Fund Manager Summary
The fund managers believe that the outlook for Aussie Broadband Ltd presents significant opportunities for growth. They note that the company's recent rally of 16.0% reflects positive market sentiment. In their opinion, the near-term catalysts over the next six months are promising, bolstered by an exceptionally strong balance sheet that provides flexibility in capital management. This positions Aussie Broadband favorably for both stability and potential expansion, making it an attractive investment prospect.
Source: Trading View
Commentary From The Managers
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Ausbil Investment Management
30 Sept 2025
$5.78
Summary
- Aussie Broadband (ABB) achieved a remarkable +48.8% return after a period of relative inactivity for the Fund.
- Delivered an outstanding FY26 result, highlighting the company's strong performance.
- Secured a new 6-year wholesale agreement with More Telecom, adding over 250,000 connections.
- Successfully sold the loss-making ‘Buddy’ brand, enhancing overall profitability.
- FY25 was characterized as a transition year for ABB, during which Ausbil increased the Fund’s position significantly due to undervaluation.
- Recent NBN initiatives such as the "Accelerate Great" partnership are expected to boost higher speed tier adoption, benefiting ABB and competitors like Superloop (SLC).
- ABB's underutilised balance sheet presents potential for further accretive M&A opportunities.
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Commentary From The Managers
Ausbil Investment Management
30 Sept 2025
$5.78
- Aussie Broadband (ABB) achieved a remarkable +48.8% return after a period of relative inactivity for the Fund.
- Delivered an outstanding FY26 result, highlighting the company's strong performance.
- Secured a new 6-year wholesale agreement with More Telecom, adding over 250,000 connections.
- Successfully sold the loss-making ‘Buddy’ brand, enhancing overall profitability.
- FY25 was characterized as a transition year for ABB, during which Ausbil increased the Fund’s position significantly due to undervaluation.
- Recent NBN initiatives such as the "Accelerate Great" partnership are expected to boost higher speed tier adoption, benefiting ABB and competitors like Superloop (SLC).
- ABB's underutilised balance sheet presents potential for further accretive M&A opportunities.
Summary
Pendal Group
30 Sept 2025
$5.78
- Pendal Group notes that Broadband reseller ABB delivered a well-received result, with growth in revenue, margins, and customer numbers.
- Results were largely in line with expectations over the year.
- Management announced the divestment of its Buddy division.
- A significant agreement was made to provide exclusive NBN network services to More Telecom and its jointly operated company Tangerine.
- This agreement boosts ABB’s existing network connections by approximately 250k, reaching around 1.0 million.
- This development is expected to be around 12% accretive to earnings.
Summary
QVG Capital
30 Sept 2025
$5.78
- Aussie Broadband was identified as a high conviction idea post-reporting season due to a lucrative wholesale backhaul deal with private telco Tangerine.
- The company has successfully managed to stem losses from their budget startup brand Buddy.
- There is potential for Aussie Broadband to enter the S&P/ASX200, which previously acted as a positive catalyst for other companies like Catapult Sports.
- The new More Telecom wholesale deal provides indirect access to approximately 9 million customers through CBA's Yello program.
- There is optimism regarding business efficiencies, particularly with a renewed focus on margin and return on capital under the leadership of the new CEO.
Summary
QVG Capital
31 Aug 2025
$5.15
- Aussie Broadband delivered significant results, including a wholesale backhaul deal with private telco Tangerine, valued at over $12mn pretax.
- Despite facing challenges in FY25, particularly with the budget brand Buddy and the loss of the Origin contract, this deal marks a positive turnaround.
- Guidance for FY26 indicates that previous headwinds are largely behind the company.
- With operations stabilizing, Aussie Broadband is well positioned to capitalize on potential industry consolidation.
Summary
Blackwattle Investment Partners
31 July 2025
$4.51
- Aussie Broadband is recognized as one of Australia’s leading telco and internet service providers (ISP).
- In July, shares rose 15.4%, reaching a 52-week high due to upcoming NBN speed upgrades.
