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Public Comps and Valuation Multiples for Telecom Service Providers

Benchmark revenue and EBITDA valuation multiples for public comps like
China Mobile, T-Mobile US, Verizon, AT&T and SoftBank Group.

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Telecom Service Providers

Viewing 50 of 263 companies with full data

Company	Market Cap	Enterprise Value	LTM Revenue	EV/LTM Revenue	EV/LTM EBITDA
China Mobile	$228B	$197B	$153B	1.3x	4.0x
T-Mobile US	$217B	$334B	$90B	3.7x	9.6x
Verizon	$196B	$358B	$140B	2.6x	7.0x
AT&T	$184B	$321B	$127B	2.5x	6.9x
SoftBank Group	$168B	$278B	$48B	5.8x	7.2x
Deutsche Telekom	$163B	$320B	$141B	2.3x	5.9x
Bharti Airtel	$120B	$137B	$23B	6.0x	10.6x
Comcast	$106B	$195B	$123B	1.6x	5.4x
América Móvil	$79B	$118B	$55B	2.1x	5.5x
NTT Group	$78B	$161B	$89B	1.8x	7.5x
China Telecom	$75B	$66B	$77B	0.9x	3.2x
SoftBank	$67B	$96B	$44B	2.2x	8.4x
KDDI	$63B	$74B	$38B	1.9x	6.3x
Singtel	$63B	$69B	$11B	6.1x	21.9x
stc Group	$58B	$58B	$21B	2.8x	8.7x
Orange	$56B	$47B	$48B	1.0x	3.0x
e&	$46B	$56B	$20B	2.8x	6.4x
Swisscom	$44B	$47B	$19B	2.4x	5.5x
Telstra	$43B	$55B	$17B	3.3x	8.9x
Vodafone	$36B	$81B	$48B	1.7x	6.0x
Advanced Info Service	$34B	$39B	$7B	5.4x	10.1x
Chunghwa Telecom	$34B	$33B	$8B	4.3x	11.6x
Charter Communications	$29B	$126B	$55B	2.3x	5.6x
BT Group	$29B	$59B	$27B	2.2x	5.3x
China Unicom	$29B	$26B	$57B	0.4x	1.8x
Telefônica Brasil	$27B	$29B	$12B	2.5x	6.0x
Telefónica	$26B	$65B	$41B	1.6x	5.2x
Bouygues	$24B	$33B	$67B	0.5x	5.4x
Telenor	$24B	$33B	$8B	4.1x	9.0x
MTN Group	$23B	$23B	$14B	1.6x	3.7x
BCE	$23B	$55B	$18B	3.0x	7.0x
KPN	$21B	$29B	$7B	4.2x	8.9x
China United Network	$21B	$19B	$57B	0.3x	1.3x
China Satellite	$21B	$20B	—	—	—
Telia	$20B	$28B	$9B	3.1x	7.8x
TELUS	$19B	$40B	$15B	2.7x	7.4x
Rogers	$18B	$49B	$16B	3.1x	6.8x
Telkom Indonesia	$18B	$21B	$9B	2.4x	4.7x
Airtel Africa	$18B	$23B	$6B	3.7x	7.4x
TIM	$17B	$29B	$16B	1.8x	5.4x
Vodacom	$17B	$21B	$10B	2.0x	5.3x
True Corporation	$15B	$28B	$6B	4.6x	8.3x
Tele2	$14B	$18B	$3B	5.2x	11.8x
Mobily	$14B	$16B	$5B	2.9x	7.5x
