Fund Manager Summary
The fund managers believe there is a significant opportunity for growth in Superloop Ltd, particularly as it continues to expand its network. In their opinion, the company's position as a telecommunications infrastructure provider allows it to compete effectively against large incumbents. They have recently reallocated some investments from Aussie Broadband to Superloop, indicating confidence in its potential. The fund managers anticipate that Superloop will acquire new customers and secure wholesale deals, which could enhance its market presence and drive share price appreciation from its current level of approximately $1.41.
Source: Trading View
Commentary From The Managers
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Ausbil Investment Management
31 Oct 2025
$3.12
Summary
- Ausbil Investment Management notes that Superloop (SLC) fell -8.2% for the month.
- Shares remain soggy compared to competitor Aussie Broadband (ABB).
- Anticipation of maiden FY26 guidance to be issued at the upcoming AGM.
- Ausbil Investment Management believes this guidance could act as a positive catalyst for SLC.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Ausbil Investment Management
31 Oct 2025
$3.12
- Ausbil Investment Management notes that Superloop (SLC) fell -8.2% for the month.
- Shares remain soggy compared to competitor Aussie Broadband (ABB).
- Anticipation of maiden FY26 guidance to be issued at the upcoming AGM.
- Ausbil Investment Management believes this guidance could act as a positive catalyst for SLC.
Summary
Endeavor Asset Management
30 Sept 2025
$3.40
- Endeavor Asset Management sold their investment in Superloop (SLC) during the month.
- Initial investment was made in mid 2024 at $1.50 per share.
- Strong execution and contract wins, particularly with Origin, contributed to solid earnings growth.
- The share price doubled as a result of this performance.
- With the stock now fairly valued and well understood by the market, the remaining holding was exited.
- This decision resulted in a gain of over 100% on the initial investment.
Summary
Ellerston Capital
30 Sept 2025
$3.40
- Superloop (SLC) was a key contributor to performance, with the share price rebounding nearly 20% following a weak August.
- The primary catalyst for this rebound was the NBN high-speed bestowal, which upgraded customers on 100 Mbps plans to 500 Mbps at no additional cost.
- Ellerston Capital believes this initiative will drive elevated industry churn over the near to medium term.
- Superloop is particularly well positioned due to its strength in higher-speed plans.
- Strong subscriber growth across both the core Superloop brand and the Origin partnership is expected to deliver meaningful operating leverage.
- The company's solid free cash flow and conservative balance sheet provide flexibility for accretive acquisitions.
Summary
Glennon Small Companies
30 Sept 2025
$3.40
- Superloop Ltd (ASX: SLC) experienced an 18.06% increase in share price during September.
- The rise was attributed to positive corporate developments and investor sentiment.
- As a provider of fibre infrastructure and connectivity services, Superloop is well-positioned in a growing sector.
- There is a growing demand for data and connectivity across the Asia Pacific region.
- Investor interest was further fueled by structural changes, including the release of shares from escrow.
- Movements by substantial shareholders also contributed to the positive sentiment.
- The broader momentum in telecom and infrastructure stocks played a role in pushing the share price higher.
- Since the end of September, the share price has pulled back due to market volatility and investor caution.
- Glennon Small Companies continues to hold due to the ongoing growth potential in the sector.
Summary
Glennon Small Companies
12 Sept 2025
$3.05
- Glennon Small Companies provides an update on their investment thesis regarding Superloop Ltd.
- Superloop Ltd recorded strong growth, with revenue rising to AU$550.3 million, an increase of around 32% from FY24.
- The company achieved a net profit after tax of AU$1.21 million, a significant turnaround from the previous year's net loss of AU$14.7 million.
- This performance indicates meaningful progress compared to prior losses.
- Operationally, Superloop saw record customer additions and gains in market share.
- Growth was driven by strong demand in its broadband, enterprise, and wholesale segments.
- Despite these positives, some analysts noted that the FY25 results missed expectations due to modest net profit and margins.
- Glennon Small Companies continues to hold their position in Superloop Ltd based on these developments.
