Vocus comes back and takes a second look at the offering, or whether pension funds line up. A private equity firm like Kohlberg Kravis Roberts may also take a look. At the time that the deal stalled, TPG had said it had received strong interest in its fixed infrastructure assets. Upcoming Dividend • Sep 05
Upcoming dividend of AU$0.09 per share at 3.2% yield Eligible shareholders must have bought the stock before 12 September 2023. Payment date: 11 October 2023. Payout ratio is on the higher end at 85%, and the cash payout ratio is above 100%. Trailing yield: 3.2%. Lower than top quartile of Australian dividend payers (7.0%). Lower than average of industry peers (5.1%). Reported Earnings • Aug 25
First half 2023 earnings released: EPS: AU$0.026 (vs AU$0.09 in 1H 2022) First half 2023 results: EPS: AU$0.026 (down from AU$0.09 in 1H 2022). Revenue: AU$2.72b (up 3.0% from 1H 2022). Net income: AU$48.0m (down 71% from 1H 2022). Profit margin: 1.8% (down from 6.3% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Telecom industry in Australia. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Aug 24
TPG Telecom Limited Announces Ordinary Dividend for the Six Months Ended June 30, 2023, Payable on October 11, 2023 TPG Telecom Limited announced ordinary dividend of AUD 0.09000000 per share for the six months ended June 30, 2023. Dividend payable on October 11, 2023, record date of September 13, 2023 and ex-date of September 12, 2023. Announcement • Aug 08
TPG Telecom Limited Announces Chief Financial Officer Changes TPG Telecom Limited announced appoints Boniciolli as CFO, Dempsey resigns. TPG Telecom has announced that Grant Dempsey has resigned from his role of group CFO. Dempsey has decided to retire from full-time employment to spend more time with his family. Dempsey will remain in the role of Group CFO until 13 November, and continue with the company in an advisory capacity to ensure a full handover until early to mid 2024. Announcement • Aug 02
Vocus Group Limited agreed to acqiuire Non-Mobile Fibre Assets of TPG from TPG Telecom Limited (ASX:TPG) for AUD6.3 billion. Vocus Group Limited agreed to acqiuire Non-Mobile Fibre Assets of TPG from TPG Telecom Limited (ASX:TPG) for AUD6.3 billion on August 1, 2023. The indicative offer is conditional upon a number of matters, including due diligence, debt financing, finalisation of transaction documentation, and approvals of the respective Boards of TPG and Vocus Group. Major Estimate Revision • May 21
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from AU$0.087 to AU$0.078 per share. Revenue forecast steady at AU$5.63b. Net income forecast to shrink 72% next year vs 42% growth forecast for Telecom industry in Australia . Consensus price target down from AU$6.00 to AU$5.84. Share price was steady at AU$5.54 over the past week. Major Estimate Revision • Apr 23
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from AU$0.078 to AU$0.087. Revenue forecast steady at AU$5.63b. Net income forecast to shrink 68% next year vs 42% growth forecast for Telecom industry in Australia . Consensus price target of AU$6.00 unchanged from last update. Share price was steady at AU$5.27 over the past week. Upcoming Dividend • Mar 08
Upcoming dividend of AU$0.09 per share at 3.6% yield Eligible shareholders must have bought the stock before 15 March 2023. Payment date: 13 April 2023. Payout ratio is a comfortable 65% but the company is paying out more than the cash it is generating. Trailing yield: 3.6%. Lower than top quartile of Australian dividend payers (7.0%). Lower than average of industry peers (4.8%). Major Estimate Revision • Mar 05
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from AU$0.10 to AU$0.084 per share. Revenue forecast steady at AU$5.61b. Net income forecast to shrink 70% next year vs 29% growth forecast for Telecom industry in Australia . Consensus price target broadly unchanged at AU$6.11. Share price rose 4.9% to AU$4.95 over the past week. Reported Earnings • Feb 27
Full year 2022 earnings released: EPS: AU$0.28 (vs AU$0.059 in FY 2021) Full year 2022 results: EPS: AU$0.28 (up from AU$0.059 in FY 2021). Revenue: AU$5.85b (up 9.9% from FY 2021). Net income: AU$513.0m (up 366% from FY 2021). Profit margin: 8.8% (up from 2.1% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 3.6% growth forecast for the Telecom industry in Australia. Major Estimate Revision • Jan 31
Consensus EPS estimates increase by 16% The consensus outlook for fiscal year 2022 has been updated. 2022 EPS estimate increased from AU$0.125 to AU$0.145. Revenue forecast steady at AU$5.34b. Net income forecast to grow 3.2% next year vs 26% growth forecast for Telecom industry in Australia. Consensus price target broadly unchanged at AU$6.26. Share price fell 3.9% to AU$4.94 over the past week. Major Estimate Revision • Dec 23
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from AU$0.11 to AU$0.12. Revenue forecast steady at AU$5.35b. Net income forecast to grow 3.4% next year vs 29% growth forecast for Telecom industry in Australia. Consensus price target broadly unchanged at AU$6.36. Share price was steady at AU$4.80 over the past week. Announcement • Nov 22