- Starting in September, higher-tier plan customers on Fibre to the Premises (FTTP) and Hybrid Fibre Coaxial (HFC) connections will experience significant speed increases at no extra cost.
- This upgrade is anticipated to trigger a substantial industry churn event.
- As market leaders in higher-speed plans, challenger brands like Aussie Broadband are expected to gain further market share.
- Macquarie initiated coverage of Aussie Broadband with a price target of $5.05 (+30%), emphasizing its strong growth potential.
- The company is noted to trade at a substantial discount compared to its peers.
Summary
Ausbil Investment Management
31 July 2025
$4.51
- Aussie Broadband (ABB) experienced a return of +15.4% in July.
- The share price had a prolonged period of stagnation after losing the Origin contract.
- Ausbil views the loss as painful but remains confident in their investment thesis.
- The thesis is supported by ABB being a growing NBN challenger with strong cash flow generation.
- Ausbil continues to hold and add to their position due to compelling valuation support.
- Ausbil looks forward to ABB's FY25 result reporting in August.
Summary
Pendal Group
31 July 2025
$4.51
- Pendal Group notes a decent rebound for Broadband reseller ABB in July after a downturn in Q2 2025.
- Market commentary highlights ABB's growth outlook, supported by its lower-cost option Buddy Telco.
- The integration and expansion of Symbio, a cloud-based communications network acquired in 2024, is seen as a positive factor.
- The upcoming NBN upgrade in September 2025 is anticipated to enhance upload and download speeds, presenting an opportunity for ABB to capture more market share.
Summary
Ausbil Investment Management
31 Jan 2025
$3.94
- Centennial Asset Management believes Zip has the potential to rally in the short term.
- Zip is well positioned to deliver further strong growth in revenues and profitability.
- The US buy now, pay later market remains relatively immature, allowing Zip’s US footprint to grow rapidly.
- New product launches are expected to contribute to the company’s transaction volumes and earnings growth in the coming year.
- Zip’s balance sheet strength and ongoing buyback are expected to support share price performance.
- Zip has surprised the market with better-than-expected earnings over the past year.
- The company has upgraded expectations post the most recent quarter, indicating potential for additional upside earnings risk.
Summary
QVG Capital
31 Oct 2024
$3.64
- Aussie Broadband held their AGM and reaffirmed prior EBITDA guidance of $125m - $135m.
- This guidance includes $10m of spend on their new low-cost brand ‘Buddy’.
- The guidance implies growth of 11.5% - 20% on an underlying basis.
- Following the sale of their stake in Superloop, Aussie has a net cash balance sheet.
- This net cash position provides optionality around acquisitions or share repurchase, both of which have been flagged by the company.
- Aussie trades on 21x FY25 PE.
Summary
Ausbil Investment Management
31 Oct 2024
$3.64
- Centennial Asset Management believes Zip has the potential to rally in the short term.
- Zip is well positioned to deliver further strong growth in revenues and profitability.
- The US buy now, pay later market remains relatively immature, allowing Zip’s US footprint to grow rapidly.
- New product launches are expected to contribute to the company’s transaction volumes and earnings growth in the coming year.
- Zip’s balance sheet strength and ongoing buyback are expected to support share price performance.
- Zip has surprised the market with better-than-expected earnings over the past year.
- The company has upgraded expectations post the most recent quarter, indicating potential for additional upside earnings risk.
Summary
QVG Capital
30 Sept 2024
$3.85
- Aussie Broadband is viewed as underrated by the market.
- The loss of their largest customer, Origin, in March has been a significant focus.
- Despite the loss, the company has increased utilization of its network infrastructure, leading to high incremental margins.
- Aussie Broadband is strategically transitioning towards enterprise and government customers, enhancing earnings quality.
- QVG Capital appreciates the management depth and unique corporate culture at Aussie Broadband.
Summary
Cooper Investors
30 Sept 2024
$3.85
- Cooper Investors has increased its position in Aussie Broadband (ABB), an NBN retailer with approximately 8% market share.
