BUZZ-UBS sees improved returns from Aussie telcos in 2026; adjusts PT

Reuters

01/13

** UBS sees reduced capex intensity, improved capital return for Australian telecom operators in 2026

** Says mobile pricing, more efficient deployment of capital, cost outs remain key levers for industry ROIC (return on invested capital) recovery in 2026

** Expects cumulative A$2 billion ($1.34 billion) worth of further buybacks for Telstra TLS.AX in FY27-FY30

** Reiterates "Neutral" on TPG Telecom TPG.AX, TLS; adjusts PT as follows:

Stock	New PT	Old PT
TPG Telecom	A$3.80/sh	A$5.40/sh
Telstra	A$4.90/sh	A$4.80/sh

($1 = A$1.4908)

(Reporting by Jasmeen Ara Shaikh in Bengaluru)

((Jasmeenaraislam.Shaikh@thomsonreuters.com;))

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