Suitors Reportedly Running an Eye over Vision Networks Flyer documents may be now out in the market for Vision Networks business of TPG Telecom Limited (ASX:TPG), but the sale process is not getting started until 2023. Buyers are already weighing up the pros and cons of buying the company, with the assessment so far is it is likely to fetch about $1 billion. Sources said one area of focus when they gain due diligence will be the age of the assets and the need for upgrades. The business consists of the assets from the former telco provider Neighbourhood Cable based in regional Victoria and the TransACT network based in Canberra, which have been described as "quite old assets". The parties to beat in the contest are Uniti owners Brookfield and Morrison & Co. TPG in October 2022 announced it had hired Bank of America for a strategic review of the division that connects internet to homes in new developments. Canadian pension fund OMERS Administration Corp. could also be a buyer, given that it has a relationship with TPG Telecom after buying its telecoms tower portfolio that is now leased back to TPG. Board Change • Nov 16
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 2 independent directors. 8 non-independent directors. Senior Independent Director Helen Nugent was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Recent Insider Transactions • Oct 06
Senior Independent Director recently bought AU$80k worth of stock On the 27th of September, Helen Nugent bought around 17k shares on-market at roughly AU$4.72 per share. This transaction increased Helen's direct individual holding by 2x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth AU$561k. Despite this recent purchase, insiders have collectively sold AU$342m more in shares than they bought in the last 12 months. Upcoming Dividend • Sep 06
Upcoming dividend of AU$0.09 per share Eligible shareholders must have bought the stock before 13 September 2022. Payment date: 12 October 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.5%. Lower than top quartile of Australian dividend payers (6.5%). Lower than average of industry peers (5.0%). Recent Insider Transactions • Aug 27
Non-Executive Director recently bought AU$561k worth of stock On the 25th of August, Robert Millner bought around 100k shares on-market at roughly AU$5.61 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold AU$342m more in shares than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment deteriorated over the past week After last week's 18% share price decline to AU$5.41, the stock trades at a forward P/E ratio of 46x. Average forward P/E is 40x in the Telecom industry in Australia. Total loss to shareholders of 10% over the past year. Price Target Changed • Aug 24
Price target decreased to AU$6.60 Down from AU$7.15, the current price target is an average from 13 analysts. New target price is 18% above last closing price of AU$5.60. Stock is down 9.7% over the past year. The company is forecast to post earnings per share of AU$0.11 for next year compared to AU$0.059 last year. Reported Earnings • Aug 20
First half 2022 earnings released: EPS: AU$0.09 (vs AU$0.042 in 1H 2021) First half 2022 results: EPS: AU$0.09 (up from AU$0.042 in 1H 2021). Revenue: AU$2.64b (flat on 1H 2021). Net income: AU$167.0m (up 114% from 1H 2021). Profit margin: 6.3% (up from 3.0% in 1H 2021). Over the next year, revenue is forecast to grow 3.6%, compared to a 9.3% growth forecast for the Telecom industry in Australia. Announcement • Aug 19
TPG Telecom Limited Declares Fully Franked Interim Dividend for the Fiscal Year 2022, Payable on October 12, 2022 On August 18, 2022, the board of directors of TPG Telecom Limited has declared a fully franked interim fiscal year 2022 dividend of 9.0 cents per share. As the interim dividend was not declared or resolved to be paid by the board as at June 30, 2022, the dividend has not been provided for in the consolidated statement of financial position. The interim fiscal year 2022 dividend has a ex date of September 13, 2022, record date of September 14, 2022 and will be paid on October 12, 2022. Announcement • Jul 30
OMERS Infrastructure Management Inc. acquired Portfolio of Mobile Tower and Rooftop Infrastructure of TPG Telecom Limited (ASX:TPG). OMERS Infrastructure Management Inc. agreed to acquire Portfolio of Mobile Tower and Rooftop Infrastructure of TPG Telecom Limited (ASX:TPG) for an enterprise value of AUD 950 million on May 9, 2022. The Transaction includes a master services agreement with a 20-year term and an option for TPG Telecom to extend. TPG Telecom anticipates the transaction to deliver net cash proceeds of approximately AUD 890 million which will be used to pay off existing bank debt. The Transaction is subject to customary conditions precedent including Foreign Investment Review Board approval and, subject to the satisfaction of those conditions, is expected to close in the third quarter of 2022. RBC Capital Markets acted as financial advisor for OMERS Infrastructure Management Inc. BofA Securities, Inc. acted as sole financial advisor to TPG Telecom Limited.
