olivLaw · European equity research
Telecom Plus PLC TEP.L
United Kingdom · London Stock Exchange · ISIN GB0008794710 · Vertical: Listed companies from United Kingdom
Telecom Plus PLC, known in the UK as Utility Warehouse, offers integrated bundles of essential home services: energy, broadband, mobile and insurance, billed together. In fiscal 2026 revenue grew 5.6%, and customer numbers passed 1.43 million, while the company seeks to reshape its strategy amid intensifying competition.
At the close of 05 Nov 2026, Telecom Plus PLC (TEP.L) stock was 9.45 GBP (+0.00% on the day), with market capitalisation 753.3 m GBP, P/E 9.5 on diluted EPS of 1.00 GBP over the last 12 months, dividend yield 10.06%, beta 0.22, 52-week range 7.10–17.70 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 77.3
- overbought (≥ 70)
- Bollinger (20, 2)
- 8.38 – 9.45
- above the upper band · %B 1.00 · band width 11.9%
- SMA 50 / 200
- 8.51 / 10.49
- mixed trend
- MACD (12, 26, 9)
- 0.24 / 0.19
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.1% | −0.6% | +12.7 pp | — |
| 3 months | +9.2% | −4.2% | +13.4 pp | — |
| 6 months | −13.5% | +4.3% | −17.8 pp | — |
| Year to date | −30.4% | +7.5% | −37.9 pp | — |
| 1 year | −46.8% | +9.9% | −56.7 pp | +5.8% |
| 3 years | −42.7% | +49.8% | −92.6 pp | +26.3% |
| 5 years | −26.5% | +42.8% | −69.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 12.9, median 18.3, max 18.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 2.0 bn | 1.8 bn | 1.9 bn |
| Revenue YoY | unavailable | −9.9% | +5.6% |
| Net income | 71.0 m | 76.1 m | 80.7 m |
| Net income YoY | unavailable | +7.1% | +6.0% |
| Diluted EPS | 0.89 | 0.95 | 1.00 |
| Diluted EPS YoY | unavailable | +7.1% | +5.0% |
| net % | 3.5% | 4.1% | 4.2% |
| Free cash flow | -133.4 m | 108.4 m | 117.4 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 91.5 m GBP
- Financial debt
- 232.3 m GBP
- Net debt
- 140.8 m GBP
- Equity
- 266.8 m GBP
- Total assets
- 799.2 m GBP
- Debt / equity
- 0.87x
- Current ratio
- 1.70x
- ROE
- 31.1%
- ROA
- 10.5%
- FCF margin
- 6.0%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.0 bn | 1.8 bn | 1.9 bn | esef· 02 Sept 2026verified |
| Cost of revenue | 1.7 bn | 1.5 bn | 1.6 bn | esef· 02 Sept 2026verified |
| Gross profit | 355.2 m | 358.1 m | 389.2 m | esef· 02 Sept 2026verified |
| Operating income | 106.3 m | 115.9 m | 125.4 m | esef· 02 Sept 2026verified |
| Interest expense | 9.3 m | 13.1 m | 15.3 m | esef· 02 Sept 2026verified |
| Pre-tax income | 100.5 m | 105.9 m | 113.0 m | esef· 02 Sept 2026verified |
| Income tax | 29.4 m | 29.9 m | 32.3 m | esef· 02 Sept 2026verified |
| Net income | 71.0 m | 76.1 m | 80.7 m | esef· 02 Sept 2026verified |
| Diluted EPS | 0.89 | 0.95 | 1.00 | esef· 02 Sept 2026verified |
| Dividend per share | 0.82 | 0.84 | 0.95 | esef· 02 Sept 2026derived |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 57.8 m | 79.0 m | 91.5 m | esef· 02 Sept 2026verified |
| Receivables | 104.1 m | 118.4 m | 130.2 m | esef· 02 Sept 2026verified |
| Inventories | 3.7 m | 3.2 m | 2.4 m | esef· 02 Sept 2026verified |
| Current assets | 421.2 m | 499.5 m | 505.0 m | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | 26.8 m | 23.5 m | — | esef· 15 Jul 2025verified |
| Goodwill | 3.7 m | 3.7 m | 3.7 m | esef· 02 Sept 2026verified |
| Intangibles (excl. goodwill) | 135.8 m | 133.4 m | 171.2 m | esef· 02 Sept 2026verified |
| Total assets | 651.4 m | 736.4 m | 799.2 m | esef· 02 Sept 2026verified |
| Accounts payable | 56.0 m | 48.7 m | 63.3 m | esef· 02 Sept 2026verified |
| Long-term debt | 176.5 m | 191.7 m | 232.3 m | esef· 02 Sept 2026verified |
| Current liabilities | 237.3 m | 288.5 m | 296.6 m | esef· 02 Sept 2026verified |
| Equity | 232.6 m | 251.5 m | 266.8 m | esef· 02 Sept 2026verified |
| Shares outstanding at year end | 79.0 m | 79.0 m | 79.7 m | esef· 02 Sept 2026derived |
Cash flow · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -132.5 m | 108.7 m | 117.8 m | esef· 02 Sept 2026verified |
| Capex | 882.0 k | 393.0 k | 448.0 k | esef· 02 Sept 2026verified |
| Free cash flow | -133.4 m ≈ | 108.4 m ≈ | 117.4 m ≈ | esef· 02 Sept 2026derived |
| Investing cash flow | -8.2 m | -26.1 m | -60.5 m | esef· 02 Sept 2026verified |
| Financing cash flow | 4.7 m | -61.5 m | -44.9 m | esef· 02 Sept 2026verified |
| Dividends paid | 65.0 m | 66.4 m | 75.8 m | esef· 02 Sept 2026verified |
| Share repurchases | 10.2 m | 0 | — | esef· 15 Jul 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 84 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 753.3 m GBP
Key indicators
Coverage and freshness
Score by group
- Quality73
- Returns92
- Balance sheet90
- Valuation91
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Neutral profile · Score 84/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 23.2% | 79 (vs peers) | 17% |
| Net margin · Quality | 4.2% | 37 (vs peers) | 10% |
| FCF conversion · Quality | 145.5% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 8.2x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.7x | 75 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 9.5x | 83 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 15.6% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 10.1% | 100 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 64.6% | 79 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet90/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality73/100 · 3/3 factors with a value
- Returns92/100 · 2/2 factors with a value
- Valuation91/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TELECOM PLUS PLC (TEP.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 1.9 bn GBP in 2026; YoY growth 5.6%; net margin 4.2%; ROE 31.1%.