SK Telecom	$14B	$20B	$12B	1.7x	5.9x
Tigo	$14B	$22B	$7B	3.3x	7.2x
TIM Brasil	$13B	$15B	$5B	2.9x	5.6x
du	$13B	$13B	$4B	2.9x	6.3x
HKT Trust and HKT	$12B	$18B	$5B	3.8x	9.8x
MTN Nigeria	$12B	$13B	$4B	3.2x	5.9x
Ooredoo Qatar	$12B	$X.XB	$7B	X.Xx	X.Xx
Vodafone Idea	$11B	$X.XB	$5B	X.Xx	X.Xx
Far EasTone	$11B	$X.XB	$4B	X.Xx	X.Xx
Taiwan Mobile	$11B	$X.XB	$6B	X.Xx	X.Xx
KT	$10B	$X.XB	$19B	X.Xx	X.Xx
Globalstar	$10B	$X.XB	$279M	X.Xx	X.Xx
Mobile TeleSystems	$10B	$X.XB	—	X.Xx	X.Xx
Frontier Comms Parent Inc	$10B	$X.XB	$6B	X.Xx	X.Xx
Quebecor	$9B	$X.XB	$4B	X.Xx	X.Xx
Maroc Telecom	$9B	$X.XB	$4B	X.Xx	X.Xx
Safaricom	$9B	$X.XB	$3B	X.Xx	X.Xx
CelcomDigi	$9B	$X.XB	$3B	X.Xx	X.Xx
Lumen	$9B	$X.XB	$12B	X.Xx	X.Xx
OTE	$9B	$X.XB	$4B	X.Xx	X.Xx
Zain Group	$8B	$X.XB	$8B	X.Xx	X.Xx
Bharti Hexacom	$8B	$X.XB	$1B	X.Xx	X.Xx
Liberty Broadband	$8B	$X.XB	$566M	X.Xx	X.Xx
Elisa	$8B	$X.XB	$3B	X.Xx	X.Xx
Moratelindo	$8B	$X.XB	—	X.Xx	X.Xx
Telefonica Deutschland	$8B	$X.XB	$9B	X.Xx	X.Xx
Bezeq Group	$7B	$X.XB	$3B	X.Xx	X.Xx
A1 Telekom Austria	$7B	$X.XB	$7B	X.Xx	X.Xx
Maxis	$7B	$X.XB	$3B	X.Xx	X.Xx
Telekom Malaysia	$7B	$X.XB	$3B	X.Xx	X.Xx
MTN Ghana	$7B	$X.XB	$2B	X.Xx	X.Xx
TPG Telecom	$6B	$X.XB	$4B	X.Xx	X.Xx
SES	$6B	$X.XB	$3B	X.Xx	X.Xx
PCCW	$6B	$X.XB	$5B	X.Xx	X.Xx
United Internet	$6B	$X.XB	$7B	X.Xx	X.Xx
Turkcell	$6B	$X.XB	$6B	X.Xx	X.Xx
Zegona Communications	$5B	$X.XB	$4B	X.Xx	X.Xx
Telecom Argentina	$5B	$X.XB	$6B	X.Xx	X.Xx
Axiata Group	$5B	$X.XB	$3B	X.Xx	X.Xx
TDS	$5B	$X.XB	$1B	X.Xx	X.Xx
Orange Polska	$5B	$X.XB	$4B	X.Xx	X.Xx
1&1	$5B	$X.XB	$5B	X.Xx	X.Xx
LG U+	$5B	$X.XB	$11B	X.Xx	X.Xx
Sinnet Technology	$5B	$X.XB	$1B	X.Xx	X.Xx
Türk Telekom	$5B	$X.XB	$6B	X.Xx	X.Xx
Tata Communications	$5B	$X.XB	$3B	X.Xx	X.Xx
Orange Côte d’Ivoire	$5B	$X.XB	—	X.Xx	X.Xx
PLDT	$5B	$X.XB	$18B	X.Xx	X.Xx
Iridium	$5B	$X.XB	$875M	X.Xx	X.Xx
Sonae	$5B	$X.XB	$13B	X.Xx	X.Xx
Sunrise Communications	$4B	$X.XB	$4B	X.Xx	X.Xx
Liberty Global	$4B	$X.XB	$5B	X.Xx	X.Xx
Globe Telecom	$4B	$X.XB	—	X.Xx	X.Xx
freenet	$4B	$X.XB	$3B	X.Xx	X.Xx
VEON	$4B	$X.XB	$4B	X.Xx	X.Xx
Hrvatski Telekom	$4B	$X.XB	$1B	X.Xx	X.Xx
PT XLSmart Telecom	$3B	$X.XB	$3B	X.Xx	X.Xx
