Figure 1: ANZ Telco and ICT share price changes March 2026

Source: Firehawk. Only includes top 10 movers.

Key developments

After a period of volatility in 2024, Telco and IT stocks in Australia and New Zealand have seen some improvements and price stability over 2025. However, the volatility is returning for some, possibly due to a sluggish economic outlook.

Superloop

Superloop’s stock jumped 12.5% during the month, in part because the company announced it has reached Milestone 4 of its Origin Energy contract, with over 250,000 broadband subscribers now active on the Superloop network. Achievement of this milestone triggers the issuance of shares to Origin as consideration, priced at the 30-day VWAP and subject to a 12-month lock-up. This customer growth further scales Superloop’s Infrastructure-on-Demand platform.

Megaport

Megaport’s stock declined by around 10% during March, despite the company not releasing any price sensitive announcements. During late February the company released its 1HFY26 results where Megaport delivered revenue of $134.9m rising 26% YoY and Group Annual Recurring Revenue (ARR) surging 49% to $338m. Growth was driven by strong Net Revenue Retention of 111% and the strategic acquisitions of Latitude.sh and Extreme IX, which expanded Megaport’s reach into the global compute and Indian markets. Consequently, management raised the lower end of its core revenue guidance while maintaining an EBITDA margin target of 21–24%. The group had a Net loss for the period of $19.1m (compared to a $900k profit in the prior corresponding period), primarily driven by costs related to its acquisitions.

Codan

Codan’s stock sank by around 17% during March, after a strong start to the year during January and February. This drop is despite the company not releasing any price sensitive announcements. During late February the company released its 1HFY26 results which had strong headline performance with a record half-year total revenue rising 29% to $393.5 million. Underlying EBIT jumped 52% to $99.8 million, while net profit after tax surged 55% to $71.2 million. This result led to a 56% increase in the interim dividend to 19.5 cents per share. The performance was boosted by exceptional growth in Metal Detection, where revenue rose 46% to $168 million. The Communications segment also performed strongly, with revenue up 19% to $221.8 million and an order book growth of 19% to $294 million. 

Figure 2: ANZ telecom and ICT company valuation multiples

Source: Firehawk. Blank results are due to a lack of equity research analyst coverage, the EV/Revenue multiple being above 25x, or the EV/EBITDA and EV/EBIT multiple being less than zero or above 60x

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