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Telkom SA (TKG) USD

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

54.52 ZARDay 1.45%

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
54.52 ZAR · 1.45%
Market cap
1.7 bn USD

Growth

Δ revenue y/y
9.1%
Δ EBITDA y/y
2.2%

Multiples

P/E (LTM)
7.8x
P/B (FY)
0.8x
P/E (ann.)
7.1x
EV/EBITDA (LTM)
0.7x
EV/EBITDA (ann.)
0.6x

Cash return

Dividend yield
5.0%
FCF yield (LTM)
—

Value creation

fundamental value/yr, % of market cap
Value created / year
+108.0%
↓ details

Liquidity

Daily turnover (listing)
21.5 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 M USD, 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.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-03-31H2 2026 (6M)OK1442.8
y/y 22.3%
302.2
y/y -1.5%
224.3
y/y 33.7%
526.5
y/y 11.0%
125.4
y/y -63.8%
327.9-3108.03773.8
y/y 2.7%
2103.5
y/y 15.1%
10.5%-1069.0Yahoo Finance
2025-09-30H1 2026 (6M)OK1243.6
y/y 4.7%
146.3
y/y 52.8%
171.1
y/y 11.2%
317.5
y/y 27.1%
88.6
y/y 52.0%
264.7-3187.03589.6
y/y 1.8%
1961.9
y/y 24.5%
9.4%1489.0stockanalysis.com
2025-03-31H2 2025 (6M)OK1179.8
y/y 6.7%
306.6
y/y 62.0%
167.8
y/y 17.6%
474.4
y/y 42.9%
346.3
y/y 641.0%
309.1-3309.03674.3
y/y 14.0%
1828.1
y/y 32.5%
23.8%657.0Yahoo Finance
2024-09-30H1 2025 (6M)OK1188.2
y/y 2.5%
95.8
y/y 4.6%
154.0
y/y 0.1%
249.7
y/y 1.8%
58.3
y/y 9.3%
287.6-2856.03526.5
y/y 8.3%
1576.5
y/y 18.1%
7.9%9859.0stockanalysis.com
2024-03-31H2 2024 (6M)OK1105.3
y/y —
189.3
y/y —
142.7
y/y —
332.0
y/y —
46.7
y/y —
235.3-3020.03223.4
y/y -3.9%
1379.9
y/y 1.4%
7.4%10642.0Yahoo Finance
2023-09-30H1 2024 (6M)OK1159.2
y/y —
91.5
y/y —
153.8
y/y —
245.4
y/y —
53.4
y/y —
191.5-3311.03257.1
y/y —
1334.8
y/y —
7.9%11614.0stockanalysis.com
2023-03-31FY 2023 (12M)OK2378.5
y/y —
103.8
y/y —
1174.1
y/y —
1278.0
y/y —
-567.0
y/y —
291.4-6620.03354.9
y/y —
1360.8
y/y —
—11104.0Yahoo Finance

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

-1 000-50005001 0001 5002023 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)

-500-25002505002023 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: +108.0%

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)
= (497 − 486) × 1.64
17
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (1 668 + -1 069) ÷ 814
0.7x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (0.7 + 8) ÷ 2
4.4x
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
= (17 × 4.4 + 1 726) ÷ 1 668
+108.0%

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).

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 7.8x (price to trailing 12-month earnings).
What is Telkom SA (TKG)'s EV/EBITDA?
Telkom SA (TKG) trades at 0.7x EV/EBITDA.
What is Telkom SA (TKG)'s P/B ratio?
Telkom SA (TKG) trades at a P/B of 0.8x.
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 11.1%.
What is Telkom SA (TKG)'s market capitalization?
Telkom SA (TKG)'s market cap is 1.7 bn USD.

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