NOS	$3B	$X.XB	$2B	X.Xx	X.Xx
Digi Communications	$3B	$X.XB	$3B	X.Xx	X.Xx
Telecom Egypt	$3B	$X.XB	$2B	X.Xx	X.Xx
NetLink NBN	$3B	$X.XB	$328M	X.Xx	X.Xx
Megacable	$3B	$X.XB	$2B	X.Xx	X.Xx
Jiangsu Broadcasting	$3B	$X.XB	—	X.Xx	X.Xx
Omantel	$3B	$X.XB	$9B	X.Xx	X.Xx
Vodafone Qatar	$3B	$X.XB	$960M	X.Xx	X.Xx
Zain Saudi Arabia	$3B	$X.XB	$3B	X.Xx	X.Xx
Time Dotcom	$3B	$X.XB	$469M	X.Xx	X.Xx
Axtel	$3B	$X.XB	$725M	X.Xx	X.Xx
Sonatel	$3B	$X.XB	$4B	X.Xx	X.Xx
Kyivstar Group	$3B	$X.XB	$1B	X.Xx	X.Xx
Grameenphone	$3B	$X.XB	$1B	X.Xx	X.Xx
Proximus	$3B	$X.XB	$7B	X.Xx	X.Xx
Ooredoo	$3B	$X.XB	—	X.Xx	X.Xx
Chorus	$3B	$X.XB	$604M	X.Xx	X.Xx
Fujian Star-Net	$2B	$X.XB	$3B	X.Xx	X.Xx
Tuas	$2B	$X.XB	$137M	X.Xx	X.Xx
Spark New Zealand	$2B	$X.XB	$2B	X.Xx	X.Xx
Partner Communications Co.	$2B	$X.XB	$1B	X.Xx	X.Xx
Merit Interactive	$2B	$X.XB	—	X.Xx	X.Xx
stc Kuwait	$2B	$X.XB	$1B	X.Xx	X.Xx
Wasu Media Holding	$2B	$X.XB	—	X.Xx	X.Xx
Beyon	$2B	$X.XB	—	X.Xx	X.Xx
GMO Internet group	$2B	$X.XB	$2B	X.Xx	X.Xx
Okinawa Cellular	$2B	$X.XB	$547M	X.Xx	X.Xx
Vtech	$2B	$X.XB	—	X.Xx	X.Xx
Cogeco Communications	$2B	$X.XB	$2B	X.Xx	X.Xx
Cellcom Israel	$2B	$X.XB	—	X.Xx	X.Xx
CITIC Guoan Information	$2B	$X.XB	—	X.Xx	X.Xx
Space42	$2B	$X.XB	—	X.Xx	X.Xx
Telkom South Africa	$2B	$X.XB	$3B	X.Xx	X.Xx
Cyfrowy Polsat	$2B	$X.XB	$4B	X.Xx	X.Xx
Guizhou Broadcasting & TV	$2B	$X.XB	—	X.Xx	X.Xx
Liberty Latin America	$2B	$X.XB	$4B	X.Xx	X.Xx
Televisa	$2B	$X.XB	$3B	X.Xx	X.Xx
Orange Belgium	$2B	$X.XB	$2B	X.Xx	X.Xx
Beijing Gehua CATV	$2B	$X.XB	$360M	X.Xx	X.Xx
HKBN	$2B	$X.XB	$1B	X.Xx	X.Xx
Jishi Media	$2B	$X.XB	—	X.Xx	X.Xx
Telia Lietuva	$1B	$X.XB	—	X.Xx	X.Xx
Telecom Plus	$1B	$X.XB	$3B	X.Xx	X.Xx
StarHub	$1B	$X.XB	$2B	X.Xx	X.Xx
Converge ICT	$1B	$X.XB	—	X.Xx	X.Xx
Guangdong South New Media	$1B	$X.XB	$239M	X.Xx	X.Xx
Entel	$1B	$X.XB	$3B	X.Xx	X.Xx
Sterlite Technologies	$1B	$X.XB	$494M	X.Xx	X.Xx
CITIC Telecom International	$1B	$X.XB	$1B	X.Xx	X.Xx
IDT	$1B	$X.XB	$1B	X.Xx	X.Xx
Superloop	$1B	$X.XB	$450M	X.Xx	X.Xx
GMO internet	$1B	$X.XB	$509M	X.Xx	X.Xx
Macquarie Technology Group	$1B	$X.XB	$270M	X.Xx	X.Xx
