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UK investment vehicle that owns and operates Vodafone Spain, providing mobile, broadband and TV services in Spain.
UK investment vehicle that owns and operates Vodafone Spain, providing mobile, broadband and TV services in Spain.
Holds one operating business, so its results are those of Vodafone Spain: monthly subscriptions for mobile, home fibre broadband and TV, often sold as bundles. It bought the business from Vodafone Group in 2024 and has been cutting costs since.
In one line: A holding company that bought a European telecom carve-out, like a private-equity telecom .
Moat: narrow (installed base, scale). Vodafone Spain's existing network and brand give scale, but the Spanish telecom market is intensely price-competitive.
Headquarters: London, UK · Founded: 2015 · Employees: 2,904
Size Zegona Communications (ZEG.L) is a United Kingdom Financials company (Financial Conglomerates) with a market value of $5.17B, the 95th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £1,716 on 6 Nov 2026.
Performance Over six months the shares fell 4.9%, against -0.6% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 54.5% over the last twelve months (peer median +17.3%); the operating margin is 8.0% (peer median 38.2%).
Valuation It trades at 46.4× forward earnings against a peer median of 11.3× (most expensive of 18).
Next results Next results expected around 24 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £3.14B | £3.14B | £2.03B | £0 | £0 |
| Revenue growth | — | +55% | — | — | — |
| Gross profit | £1.17B | £1.17B | £899M | -£12,176 | -£13,651 |
| EBITDA | £1.51B | £1.51B | £859M | -£11.6M | -£2.83M |
| Net income | -£165M | -£164M | -£295M | -£13.5M | -£2.83M |
| Free cash flow | £2.10B | £2.08B | £868M | -£3.20M | -£3.34M |
| Capital expenditure | £547M | £542M | £392M | £0 | £0 |
| Total debt | n/a | £4.13B | £4.12B | £0 | £0 |
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 |
|---|---|---|---|---|---|---|
| Zegona Communications ZEG.L | $5.17B | -5% | +55% | 8% | 46.4× | n/a |
| Telefonica TEF.MC | $21.4B | -16% | -11% | 5% | 10.8× | 11.7% |
| Cellnex Telecom CLNX.MC | $19.6B | -7% | 0% | 13% | n/a | 29.7% |
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 | ZEG.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.5% | +4.5% | 7th lowest of 21 |
| 6-month return | -4.9% | -0.6% | 7th lowest of 21 |
| Distance from 52-week high | -9.5% | -18.0% | 5th highest of 21 |
| Revenue growth (TTM) | +54.5% | +17.3% | 6th highest of 20 |
| Operating margin | 8.0% | 38.2% | 5th lowest of 21 |
| Forward P/E | 46.4× | 11.3× | most expensive of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zegona Communications ZEG.L | United Kingdom | $5.17B | -5% | +55% | 8% | 46.4× | n/a | n/a |
| Authum Investment & Infrastucture AIIL.NS | India | $5.14B | +16% | -23% | 79% | n/a | n/a | n/a |
| Main Street Capital MAIN | United States | $5.33B | +6% | +3% | 91% | 15.0× | n/a | n/a |
| Blue Owl Capital OBDC | United States | $5.39B | -4% | +1% | 54% | 8.2× | n/a | n/a |
| Azimut AZM.MI | Italy | $5.70B | -1% | +17% | 46% | 10.6× | n/a | n/a |
| Onex ONEX.TO | Canada | $5.91B | -7% | +2% | 173% | 22.3× | n/a | n/a |
| Brookfield Business BBUC.TO | Canada | $6.15B | -9% | +106% | 13% | 5.4× | n/a | n/a |
| Wendel MF.PA | France | $4.14B | 0% | -13% | 12% | 29.9× | n/a | n/a |
| Legend 3396.HK | Hong Kong | $4.03B | +34% | +27% | 4% | 4.8× | n/a | n/a |
| BB Biotech BION.SW | Switzerland | $3.45B | +13% | +125% | 491% | 20.0× | n/a | n/a |
| Golub Capital BDC GBDC | United States | $3.31B | -3% | -9% | 60% | 9.9× | n/a | n/a |
| Aker AKER.OL | Norway | $8.60B | -7% | -17% | 226% | 14.3× | n/a | n/a |
| Roko ROKO-B.ST | Sweden | $2.97B | +14% | +20% | 18% | 25.6× | n/a | n/a |
| Kyivstar KYIV | United States | $2.96B | -4% | +26% | 36% | 9.0× | n/a | n/a |
| Strive ASST | United States | $2.73B | +35% | +650% | -14,416% | 4.2× | n/a | n/a |
| M&G MNG.L | United Kingdom | $10.3B | +7% | +68% | 8% | 11.3× | n/a | n/a |
| Zhejiang Provincial New Energy Investment 600032.SS | China | $2.59B | -27% | -6% | 27% | n/a | n/a | n/a |
| Hyperliquid Strategies PURR | United States | $2.45B | +104% | n/a | -60% | 24.0× | n/a | n/a |
| SBI 8473.T | Japan | $11.2B | -13% | +20% | 40% | 5.9× | n/a | n/a |
| BitMine Immersion Technologies BMNR | United States | $11.3B | -15% | +1,022% | -485% | 25.9× | n/a | n/a |
| Bure Equity BURE.ST | Sweden | $2.30B | +12% | -3% | 2,018% | n/a | n/a | n/a |