OMERS Infrastructure Management Inc. acquired Portfolio of Mobile Tower and Rooftop Infrastructure of TPG Telecom Limited (ASX:TPG) on July 29, 2022. Announcement • Jul 16
TPG Telecom American Depositary Receipts - Unsponsored (Australia) to Be Deleted from Other OTC TPG Telecom Limited American Depositary Receipts - Unsponsored (Australia) will be deleted from Other OTC effective July 15, 2022. The deletion is due to ADR /GDR Program Terminated. Announcement • May 10
OMERS Infrastructure Management Inc. agreed to acquire Portfolio of Mobile Tower and Rooftop Infrastructure of TPG Telecom Limited (ASX:TPG) for an enterprise value of AUD 950 million. OMERS Infrastructure Management Inc. agreed to acquire Portfolio of Mobile Tower and Rooftop Infrastructure of TPG Telecom Limited (ASX:TPG) for an enterprise value of AUD 950 million on May 9, 2022. The Transaction includes a master services agreement with a 20-year term and an option for TPG Telecom to extend. TPG Telecom anticipates the transaction to deliver net cash proceeds of approximately AUD 890 million which will be used to pay off existing bank debt. The Transaction is subject to customary conditions precedent including Foreign Investment Review Board approval and, subject to the satisfaction of those conditions, is expected to close in the third quarter of 2022. RBC Capital Markets acted as financial advisor for OMERS Infrastructure Management Inc. Announcement • May 09
OMERS Infrastructure Management Inc. agreed to acquire 100% of Mobile Tower and Rooftop Infrastructure from OMERS Infrastructure Management Inc for AUD 950 million. OMERS Infrastructure Management Inc. agreed to acquire 100% of Mobile Tower and Rooftop Infrastructure from OMERS Infrastructure Management Inc for AUD 950 million on May 9, 2022. The Transaction is subject to Foreign Investment Review Board approval and, subject to the satisfaction of those conditions, is expected to close in the third quarter of FY22. Board Change • Apr 27
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 2 independent directors. 8 non-independent directors. Senior Independent Director Helen Nugent was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Upcoming Dividend • Mar 08
Upcoming dividend of AU$0.085 per share Eligible shareholders must have bought the stock before 15 March 2022. Payment date: 13 April 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.1%. Lower than top quartile of Australian dividend payers (5.8%). Lower than average of industry peers (4.8%). Major Estimate Revision • Mar 02
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from AU$0.13 to AU$0.10 per share. Revenue forecast steady at AU$5.42b. Net income forecast to grow 63% next year vs 51% growth forecast for Telecom industry in Australia. Consensus price target down from AU$7.22 to AU$6.99. Share price was steady at AU$5.83 over the past week. Announcement • Feb 24
TPG Telecom Limited Declares a Fully Franked Dividend for the Six Months Ended December 31, 2021, Payable on 13 April 2022 TPG Telecom Limited declared a fully franked dividend of AUD 0.08500000 per share for the six months ended December 31, 2021. The dividend has a record date of 16 March 2022 and will be paid on 13 April 2022. Reported Earnings • Feb 24
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: AU$0.06 (down from AU$0.64 in FY 2020). Revenue: AU$5.34b (up 23% from FY 2020). Net income: AU$110.0m (down 85% from FY 2020). Profit margin: 2.1% (down from 17% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 34%. Over the next year, revenue is forecast to stay flat compared to a 7.9% growth forecast for the industry in Australia. 