Cogent Communications	$1B	$X.XB	$978M	X.Xx	X.Xx
RailTel Corporation	$1B	$X.XB	—	X.Xx	X.Xx
Jefferson Capital	$1B	$X.XB	$635M	X.Xx	X.Xx
Aussie Broadband	$1B	$X.XB	$906M	X.Xx	X.Xx
Gamma Communications	$1B	$X.XB	$874M	X.Xx	X.Xx
Nepal Telecom	$1B	$X.XB	—	X.Xx	X.Xx
Sonaecom	$1B	$X.XB	—	X.Xx	X.Xx
Telekom Slovenije	$1B	$X.XB	—	X.Xx	X.Xx
Jordan Telecom	$1B	$X.XB	—	X.Xx	X.Xx
Pakistan Telecom	$996M	$X.XB	—	X.Xx	X.Xx
Dialog Axiata	$980M	$X.XB	$591M	X.Xx	X.Xx
Cablevision Holding	$972M	$X.XB	—	X.Xx	X.Xx
Tata Teleservices	$918M	$X.XB	—	X.Xx	X.Xx
Chief Telecom	$910M	$X.XB	—	X.Xx	X.Xx
Shentel	$879M	$X.XB	$362M	X.Xx	X.Xx
Shenzhen Topway Video	$875M	$X.XB	—	X.Xx	X.Xx
Etihad GO Telecom	$849M	$X.XB	—	X.Xx	X.Xx
Makedonski Telekom	$832M	$X.XB	—	X.Xx	X.Xx
Hubei Radio & Television	$804M	$X.XB	—	X.Xx	X.Xx
LINK Mobility Group	$738M	$X.XB	$793M	X.Xx	X.Xx
Ovzon	$723M	$X.XB	$91M	X.Xx	X.Xx
Hutchison	$720M	$X.XB	—	X.Xx	X.Xx
Optimum Communications	$720M	$X.XB	$8B	X.Xx	X.Xx
SmarTone	$699M	$X.XB	$802M	X.Xx	X.Xx
Bahnhof	$637M	$X.XB	—	X.Xx	X.Xx
Ooredoo Oman	$620M	$X.XB	$629M	X.Xx	X.Xx
Cable One	$609M	$X.XB	$1B	X.Xx	X.Xx
Comba Telecom	$593M	$X.XB	—	X.Xx	X.Xx
Telefónica Chile	$578M	$X.XB	—	X.Xx	X.Xx
IndoInternet	$564M	$X.XB	—	X.Xx	X.Xx
SLTMobitel	$561M	$X.XB	—	X.Xx	X.Xx
Tele Columbus	$554M	$X.XB	—	X.Xx	X.Xx
Unifique Telecom	$554M	$X.XB	$239M	X.Xx	X.Xx
Ooredoo Palestine	$551M	$X.XB	—	X.Xx	X.Xx
Cell C	$528M	$X.XB	—	X.Xx	X.Xx
Almendral	$500M	$X.XB	—	X.Xx	X.Xx
Blu Label Unlimited Group	$487M	$X.XB	—	X.Xx	X.Xx
Cogeco	$439M	$X.XB	$2B	X.Xx	X.Xx
ATN International	$434M	$X.XB	$730M	X.Xx	X.Xx
Desktop Sigmanet	$433M	$X.XB	$251M	X.Xx	X.Xx
APSTAR	$422M	$X.XB	—	X.Xx	X.Xx
Kinx	$383M	$X.XB	—	X.Xx	X.Xx
Shaanxi BC & TV Network	$372M	$X.XB	—	X.Xx	X.Xx
Vision	$369M	$X.XB	$256M	X.Xx	X.Xx
ONATEL Burkina Faso	$343M	$X.XB	—	X.Xx	X.Xx
Integratel Peru	$330M	$X.XB	—	X.Xx	X.Xx
GO plc	$313M	$X.XB	—	X.Xx	X.Xx
Balitower	$298M	$X.XB	—	X.Xx	X.Xx
Jasmine International	$288M	$X.XB	$113M	X.Xx	X.Xx
Brisanet	$275M	$X.XB	$350M	X.Xx	X.Xx
Telebrás	$270M	$X.XB	—	X.Xx	X.Xx
Sky Network Television	$260M	$X.XB	$475M	X.Xx	X.Xx