- ABB is positioned as a challenger to major incumbents like Telstra Group (TLS).
- The decision followed the unsuccessful acquisition of Superloop (SLC) and the loss of an Origin white label agreement, which led to share price weakness.
- Significant value latency was identified due to:
- ABB’s core business (Retail, Enterprise & Government, and Fibre) performing strongly.
- Balance sheet optionality from a previous capital raise for the Superloop acquisition and an 8% equity stake still held in Superloop.
- A founder-led business with a proven track record of prudent capital allocation.
- In its recent results, ABB reported a strong operating performance.
- The company has declared its maiden dividend, reflecting a focus on capital management.
- Cooper Investors views this capital management as an ongoing value latency tailwind.
Summary
Milford Asset Management
30 Sept 2024
$3.85
- Recent addition to the Fund
- Aussie Broadband has rallied 16.0%
- Optimism surrounding near-term catalysts over the next six months
- Exceptionally strong balance sheet provides optionality around capital management
Summary
Blackwattle Investment Partners
31 July 2024
$3.19
- Aussie Broadband fell 7.8% in July after providing FY24e earnings upgrade
- FY25e guidance missed market expectations
- Loss of the Origin white label contract led to operating deleverage that was not effectively communicated
- Aussie is launching a digital-first residential challenger brand called "Buddy" targeting value-conscious customers, with $10m in one-off costs
- Underlying business continues to perform well with double-digit % subscriber growth across a diversified customer base
- Increased exposure to stickier, higher-margin Enterprise & Government (E&G) improving earnings quality and predictability
- Currently screens as attractive at ~7x FY25e EV/EBITDA with growth levers and a strong balance sheet
Summary
QVG Capital
31 July 2024
$3.19
- Aussie Broadband experienced a decline in July due to FY25 guidance falling below consensus expectations despite an earnings beat for FY24.
- Stock prices are influenced by future outlooks rather than past results, leading to a decrease in share price based on reduced earnings expectations.
- QVG Capital acknowledges an error in assessing the impact of the Origin wholesale contract loss and associated stranded costs.
- On a positive note, the launch of a low-cost challenger brand named "Buddy" is anticipated to yield future returns.
- Aussie Broadband has allocated a budget of $10 million primarily for digital marketing to support Buddy's launch.
- QVG Capital believes that as Buddy achieves initial successes, market perception of Aussie Broadband will improve.
Summary
Ausbil Investment Management
31 July 2024
$3.19
- Aussie Broadband fell -7.8% in July following a mixed trading update.
- FY24 EBITDA is expected to be at the top end of previously upgraded guidance.
- FY25 guidance disappointed due to full impact of the Origin contract loss.
- FY25 guidance also impacted by $10m investment in new digital challenger brand ‘Buddy Telco’.
- Positive EBITDA for ‘Buddy Telco’ expected on a run rate basis in FY26, with full year positive contribution in FY27.
- Ausbil is attracted to founder-led businesses for their long-term shareholder-focused decisions.
- AUS continues to hold because downside is limited with a conservatively geared balance sheet and strong cash flow.
- ABB is priced attractively on a free cash flow multiple.
- Potential upside from improving enterprise and government customer mix and further customer wins expected.
- Ausbil sees further Symbio synergies and multiple rerate opportunity on ‘infrastructure’ earnings.
- Ausbil believes share price lows have occurred and has added to the position.
Summary
QVG Capital
31 May 2024
$3.44
- Aussie Broadband reiterated their February earnings guidance.
- March quarter trading update indicates continued market share growth in the residential broadband sector.
- Focus on increasing earnings from on-net business, enterprise, and government customers.
- Shift towards more durable revenue sources compared to the residential business.
- QVG Capital continues to hold due to these positive developments.
Summary
Ausbil Investment Management
31 May 2024
$3.44
- Aussie Broadband (ABB) fell -8.6% for the month due to various sentiment impacts.
