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

$4.52

14 Mar
2025

0.100

OPEN

$4.42

2.26%

HIGH

$4.52

1,068,975

LOW

$4.40

TARGET
$4.788 5.9% upside
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 23.8 xxx
Dividend Yield xxx N/A 4.1% xxx
Div Pay Ratio(%) xxx N/A 98.6% xxx

Dividend yield today if purchased 3 years ago: 3.16%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.98

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

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

xx/xx/xxxx

-1

xx xxxxxx

xx.xx%

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

03/03/2025

3

Neutral

$4.80

6.19%

2024 earnings from TPG Telecom were in line with UBS. 2025 EBITDA guidance appears conservative and the broker observes the next catalyst will be sale of the fibre network to Vocus, expected to close in the second half of the year.

The ACCC will review this at the end of the month and, if approved, the company will host an investor briefing to update the market on capital management.

EBITDA guidance for 2025 is for a range of $1.95-2.025bn, which the broker points out assumes flat growth at the mid point. Forecasts are lowered for 2025-27 EBITDA by -5-6%. Neutral. Target is reduced to $4.80 from $4.95.

FORECAST
UBS forecasts a full year FY25 EPS of 13.00 cents.
UBS forecasts a full year FY26 EPS of 16.00 cents.

Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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

xx/xx/xxxx

2

xxxxxxxxx xx xxxxxxxxxx xxxx xxx

$xx.xx

xx.xx%

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

06/03/2025

5

Sell

$4.20

-7.08%

TPG Telecom's 2024 results were labelled as "mixed" with EBITDA in line with Goldman Sachs and net profit ahead. Cash performance was "strong" with free cash flow improving significantly.

The main negative, in the broker's view, was a decline in postpaid subscribers in the second half, despite competitor price rises, and the return to growth early in 2025 following discounting.

This concerns Goldman Sachs both for the company's ability to expand ARPU and for sustaining rationality in the industry.

The Sell rating is retained along with a $4.20 target.

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

FNArena News on TPG

1
In Brief: Telcos, Gaming & Building Materials

Mar 14 2025 - Weekly Reports
2
Australian Broker Call *Extra* Edition – Mar 13, 2025

Mar 13 2025 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – Mar 06, 2025

Mar 06 2025 - Daily Market Reports
4
TPG Telecom Pins Hopes On 2025

Mar 06 2025 - Small Caps
5
FNArena Corporate Results Monitor – 03-03-2025

Mar 03 2025 - Australia

Latest Telecommunication News

1
TPG Telecom Pins Hopes On 2025

Mar 06 2025 - Small Caps
2
Telstra Now Offering Dividends Plus Buybacks

Feb 26 2025 - Australia
3
Goldman’s Contrarian View On Telco Challengers

Dec 17 2024 - Small Caps
4
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Nov 29 2024 - Weekly Reports
5
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6
Gen.Ai Update: Bubble-licious Or Not?

Sep 11 2024 - International
7
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Sep 05 2024 - Small Caps
8
Strong Growth Underpins Superloop Optimism

Jul 04 2024 - Small Caps
9
Is Telstra’s Dividend Outlook At Risk?

May 29 2024 - Australia
10
Weekly Ratings, Targets, Forecast Changes – 15-03-24

Mar 18 2024 - Weekly Reports