TELSTRA GROUP LIMITED (TLS)
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TLS

TLS - TELSTRA GROUP LIMITED

FNArena Sector : Telecommunication
Year End: June
GICS Industry Group : Telecommunication Services
Debt/EBITDA: 1.86
Index: ASX20 | ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Telstra is Australia's largest telecommunications company which builds and operates telecommunications networks. It provides voice, mobile, internet access, pay TV and related products and services. Formerly government owned, Telstra was privatised in stages with the first tranche of shares listed in 1997.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$4.71

20 Aug
2026

-0.030

OPEN

$4.72

-0.63%

HIGH

$4.73

43,615,603

LOW

$4.67

TARGET
$5.124 8.8% upside
Franking for last dividend paid out: 90%
OTHER COMPANIES IN THE SAME SECTOR
5GG . 5GN . ABB . CNU . ESK . MAQ . SLC . SPK . TPG . TPG . TUA .
FNARENA'S MARKET CONSENSUS FORECASTS
TLS: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 19.9 21.7 xxx
DPS (cps) xxx 21.0 21.8 xxx
EPS Growth xxx 5.5% 9.0% xxx
DPS Growth xxx 10.5% 4.0% xxx
PE Ratio xxx N/A 21.8 xxx
Dividend Yield xxx N/A 4.6% xxx
Div Pay Ratio(%) xxx 105.6% 100.8% xxx

Dividend yield today if purchased 3 years ago: 5.22%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.44

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 27/08 - ex-div 9.50c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx19.9
DPS All xxxxxxxxxxxxxxx21.0
Sales/Revenue xxxxxxxxxxxxxxx22,937.0 M
Book Value Per Share xxxxxxxxxxxxxxx113.0
Net Operating Cash Flow xxxxxxxxxxxxxxx6,796.0 M
Net Profit Margin xxxxxxxxxxxxxxx9.77 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx16.93 %
Return on Invested Capital xxxxxxxxxxxxxxx8.22 %
Return on Assets xxxxxxxxxxxxxxx5.03 %
Return on Equity xxxxxxxxxxxxxxx16.93 %
Return on Total Capital xxxxxxxxxxxxxxx12.87 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx1,925.0 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx3,733 M
Long Term Debt xxxxxxxxxxxxxxx14,870 M
Total Debt xxxxxxxxxxxxxxx18,603 M
Goodwill - Gross xxxxxxxxxxxxxxx3,106 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx1,103 M
Price To Book Value xxxxxxxxxxxxxxx4.49

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx3,905.0 M
Capex % of Sales xxxxxxxxxxxxxxx17.02 %
Cost of Goods Sold xxxxxxxxxxxxxxx17,380 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx1,188 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx1,031 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.2

No. Of Recommendations

7
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

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UBS

14/08/2026

3

Neutral

$5.05

7.22%

On further review, UBS notes the main concerns from the FY26 results from Telstra Group centre on the slowdown in postpaid metrics.

Cost control was better and the broker continues to envisage costs as a key source of upside surprise going forward, amid a continued structural shift towards the value end of mobile.

FY27-FY29 revenue estimates are lowered by an average of -4%. Neutral rating reiterated. The 4.5% dividend yield is considered to be full. Target is reduced to $5.05 from $5.30.

****

On first assessment, Telstra's FY26 underlying EBITDA after leases rose 4% to $8.34bn, matching UBS and consensus, while underlying NPAT increased 5% to $2.46bn.

Mobile revenue and subscriber additions were slightly "soft", fixed consumer and international operations missed expectations, and capex was 5% above UBS due to increased investment in Aura; the dividend rose 11% to 21c.

FY27 guidance calls for underlying EBITDA after leases of $8.5-$8.8bn and cash EBIT of $4.75-$4.95bn. The EBITDA midpoint is broadly in line with expectations, but cash EBIT is -2% below consensus because of higher business-as-usual capex; Telstra also announced an expected but supportive on-market buyback of up to $1bn.

UBS keeps a Neutral rating and $5.30 price target.

FORECAST
UBS forecasts a full year FY27 dividend of 22.00 cents and EPS of 21.00 cents.
UBS forecasts a full year FY28 dividend of 23.00 cents and EPS of 23.00 cents.

Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

(xx/xx/xxxx)

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

17/08/2026

4

Underweight

$4.60

-2.34%

Jarden retains an Underweight rating for Telstra Group with a $4.60 target price following an in-line FY26 result paired with softer cash operating earnings guidance.

Capital management aligned with market expectations via a 21.0c dividend per share and an announced $1bn FY27 share buyback, while cash EBIT guidance missed expectations by -1%.

Mobile service revenue remained flat sequentially, accompanied by half-on-half postpaid revenue contractions stemming from subscriber mix changes, reduced roaming, and remediation impacts.

The analyst highlights accelerating spin-down trends across the broader telecommunications market, estimating overall industry postpaid connections fell by -93k across the half.

The broker's estimates incorporate mobile EBITDA growth accelerating to 6% in FY27, yet the analyst remains cautious regarding long-term mobile earnings durability as regional network advantages erode.
Access Extra Coverage Research History >

TLS STOCK CHART

FNArena News on TLS

1
Australian Broker Call *Extra* Edition – Aug 17, 2026

Aug 17 2026 - Daily Market Reports
2
FY26 Result Puts Telstra’s Premium In Focus

Aug 17 2026 - Australia
3
FNArena Corporate Results Monitor – 14-08-2026

Aug 14 2026 - Australia
4
FNArena Corporate Results Monitor – 13-08-2026

Aug 13 2026 - Australia
5
Australian Broker Call *Extra* Edition – Aug 13, 2026

Aug 13 2026 - Daily Market Reports

Latest Telecommunication News

1
FY26 Result Puts Telstra’s Premium In Focus

Aug 17 2026 - Australia
2
Aussie Broadband And The Threat From SpaceX

Jul 16 2026 - Small Caps
3
Rudi’s View: Telstra’s Premium Under Scrutiny

Jul 15 2026 - Rudi's View
4
Aussie Broadband’s Scale-Up Potential

Jun 18 2026 - Small Caps
5
Next Week At A Glance – 8-12 Jun 2026

Jun 05 2026 - Weekly Reports
6
Superloop’s Comeback Post FY25 Disappointment

Sep 19 2025 - Australia
7
Re-Rating Aussie Broadband’s Growth Outlook

Sep 04 2025 - Small Caps
8
Buybacks, Dividends Define Telstra’s Future

Aug 18 2025 - Australia
9
Telstra Shares Enjoying Firm Up-Trend

Jul 17 2025 - Technicals
10
In Brief: Austal, Superloop, Motorcycle Holdings & Nanosonics

Jul 04 2025 - Weekly Reports