Summary
Ellerston Capital
31 Aug 2025
$2.84
- Superloop (SLC AU) experienced a challenging month, with a 14% decline despite a strong FY25 result.
- June closing connections were slightly below market expectations, impacted by earlier price increases and heightened competition.
- Ellerston Capital views the firm's pricing discipline as supportive of gross margins heading into FY26.
- There has been an acceleration in connections post balance date, which is encouraging.
- Superloop is well positioned to benefit from the upcoming NBN speed tier upgrades, having outperformed at higher speeds.
- The company remains competitively priced despite recent price hikes.
- Ellerston Capital sees value in the Smart Communities FTTP recurring revenue stream, which adds earnings resilience and growth potential.
Summary
Infinity Asset Management
31 Aug 2025
$2.84
- Superloop Ltd (SLC) is currently an overweight position for Infinity Asset Management.
- The stock fell 14.03% in August due to market sentiment.
- The FY25 result was broadly in-line with expectations, indicating stability.
- Market concerns stem from slowing subscriber growth and ARPU headwinds in the consumer segment.
- Management did not provide formal guidance but confirmed that SLC is on track to achieve a $700m revenue exit run rate by the end of FY26.
- Infinity Asset Management continues to hold because of the potential for mid-to-high teens EBITDA margins by the end of FY26.
Summary
Ausbil Investment Management
31 Aug 2025
$2.84
- Superloop (SLC) experienced a -14.0% decline in August but remains a significant performer for the Fund with a +32% year-to-date increase.
- Reasons for the pullback include profit taking and potential switching to Aussie Broadband, another Telco challenger.
- No FY26 guidance was provided, which was anticipated; further clarity may come at the AGM.
- Aussie Broadband secured a wholesale agreement with More/Tangerine Telecom, impacting SLC's position.
- Ausbil believes both Superloop and Aussie Broadband offer compelling value.
- Despite ABB's share price being stagnant, two result beats and earnings upgrades have enabled it to catch up.
Summary
Prime Value Asset Management
31 Aug 2025
$2.84
- Superloop (SLC) EBITDA increased by 70% for the year.
- Strong start to the new financial year.
- Stock performance was robust leading up to August, influenced by guidance upgrades in June.
- Experienced a weaker performance in August with a decline of 14%.
- As a "challenger" telco, SLC benefits from a low operating cost base.
- Gaining market share from larger, more expensive incumbents.
- Despite a highly competitive market, SLC is positioned for strong growth in the coming years.
Summary
Ophir Asset Management
31 Aug 2025
$2.84
- Ophir Asset Management notes that Superloop (ASX: SLC) was a significant detractor to performance, falling -14.0% over the month.
- Despite this decline, Superloop has shown strong revenue and customer acquisition growth.
- Superloop remains one of Ophir Asset Management's top performers this year, with an impressive increase of 320% since the start of 2024 to the end of August 2025.
- Ophir Asset Management continues to hold its position in Superloop due to confidence in its ability to acquire customers compared to competitors.
Summary
Glennon Small Companies
31 July 2025
$3.35
- Superloop Ltd (ASX: SLC) has seen a +11.3% increase in performance.
- The company has benefited from broker upgrades due to ongoing operational momentum.
- There is a growing market recognition of Superloop's potential in competitive broadband and data solutions.
- Glennon Small Companies continues to hold because they anticipate an update on FY26 revenue and earnings guidance in the near future.
- This guidance could serve as a share price catalyst.
Summary
Centennial Asset Management
18 July 2025
$3.03
- Centennial Asset Management views Superloop as a significant player in the Australian telecommunications market.
- Superloop is positioned as a challenger to Telstra, benefiting from the competitive landscape.
- The ongoing rollout of the NBN is a crucial factor for Superloop's growth.
- As small companies increase their market share, it presents growth opportunities for Superloop.
- Superloop has the potential to achieve 20–25% growth in the coming periods.
- Centennial Asset Management continues to hold Superloop as it has been rerated positively.
Summary
Endeavor Asset Management
30 June 2025
$3.01
- Superloop Ltd (SLC) was a standout contributor in June, reflecting strong trading conditions.
