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Australia's third-largest telecom operator, formed from the merger of TPG Telecom and Vodafone Hutchison Australia, providing mobile and broadband.
Australia's third-largest telecom operator, formed from the merger of TPG Telecom and Vodafone Hutchison Australia, providing mobile and broadband.
Customers pay monthly subscriptions for mobile plans and home broadband, with the Vodafone and TPG brands serving different segments. Much of its home broadband is resold on the government-owned NBN network, while mobile runs on its own network.
In one line: Australia's T-Mobile (#3 carrier).
Moat: narrow (installed base, brand). Owns its own mobile network (unlike smaller MVNOs) giving it Australia's #3 network position.
Headquarters: Sydney, Australia · Founded: 2020 · Employees: 2,745
Size TPG Telecom (TPG.AX) is an Australia Communication Services company (Wireless Telecommunications) with a market value of $5.58B, the 64th largest of 316 Australia companies the cockpit tracks. Shares closed at A$4.10 on 6 Nov 2026.
Performance Over six months the shares gained 0.7%, against -17.6% for the median peer and +4.1% for the Australia market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue fell 4.5% over the last twelve months (peer median +4.3%); the operating margin is 7.7% (peer median 13.1%).
Valuation It trades at 34.8× forward earnings against a peer median of 17.5× (3rd most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +5 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.8 points below its cost of capital (6.0% WACC).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | A$5.02B | A$5.04B | A$4.91B | A$5.53B | A$5.42B |
| Revenue growth | — | +3% | -11% | +2% | — |
| Gross profit | A$786M | A$799M | A$807M | A$764M | A$676M |
| EBITDA | A$1.65B | A$1.65B | A$1.65B | A$1.86B | A$1.70B |
| Net income | A$103M | A$129M | -A$107M | A$49.0M | A$513M |
| Free cash flow | A$1.53B | A$1.50B | A$770M | A$341M | A$326M |
| Capital expenditure | A$779M | A$891M | A$1.17B | A$1.15B | A$992M |
| Total debt | n/a | A$4.15B | A$6.30B | A$6.31B | A$5.66B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| TPG Telecom TPG.AX | $5.58B | +1% | -5% | 8% | 34.8× | 8.1% |
| Telstra TLS.AX | $39.0B | -4% | -1% | 16% | 24.2× | 5.6% |
| Aussie Broadband ABB.AX | $968M | -13% | +9% | 7% | 14.7× | 13.1% |
| Superloop SLC.AX | $1.01B | -19% | +22% | 5% | 30.8× | 28.0% |
| Macquarie Technology MAQ.AX | $890M | -34% | +6% | 15% | 58.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TPG.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.7% | -2.0% | 6th highest of 21 |
| 6-month return | +0.7% | -17.6% | 9th highest of 20 |
| Distance from 52-week high | -29.9% | -27.6% | 11th highest of 21 |
| Revenue growth (TTM) | -4.5% | +4.3% | 3rd lowest of 21 |
| Operating margin | 7.7% | 13.1% | 8th lowest of 21 |
| Forward P/E | 34.8× | 17.5× | 3rd most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 8.1% | 2.6% | 5th most demanding of 16 |
| Growth delivered (Del g) | +3.0% | +4.7% | 7th lowest of 15 |
| Hurdle (Req g minus delivered) | +5.1 pp | -3.2 pp | 5th most demanding of 15 |
| ROIC minus cost of capital | -3.8 pp | +0.5 pp | 9th lowest of 21 |
| EV / EBITDA | 7.4× | 7.5× | 9th cheapest of 18 |
| Net debt / EBITDA | 2.5× | 1.7× | 6th most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TPG Telecom TPG.AX | Australia | $5.58B | +1% | -5% | 8% | 34.8× | 8.1% | +3.0% |
| Orange Polska OPL.WA | Poland | $5.53B | +7% | +5% | 9% | 19.4× | 13.2% | +2.7% |
| Elisa ELISA.HE | Finland | $6.11B | -17% | 0% | 20% | 14.3× | -2.7% | +3.6% |
| VEON Ltd. Sponsored ADR VEON | United States | $4.95B | +57% | +15% | 23% | 11.2× | -4.8% | -9.1% |
| Turkcell Iletisim Hizmetleri A.S. Sponsored ADR TKC | United States | $4.02B | -31% | +16% | 15% | 8.0× | -12.0% | +8.1% |
| Sunrise Communications SUNN.SW | Switzerland | $3.92B | +2% | -1% | 3% | n/a | 21.2% | n/a |
| TIM S.A. Sponsored ADR TIMB | United States | $8.61B | -24% | +14% | 25% | 9.4× | -12.4% | +7.3% |
| Telephone and Data Systems TDS | United States | $3.54B | -29% | -74% | -3% | 92.2× | n/a | n/a |
| Bharti Hexacom BHARTIHEXA.NS | India | $8.84B | +10% | +8% | 29% | 36.6× | 33.4% | +15.2% |
| Guangzhou Haige Communications 002465.SZ | China | $3.43B | -38% | +1% | -16% | n/a | n/a | n/a |
| PT Telkom Indonesia (Persero) Tbk Sponsored ADR TLK | United States | $10.3B | -35% | -3% | 24% | 9.5× | -16.1% | -1.1% |
| Globalstar GSAT | United States | $10.9B | +3% | +8% | 5% | n/a | n/a | n/a |
| Array Digital Infrastructure AD | United States | $2.59B | -46% | -94% | 1% | 27.6× | n/a | n/a |
| SKTelecom 017670.KS | South Korea | $12.1B | -18% | +2% | 10% | 12.3× | -9.8% | +1.2% |
| Far Eastone Telecommunications 4904.TW | Taiwan | $12.2B | +17% | +10% | 15% | 26.1× | 3.8% | +6.8% |
| Airtel Africa AAF.L | United Kingdom | $13.5B | -33% | +27% | 34% | 14.6× | -1.2% | +10.0% |
| Telecom Italia TIT.MI | Italy | $13.6B | -20% | 0% | 11% | 31.8× | 5.3% | -2.8% |
| Millicom International Cellular TIGO | United States | $13.9B | +3% | +29% | 23% | 22.9× | 3.6% | +6.9% |
| Digi Spain Telecom, S.A. Unipersonal DIGIS.MC | Spain | $2.16B | n/a | +19% | 6% | n/a | n/a | n/a |
| TELUS T.TO | Canada | $14.5B | -27% | -1% | 15% | 17.5× | 2.6% | +5.8% |
| Vodafone Idea IDEA.NS | India | $14.6B | +14% | +3% | -6% | n/a | 29.6% | +1.3% |