Hyundai Futurenet	$258M	$X.XB	—	X.Xx	X.Xx
Sudatel Telecom Group Limited	$230M	$X.XB	—	X.Xx	X.Xx
Dafeng TV	$230M	$X.XB	—	X.Xx	X.Xx
Mahanagar Telephone Nigam	$225M	$X.XB	—	X.Xx	X.Xx
Hathway	$217M	$X.XB	—	X.Xx	X.Xx
Wasko	$217M	$X.XB	—	X.Xx	X.Xx
Bangladesh Submarine Cables	$216M	$X.XB	—	X.Xx	X.Xx
FreeBit	$212M	$X.XB	$388M	X.Xx	X.Xx
Crexendo	$206M	$X.XB	$77M	X.Xx	X.Xx
Tucows	$187M	$X.XB	$390M	X.Xx	X.Xx
LICT	$173M	$X.XB	—	X.Xx	X.Xx
Intred	$171M	$X.XB	$67M	X.Xx	X.Xx
Eltel	$166M	$X.XB	$973M	X.Xx	X.Xx
Den Networks	$148M	$X.XB	—	X.Xx	X.Xx
Asian Pay Television	$124M	$X.XB	—	X.Xx	X.Xx
Zain Bahrain	$112M	$X.XB	—	X.Xx	X.Xx
Broadmedia	$107M	$X.XB	$99M	X.Xx	X.Xx
MNC Vision Networks	$106M	$X.XB	—	X.Xx	X.Xx
Unidata	$97M	$X.XB	$132M	X.Xx	X.Xx
GTPL Hathway	$83M	$X.XB	—	X.Xx	X.Xx
PHarol SGPS	$77M	$X.XB	—	X.Xx	X.Xx
Teleste	$74M	$X.XB	$168M	X.Xx	X.Xx
Dish TV India	$73M	$X.XB	—	X.Xx	X.Xx
FingerMotion	$66M	$X.XB	—	X.Xx	X.Xx
NFON	$65M	$X.XB	$106M	X.Xx	X.Xx
OnMobile Global	$54M	$X.XB	—	X.Xx	X.Xx
uCloudlink	$51M	$X.XB	$87M	X.Xx	X.Xx
ET Bogotá	$49M	$X.XB	—	X.Xx	X.Xx
Tessellis	$41M	$X.XB	—	X.Xx	X.Xx
Optare Solutions	$31M	$X.XB	—	X.Xx	X.Xx
Parlem Telecom Companyia	$31M	$X.XB	—	X.Xx	X.Xx
Planetel	$31M	$X.XB	—	X.Xx	X.Xx
Eurotel	$30M	$X.XB	—	X.Xx	X.Xx
Ecotel	$29M	$X.XB	$145M	X.Xx	X.Xx
UTStarcom	$25M	$X.XB	—	X.Xx	X.Xx
Lleidanetworks	$21M	$X.XB	—	X.Xx	X.Xx
Transtema Group	$21M	$X.XB	$274M	X.Xx	X.Xx
Softlab	$18M	$X.XB	—	X.Xx	X.Xx
DG-Net	$15M	$X.XB	—	X.Xx	X.Xx
Convergenze	$15M	$X.XB	—	X.Xx	X.Xx
Korbank	$14M	$X.XB	—	X.Xx	X.Xx
Telestrada	$13M	$X.XB	—	X.Xx	X.Xx
Oi	$11M	$X.XB	—	X.Xx	X.Xx
RichTech	$9M	$X.XB	—	X.Xx	X.Xx
ECL	$6M	$X.XB	—	X.Xx	X.Xx
Telgam	$4M	$X.XB	—	X.Xx	X.Xx
Telkonet	$4M	$X.XB	—	X.Xx	X.Xx
Weaccess Group	$4M	$X.XB	—	X.Xx	X.Xx
Telefonica Argentina	$2M	$X.XB	—	X.Xx	X.Xx
Nord General	$2M	$X.XB	—	X.Xx	X.Xx
Aiton Caldwell	$857K	$X.XB	—	X.Xx	X.Xx
My Beat	$717K	$X.XB	—	X.Xx	X.Xx
Nova Klubburinn	—	$X.XB	—	X.Xx	X.Xx
Econet Wireless Zimbabwe	—	$X.XB	—	X.Xx	X.Xx
Siminn	—	$X.XB	—	X.Xx	X.Xx
Syn	—	$X.XB	—	X.Xx	X.Xx
Magyar Telekom	—	$X.XB	—	X.Xx	X.Xx