TPG TELECOM LIMITED (TPG)
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TPG

TPG - TPG TELECOM LIMITED

FNArena Sector : Telecommunication
Year End: December
GICS Industry Group : NONE
Debt/EBITDA: 3.23
Index: ASX200 | ASX300 | ALL-ORDS

TPG Telecom is an Australian telecommunications company providing consumer and business internet services and mobile phone services. In 2020 Vodaphone Hutchison merged with TPG Telecom and relisted under the same name.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$4.97

24 Mar
2025

0.030

OPEN

$4.94

0.61%

HIGH

$4.99

1,277,674

LOW

$4.91

TARGET
$4.788 -3.7% downside
OTHER COMPANIES IN THE SAME SECTOR
5GG . 5GN . ABB . CNU . ESK . FSG . HTA . MAQ . SLC . SPK . ST1 . TLS . TUA .
FNARENA'S MARKET CONSENSUS FORECASTS
TPG: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx - 5.8 19.0 xxx
DPS (cps) xxx 18.0 18.7 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx 0.0% 3.9% xxx
PE Ratio xxx N/A 26.2 xxx
Dividend Yield xxx N/A 3.8% xxx
Div Pay Ratio(%) xxx N/A 98.6% xxx

Dividend yield today if purchased 3 years ago: 3.17%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.64

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: 14/03 - ex-div 9c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx-5.8
DPS All xxxxxxxxxxxxxxx18.0
Sales/Revenue xxxxxxxxxxxxxxx5,520.0 M
Book Value Per Share xxxxxxxxxxxxxxx602.7
Net Operating Cash Flow xxxxxxxxxxxxxxx1,553.0 M
Net Profit Margin xxxxxxxxxxxxxxx-1.94 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx-0.94 %
Return on Invested Capital xxxxxxxxxxxxxxx-0.61 %
Return on Assets xxxxxxxxxxxxxxx-0.53 %
Return on Equity xxxxxxxxxxxxxxx-0.94 %
Return on Total Capital xxxxxxxxxxxxxxx2.63 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx436.0 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx136 M
Long Term Debt xxxxxxxxxxxxxxx6,168 M
Total Debt xxxxxxxxxxxxxxx6,304 M
Goodwill - Gross xxxxxxxxxxxxxxx8,515 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx42 M
Price To Book Value xxxxxxxxxxxxxxx0.74

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx1,170.0 M
Capex % of Sales xxxxxxxxxxxxxxx21.20 %
Cost of Goods Sold xxxxxxxxxxxxxxx4,634 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx421 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 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

-0.1

No. Of Recommendations

4
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Macquarie

04/03/2025

-1

No Rating

-

It is Macquarie's assessment TPG Telecom's FY25 free cash flow outlook is improving, supported by flat year-on-year opex, working capital benefits, and lower capex post-Vocus sale.

The broker comments early signs from the multi-operator core network (MOCN) deal are positive, with TPG’s mobile network coverage doubling and net subscriber additions reaching the highest level since 2H22.

Mobile revenue growth is supported by ARPU and a growiing subscriber base.

The analyst highlights 2025 earnings (EBITDA) guidance of $1,950-2,025m is consistent with 2024, with a stronger 2H expected due to MOCN costs and an internet-of-things contract.

Managment is looking at capital management options with Macquarie highlighting franking constraints limit a special dividend.

Macquarie lowers FY25/26/27/28 EPS by -25%/-5%/-3%/-13% but revises earnings (EBITDA) up from FY26.

The broker is under research restriction and does not provide a target price or rating.

FORECAST
Macquarie forecasts a full year FY25 dividend of 19.00 cents and EPS of 24.80 cents.
Macquarie forecasts a full year FY26 dividend of 20.00 cents and EPS of 38.50 cents.

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

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

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Goldman Sachs

19/03/2025

5

Sell

$4.20

-15.49%

Goldman Sachs notes the recent reporting season was mixed for telecoms, resulting in a -8% to 1% revision in first-year EBITDA forecasts and a -26% to 6% change in total shareholder return since February 1.

The broker has examined key operational trends in a report, highlighting free cash flow (FCF) estimates for FY26. Going ahead, the broker will focus on strategic updates.

In the case of TPG Telecom, the broker forecasts 29.9c FCF in FY26, providing ample scope to increase dividends from the estimated 18c.

No change to $4.20 target price and Sell rating.

FORECAST
Goldman Sachs forecasts a full year FY25 dividend of 18.00 cents and EPS of 11.00 cents.
Goldman Sachs forecasts a full year FY26 dividend of 20.00 cents and EPS of 14.00 cents.
Access Extra Coverage Research History >

TPG STOCK CHART

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