May 2026
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Largest Telecom Service Providers Public Companies in South Africa
Benchmark revenue and EBITDA valuation multiples for public comps like
MTN Group, Vodacom, Telkom South Africa, Cell C and Blu Label Unlimited Group.
 | MTN Group Ltd is a mobile telecommunications provider operating across South Africa, Nigeria, Ghana, Cameroon, Ivory Coast, Uganda, Syria, and Sudan. The majority of the company's revenue is earned in South Africa and Nigeria. The company also has a joint venture in Iran. From a product perspective, the majority of its revenue is from voice and data. Other contributors include SMS and sale of devices revenue. MTN also provides enterprise services to small/midsize enterprises and corporate clients. The company owns the mobile infrastructure and data centers. Its segments include Network services, Mobile devices, Inter connect and roaming, Digital and fintech and others. | $13 | +56% | $24B | $24B | 1.7x | 3.7x | ||
| Vodacom Group Ltd is a telecommunications provider. The company provides fixed-line, broadband, and mobile services. It earns revenue through two main segments: South Africa and international. International includes regions such as Tanzania, Democratic Republic of Congo, Mozambique, and Lesotho; the majority of revenue is sourced from South Africa. Vodacom also has an enterprise service product, whereby telecommunications and managed services are offered to enterprises. The company owns mobile infrastructure. | $9 | +13% | $18B | $22B | 2.1x | 5.0x | ||
| Telkom SA SOC Ltd provides fixed-line voice and data communications services in South Africa. The company has segments namely: Openserve; Telkom Consumer; BCX; Gyro; and others It derives maximum revenue from Telkom Consumer segment. | $4 | +17% | $2B | $2B | 0.8x | 2.9x | ||
| Cell C Holdings Ltd is a mobile provider in South Africa offering a wide scope of products and services, including voice, data, device and SIM deals to millions of customers. | $2 | -- | $547M | $693M | 0.8x | 3.1x | ||
| Blu Label Unlimited Group Ltd’s business is the virtual distribution of secure electronic tokens of value and transactional services across an international footprint of touch points. It is a digital distribution company specializing in prepaid products and the electronic distribution of virtual merchandise and value-added services. Products and services include airtime, electricity, UNIPIN, vouchers, tickets, airtime-CHAT 4 CHANGE, starter packs, contracts, direct top-up, money transfer, RICA, water, mobile devices, and accessories. The company segments include Africa Distribution and Corporate. | $1 | -36% | $501M | $598M | 0.7x | 2.4x | ||
| Median | $4 | +15% | $2B | $2B | 0.8x | 3.1x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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