- Key factors included a rejected takeover approach for competitor Superloop.
- The loss of the Origin white-label contract also contributed to the decline.
- Lack of news on the ongoing integration of the recent Symbio acquisition has affected sentiment.
- Despite these challenges, ABB’s quarterly update showed healthy subscriber growth in its core residential broadband business.
- There is increasing traction in ABB's emerging enterprise solutions.
- Ausbil believes ABB offers very attractive value post the recent sell-off.
- The market is underestimating potential synergies from the integration of Symbio.
- Ausbil has used the share price weakness as an opportunity to add to its position.
Summary
QVG Capital
30 Apr 2024
$3.71
- QVG Capital has increased their holdings in Aussie Broadband.
- Aussie Broadband experienced a sell-off in March due to the loss of their largest wholesale customer, Origin.
- This loss is expected to create an earnings headwind in the second half of FY25.
- The impact of this loss has been quickly incorporated into Aussie’s valuation.
- In the short term, Aussie continues to grow residential subscribers.
- Aussie is also making solid progress with Enterprise and Government wins.
Summary
Blackwattle Investment Partners
28 Feb 2024
$4.49
- Blackwattle Investment Partners updates on investment thesis regarding Aussie Broadband Ltd.
- Aussie Broadband rose 18.5% post 1H24 result release.
- Growth in broadband connections across all segments: Residential +13%, Business +20%, Enterprise and Government +25%, Wholesale +62%.
- EBITDA upgraded to the top end of guidance.
- Management re-organisation suggests M&A activity is on the horizon.
- Aussie Broadband acquired a 19.9% stake in Superloop and made an all-scrip indicative bid.
- Superloop has rejected the bid, returning negotiations to Aussie’s direction.
- Potential for significant revenue and cost synergies with a combination of the two businesses.
- Blackwattle Investment Partners continues to hold due to these developments.
Summary
Wilson Asset Management
28 Feb 2024
$4.49
- Aussie Broadband is a telecommunications and technology company offering a wide range of solutions to various customer segments.
- In their FY2024 half-year results, Aussie Broadband reported 17.7% revenue growth and 12.7% EBITDA growth compared to the previous period.
- Results were slightly below market expectations due to increased marketing expenses; however, this investment positively impacted subscriber growth.
- Aussie Broadband upgraded its full-year earnings guidance following the strong subscriber growth.
- In February, Aussie Broadband proposed to acquire 100% of Superloop (ASX: SLC) through a Scheme of Arrangement.
- Although Superloop has rejected the proposal, Wilson Asset Management believes the offer is compelling and would provide significant benefits to both companies.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With a robust balance sheet and potential near-term catalysts, Aussie Broadband appears poised for a compelling trajectory, making it a noteworthy addition for investors looking to capitalize on momentum in the telecom sector."
Last Updated: 30 Sept 2025
Query The Data
Frequently Asked Questions
Who is investing in Aussie Broadband Ltd (ASX:ABB)?
Fund managers including Milford Asset Management, Blackwattle Investment Partners, Ausbil, Cooper Investors, QVG Capital, Wilson Asset Management and Pendal Group have invested in Aussie Broadband Ltd (ASX:ABB).
Why do fund managers invest in Aussie Broadband Ltd?
Fund managers are investing in Aussie Broadband Ltd due to its strong balance sheet, which offers flexibility in capital management, and optimism about near-term catalysts expected to drive growth in the coming months.
What happened to Aussie Broadband Ltd (ASX:ABB)?
Fund managers are investing in Aussie Broadband Ltd due to its strong growth potential in the telecommunications sector, particularly with upcoming NBN speed upgrades that are expected to drive significant customer churn. The company has demonstrated resilience by recovering from previous setbacks, such as losing the Origin contract, and has successfully expanded its market presence through strategic partnerships and the divestment of its less profitable Buddy brand. With improved financial performance, a focus on margin enhancement, and potential for M&A activity, Aussie Broadband is well-positioned to capture market share from larger competitors.