- Management upgraded FY25 EBITDA guidance to at least $91 million, which is 6% above the previous midpoint.
- Upcoming NBN pricing reforms are expected to increase churn among internet service providers.
- Endeavor Asset Management believes Superloop's value-led offering and growing brand recognition position it well to gain market share.
- The company has a solid balance sheet that supports its organic growth trajectory into FY26.
- Superloop retains the capacity to pursue selective bolt-on opportunities.
- Over the financial year, Superloop shares rose 87% to $3.05, significantly above Endeavor's $1.41 entry price.
Summary
Ausbil Investment Management
30 June 2025
$3.01
- Superloop Holdings (SLC) experienced a remarkable +42.7% return over the quarter.
- Initial boost came from Origin revealing approximately 190,000 internet subscribers as of March 17.
- In June, SLC achieved Milestone 3 of the Origin Contract, surpassing 200,000 broadband subscribers on their network.
- Superloop upgraded its financial year 2025 EBITDA guidance to $91m, exceeding previous guidance of $83-86m.
- Superloop and Aussie Broadband (ABB) now represent about 19% of the market.
- Both companies are high conviction holdings for Ausbil, expected to gain from market churn.
- NBN Co’s upcoming ‘Fibre Connect’ program presents a significant opportunity to upgrade 3m subscribers to higher speed tiers.
Summary
Glennon Small Companies
30 June 2025
$3.01
- Superloop Ltd (ASX: SLC) experienced a strong performance with a +11.48% increase in share price.
- Management reaffirmed FY25 earnings guidance, indicating results may reach the upper end of expectations.
- This reaffirmation has bolstered investor confidence, contributing to the positive share price movement over the month.
- Glennon Small Companies continues to hold its position in Superloop due to these encouraging developments.
Summary
Spheria Asset Management
30 June 2025
$3.01
- Superloop (SLC.ASX) share price rose 11% in June, reflecting growing business strength and earnings potential.
- Updated earnings guidance indicates EBITDA expected to be above $91m, up from initial guidance of $83-88m.
- This represents a 67% increase on FY24 underlying EBITDA.
- The company has successfully grown its customer base, taking significant market share from incumbents like Telstra, TPG, and Optus.
- As of March 2025, SLC holds 6.7% NBN market share, up from 3.8% in March 2024.
- Growth partly driven by 180,000 wholesale Origin subscribers migrating from Aussie Broadband in late 2024.
- SLC is deploying capital wisely through attractively priced bolt-on M&A deals.
- Ownership of a significant portion of its network provides a low-cost base to continue winning NBN market share.
- Despite a material re-rating since the initial investment, SLC has become strongly cash generative with a conservative balance sheet.
- Spheria Asset Management continues to hold because we believe its earnings potential supports our investment case, with SLC trading at around 19x EV/EBIT on a forward-looking basis.
Summary
Tamim Funds Management
30 June 2025
$3.01
- Superloop (ASX: SLC) has upgraded its guidance for FY25.
- Underlying EBITDA for FY25 is expected to be at or above $91 million, exceeding previous guidance of $83-$88 million.
- This represents an increase of over 67% from FY24 underlying EBITDA.
- FY25 cash capex remains on track for the $28-$30 million range.
- The company is active in potential M&A discussions, seen as a key catalyst for growth.
- Estimated FY26 EBITDA is $110 million, indicating over 20% organic growth.
- SLC is recognized as the fastest growing telco on the ASX, warranting a premium multiple.
- Fair value is estimated to be closer to $4.00.
Summary
Ellerston Capital
30 June 2025
$3.01
- Superloop (SLC AU) was a standout performer, gaining 43% during the quarter.
- The company upgraded its FY25 guidance on the closing day, contributing to strong stock performance.
- Strong trading was noted across the core consumer brand and the Origin energy partnership.
- Superloop has increased its pricing, expected to enhance margins in the new financial year.
- The company is anticipated to outperform during the upcoming September NBN speed changes.
- The share price reflects the market's growing appreciation of the Smart Communities opportunity, which is still developing.
- This opportunity is expected to build a high-quality recurring revenue stream over the medium term.
