Frontierby eninvs

Language: EN · RU

← Region

Telkom SA (TKG) ZAR

Telkom SA is an integrated communications and IT services provider in South Africa and internationally, offering mobile and fixed-line telephony, broadband, data networking, and IT solutions to residential, business, and government customers.

At a glance: strengths & risks
✓Margins improving (26%→29%)✓Net cash balance sheet✗Profit falling (-53%)

Sector: Telecom

ZA_TKG

Price chart

53.71 ZARDay 0.36%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
53.71 ZAR · 0.36%
Market cap
26.5 bn ZAR

Growth

Δ revenue y/y
-0.7%
Δ EBITDA y/y
-7.0%

Multiples

P/E (LTM)
7.5x
P/B (FY)
0.7x
P/E (ann.)
6.8x
EV/EBITDA (LTM)
1.8x
EV/EBITDA (ann.)
1.5x

Cash return

Dividend yield
5.0%
FCF yield (LTM)
44.1%

Value creation

fundamental value/yr, % of market cap
Value created / year
-13.0%
↓ details

Liquidity

Daily turnover (listing)
18 mln ZAR

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B ZAR, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB ZAROperating profitB ZARD&AB ZAREBITDAB ZARNet profitB ZAROperating CFB ZARCapex + M&AB ZARAssetsB ZAREquityB ZARROE (annualized)Net debtB ZARSource
2026-03-31H2 2026 (6M)OK22.0
y/y -0.7%
4.8
y/y -16.2%
3.4
y/y 9.8%
8.2
y/y -7.0%
1.9
y/y -69.8%
5.0-3.164.4
y/y -4.6%
35.9
y/y 6.9%
10.2%-1.1Yahoo Finance
2025-09-30H1 2026 (6M)OK22.5
y/y 3.4%
2.6
y/y 51.0%
3.1
y/y 9.9%
5.7
y/y 25.6%
1.6
y/y 50.2%
4.8-3.262.0
y/y 2.4%
33.9
y/y 25.2%
9.5%1.5stockanalysis.com
2025-03-31H2 2025 (6M)OK22.1
y/y 3.7%
5.7
y/y 58.5%
3.1
y/y 14.0%
8.8
y/y 39.2%
6.4
y/y 611.2%
5.8-3.367.5
y/y 10.4%
33.6
y/y 28.3%
24.7%0.7Yahoo Finance
2024-09-30H1 2025 (6M)OK21.8
y/y 3.0%
1.8
y/y 5.1%
2.8
y/y 0.5%
4.6
y/y 2.2%
1.1
y/y 9.8%
5.3-2.960.6
y/y -1.4%
27.1
y/y 7.5%
8.0%9.9stockanalysis.com
2024-03-31H2 2024 (6M)OK21.3
y/y —
3.6
y/y —
2.8
y/y —
6.4
y/y —
0.9
y/y —
4.5-3.061.2
y/y 2.6%
26.2
y/y 8.3%
7.3%10.6Yahoo Finance
2023-09-30H1 2024 (6M)OK21.1
y/y —
1.7
y/y —
2.8
y/y —
4.5
y/y —
1.0
y/y —
3.5-3.361.4
y/y —
25.2
y/y —
7.9%11.6stockanalysis.com
2023-03-31FY 2023 (12M)OK41.8
y/y —
1.8
y/y —
20.7
y/y —
22.5
y/y —
-10.0
y/y —
5.1-6.659.6
y/y —
24.2
y/y —
—11.1Yahoo Finance

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

-20 000-10 000010 00020 0002023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q12026 q4

Year-over-year change

-100%-50%0%50%2023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q12026 q4

Cash flow

FCF (ZAR mln)

-10 000-5 00005 00010 0002023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q12026 q4

Net debt / cash (ZAR mln)

-5 00005 00010 0002023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q12026 q4

Profit and cash

Profit is cash-backed
In a typical year of 2023–2026 operating cash flow came to 2.77x of reported net profit; after capex, 0.89x. Loss years (2023) are left out of the ratio.
year2023202420252026
cash flow / profit—4.26x1.48x2.77x
accruals, % of assets-25.3%-10.0%-5.3%-9.7%
Last twelve months (to 2026-03-31): 2.77x of profit came back as operating cash flow.
net debt / EBITDA -0.1x · capex 0.7x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -13.0%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-03-31 vs 2025-03-31)
= (8 226 − 8 845) × 1.70
-1 051
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (26 535 + -1 069) ÷ 13 973
1.8x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (1.8 + 8) ÷ 2
4.9x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 1 726 + 0 + 0 − 0
1 726
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-1 051 × 4.9 + 1 726) ÷ 26 535
-13.0%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • half-year basis (semi-annual reporter)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +1% vs +3% the year before — a -2.0 pp move. 3-year CAGR +2%.
revenue growth by year: 2024 +1% · 2025 +3% · 2026 +1%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: Telecom. Each peer is shown as it trades and re-priced onto this company's market (South Africa) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
KT CorporationKorea9.23.6x2.0x
Telkom IndonesiaIndonesia13.62.2x2.8x
America Movil (AMX)Mexico67.94.3x3.2x
Telefonica Brasil (Vivo)Brazil19.44.3x3.2x
e& (Etisalat Group)UAE51.36.6x3.4x
MTN GroupSouth Africa22.33.7x3.7x
MTSRussia4.73.5x4.8x
PLDTPhilippines3.95.3x4.8x
Globe TelecomPhilippines3.75.8x5.2x
Vodacom GroupSouth Africa18.15.2x5.2x
du (EITC)UAE14.710.3x5.3x
TIM S.A.Brazil45.217.0x12.7x
Group median4.8x4.2x
Group average6.0x4.7x
This companySouth Africa1.61.8x1.8x

Group median 4.8x as traded, 4.2x adjusted; this company 1.8x — a 57% discount.

Group average 6.0x as traded, 4.7x adjusted; against the average this company is at a 61% discount.

At the adjusted group median the market cap would be +126% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 23.3x, Russia 3.8x, South Africa 5.2x, Kazakhstan 9.8x, India 18.4x, Indonesia 4.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-09-22; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-24270.102 ZAREx-dividend: 270.102 ZAR per sharePaidYahoo Finance (ex-div)
2025-07-09260.8677 ZAREx-dividend: 260.8677 ZAR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Telkom SA (TKG) — from primary filings.

Frequently asked questions

What is Telkom SA (TKG)'s P/E ratio?
Telkom SA (TKG) trades at a P/E of 7.5x (price to trailing 12-month earnings).
What is Telkom SA (TKG)'s EV/EBITDA?
Telkom SA (TKG) trades at 1.8x EV/EBITDA.
What is Telkom SA (TKG)'s P/B ratio?
Telkom SA (TKG) trades at a P/B of 0.7x.
What is Telkom SA (TKG)'s dividend yield?
Telkom SA (TKG)'s trailing 12-month dividend yield is 5.0%.
What is Telkom SA (TKG)'s return on equity (ROE)?
Telkom SA (TKG)'s ROE is 10.8%.
What is Telkom SA (TKG)'s market capitalization?
Telkom SA (TKG)'s market cap is 26.5 bn ZAR.

See also: South African Stocks (2026): Gold, Cheap Banks and the JSE Discount · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map