- The stock remains a high conviction position in the Fund.
Summary
Datt Capital
13 June 2025
$2.90
- Datt Capital views Superloop as a strong player in the Australian telecoms sector.
- The company's business model is recognized as a tried and proven approach for telecom challengers in Australia.
- Most of Superloop's capital expenditure is considered to be already invested.
- The focus is now on customer acquisition to drive growth.
- Superloop has successfully partnered with Origin Energy, enhancing its direct-to-consumer capabilities.
- This partnership is seen as an innovative strategic deal.
- Given recent corporate actions, continued interest from potential acquirers is likely.
- Datt Capital continues to hold its position based on the potential for scale and growth.
Summary
Ausbil Investment Management
30 May 2025
$2.70
- 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
Ellerston Capital
30 May 2025
$2.70
- 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
Endeavor Asset Management
30 Apr 2025
$2.50
- Superloop Ltd (SLC) has seen a 19% increase in share price during April, reflecting positive market sentiment.
- Upcoming NBN infrastructure changes are set to take effect from September 2025, enhancing the competitive landscape.
- These upgrades will allow retail service providers to offer faster speeds without additional wholesale costs, improving the value of higher-speed broadband plans.
- With the 50Mbps tier being the largest household segment, there is a significant churn opportunity as consumers may switch providers.
- Superloop is positioned to benefit from this shift due to its strong brand recognition and focus on higher-speed offerings.
- The stock is trading on a 22x one-year forward P/E ratio.
- Superloop is forecasting a 49% EPS CAGR over the next three years, indicating strong growth potential.
Summary
Ausbil Investment Management
30 Apr 2025
$2.50
- 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
Milford Asset Management
30 Apr 2025
$2.50
- Superloop Ltd saw a strong performance of +18.5% over the month.
- Milford Asset Management notes that Superloop’s consumer segment is a key challenger brand in the retail National Broadband Network market.
- The company is effectively winning market share within a competitive landscape.
- Management’s execution remains strong, focusing on excellent service and value.
- Milford Asset Management continues to hold because of the company’s performance in a largely rational market.
Summary
Centennial Asset Management
16 Apr 2025
$2.28
- Centennial Asset Management continues to hold Superloop Ltd due to its potential for strong structural growth.
- Superloop is categorized as a large small cap, making it a unique investment opportunity.
- The company is well-positioned to benefit from the NBN rollout across Australia, which provides a robust growth environment.
- Superloop competes effectively against incumbents like Telstra, capturing market share.
- The partnership with Origin Energy enhances Superloop's ability to attract retail customers and expand its reach.
- Centennial believes Superloop is executing well and demonstrating strong growth metrics.
Summary
Tamim Funds Management
28 Feb 2025
$2.19
- SuperLoop (ASX: SLC) delivered an exceptional first half of FY25, showcasing significant growth across critical business metrics.
- Total customers surged 63% to over 664,000, indicating strong market demand.
- Income rose 31% to $258 million, reflecting robust operational performance.
- NBN market share increased over 50% to 6.3%, highlighting competitive positioning.
- Successful migration of 130,000 Origin broadband customers demonstrates effective customer acquisition strategies.
- Underlying EBITDA expanded 66% to $38 million, showcasing operational efficiency.
- Net loss after tax narrowed to $7.8 million, indicating improved financial health.
- Consumer segment added 37,000 new customers with a 43% revenue increase, while the wholesale segment saw a 52% revenue boost.
- Strategic initiatives include the acquisition of Uecomm, adding 2,000 kilometers of metropolitan fiber.
- Focus on high-speed internet plans and investments in AI and automation technologies remain priorities.
- Management reaffirmed FY25 guidance of underlying EBITDA between $83-$88 million and capital expenditure of $28-$30 million.
- Strategic focus on cost leadership, organic growth, and disciplined M&A opportunities.
- Development of promising AI use cases, including an AI chatbot (Teddy) with high customer satisfaction rates.
- Wholesale segment shows potential for future growth with optimism about white-label offerings.
- Management is focused on M&A with potential for a meaningful deal in the short term, seen as a material catalyst.
- 2H has started well with new NBN subs reaccelerating and positive outlook on the Origin contract.
- Potential guidance upgrade later this year is a possibility, driven by strong growth prospects.
Summary
Ausbil Investment Management
31 Dec 2024
$2.19
- 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
Ausbil Investment Management
30 Nov 2024
$2.19
- 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
Ellerston Capital
30 Nov 2024
$2.19
- Superloop (SLC AU) increased 18% in November following a positive trading update.
- Completion of the Origin broadband migration was achieved on time.
- Over 19,000 new consumer subscribers added in the first four months of FY25, aligning with full year expectations.
- Strong traction noted in the Smart Communities business, with 6,000 lots added and an extensive pipeline with partners like Resimac, AVJennings, and Mirvac.
- Ongoing momentum expected in the Consumer business and strong performance in Origin.
- SLC's low-cost structure is anticipated to drive meaningful earnings growth in the coming years.
Summary
Endeavor Asset Management
31 July 2024
$1.52
- Superloop (SLC) share price declined by 5.3% in July, slightly better than peer Aussie Broadband (ABB) at 7.8%.
- In June, SLC's share price increased due to positive trading updates and a new partnership with Origin Energy.
- July saw profit-taking among some investors.
- Endeavor Asset Management believes the market is underestimating the importance of the Origin Energy deal.
- This partnership is expected to be a key driver of earnings growth for Superloop over the next 2-3 years.
- Endeavor Asset Management continues to hold because they see significant potential in SLC's future earnings.
Summary
Endeavor Asset Management
30 June 2024
$1.56
- Superloop Ltd (SLC) experienced a strong month with a 14% increase in share price.
- New partnership with Origin Energy, which recently signed 150,000 broadband customer accounts.
- Origin's growth exceeds consensus expectations when compared to December figures.
- Superloop upgraded FY24 EBITDA guidance to at least $53 million.
- Capex guidance reaffirmed by Superloop.
- Endeavor Asset Management continues to see Superloop as the best-positioned challenger in the telecommunications sector.
- The company’s plug-and-play wholesale offer enhances pricing power in residential broadband services.
Summary
Endeavor Asset Management
31 May 2024
$1.41
- Endeavor Asset Management has reallocated part of its position from Aussie Broadband (ABB) to Superloop (SLC), now holding both investments.
- Superloop serves as a telecommunications infrastructure provider.
- The fund manager anticipates continued network expansion for Superloop.
- Expectations include gaining customers from large incumbent competitors.
- Endeavor also foresees new wholesale customer deals for the company.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"It seems there's potential in the telecommunications arena, with Superloop possibly poised to capture market share from incumbents while expanding its network. Holding both Superloop and Aussie Broadband might just be the strategic play for savvy investors looking to capitalize on this evolving landscape."
Last Updated: 31 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in Superloop Ltd (ASX:SLC)?
Fund managers including Endeavor Asset Management, Ellerston Capital, Ausbil, Datt Capital, Milford Asset Management, Spheria Asset Management, Centennial Asset Management, Glennon Small Companies, Infinity Asset Management, Tamim Funds Management, Ophir Asset Management and Prime Value Asset Management have invested in Superloop Ltd (ASX:SLC).
Why do fund managers invest in Superloop Ltd?
Fund managers are investing in Superloop Ltd due to its strong position as a telecommunications infrastructure provider. They anticipate continued network expansion and the ability to attract customers from larger competitors, along with securing new wholesale deals.
What happened to Superloop Ltd (ASX:SLC)?
Fund managers are investing in Superloop Ltd (ASX: SLC) due to its strong operational momentum, evidenced by significant revenue growth and a return to profitability. The company reported a 32% increase in revenue for FY25 and achieved record customer additions, positioning it well in the competitive broadband market. Despite recent share price fluctuations and some concerns over subscriber growth, fund managers see potential in Superloop's strategic initiatives, such as capitalizing on NBN speed upgrades and maintaining pricing discipline. The firm is expected to provide updated revenue guidance, which could further enhance investor confidence.