The estimated value range is 11.28–17.39 GBP per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 14.41 GBP, the price of 9.45 GBP leaves a potential of 52.5% (value / price − 1) and a margin of safety of 34.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 84/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 23.2%
- FCF conversion: 145.5%
- Interest coverage: 8.2x
- Current ratio: 1.7x
- P/E (TTM): 9.5x
- FCF yield: 15.6%
- Shareholder yield (distributions): 10.1%
- Payout ratio (FCF): 64.6%
- The price is below the estimated value range
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| TEP.LTelecom Plus PLC | 753.3 m | 9.5 | 31.1% | 4.2% | +5.6% | −40% / −38% |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for TEP.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 5.72 Total return -31% · Per year -31% | 10.11 Total return 18% · Per year 18% | 15.22 Total return 74% · Per year 74% |
| 3 years | 5.68 Total return -16% · Per year -6% | 11.27 Total return 53% · Per year 15% | 18.62 Total return 140% · Per year 34% |
| 5 years | 5.63 Total return -0% · Per year -0% | 12.57 Total return 93% · Per year 14% | 22.77 Total return 221% · Per year 26% |
- Exit P/E± 2.82
- Net margin± 1.97
- Annual revenue growth± 1.60
- Annual dilution± 0.17
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Telecom Plus PLC, known in the UK as Utility Warehouse, offers integrated bundles of essential home services: energy, broadband, mobile and insurance, billed together. In fiscal 2026 revenue grew 5.6% 1, and customer numbers passed 1.43 million 1, while the company seeks to reshape its strategy amid intensifying competition.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- High energy churnhigh
Aggressive competition has raised churn, which could shrink the customer base in the short term 1.
- Uncertain receivablesmedium
Estimating credit losses remains a judgement area while cost-of-living pressure persists 1.
- Strategy investmentmedium
Investment in pricing and brand will lower adjusted profit in coming years if the strategy does not deliver 1.
- Geopolitical volatilitylow
Tensions in the Middle East could affect energy prices and customer demand 1.
- Energy regulationlow
Regulatory changes and government schemes can alter cost structures for suppliers 1.
Investment thesis
What would need to be true (bull case)
- If the multiservice model and Partner network keep attracting customers, the company could sustain organic growth 1.
- A centralised cost structure and wholesale contracts could support stable margins even in volatile periods 1.
- New products such as VoIP and motor insurance could open additional revenue sources 1.
What would break the thesis
What to watch
- Progress of the five-year strategy, including growth in multiservice customers2027
- Trend in energy churn rateQ1 2027
- Launch of motor insurance and the new broker platform2027
- Adjusted profit guidance for fiscal 2027next 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company operates as an integrated platform for essential services sold on a subscription-style basis: energy, broadband, mobile and insurance, plus a Cashback Card giving discounts at partner retailers 1. Customers receive one monthly bill and one app, and discounts rise with each service taken 1. The model relies on a network of Partners who recommend the services within their personal circles rather than on conventional advertising 1.
The cost structure is centralised: several revenue streams share a single back office, which the company says allows savings to be passed to customers 1. It sources from established providers such as E.ON for energy and EE for the mobile network, and owns an insurer, UWI 1.
In fiscal 2026 multiservice customers grew, but service growth lagged customer growth and annualised energy churn rose to 14.2% 1. The company has announced a five-year strategy focused on services per customer, lower churn and a nationally recognised brand 1.
Segments
Energy
Energy services rose 1.8% in fiscal 2026 to 1.77 million 1. Competition through discounted fixed tariffs was intense, while a wholesale supply contract insulates the company from price volatility 1.
Market context
The UK energy and broadband markets are contested, with many suppliers offering discounted fixed tariffs and heavy marketing spend 1. The Ofgem price cap fell during the year, but wholesale prices rose toward March 2026 due to Middle East tensions 1. The smart meter rollout, at which the company has more than 77% of customers covered, remains part of the energy transition 1.
The company argues its Partner-based acquisition model is hard to replicate because it rests on personal trust 1. If acquisition costs in energy keep rising, pressure on margins could persist 1.
Trends
- Competitive pressure in energyheadwind
Suppliers offering fixed tariffs below the Ofgem cap have raised churn among energy customers 1.
- Demand for Full Fibre broadbandtailwind
Most new customers choose Full Fibre, and the planned VoIP launch could accelerate this shift 1.
- Multiple-income householdstailwind
The growing number of UK households with multiple incomes supports the Partner model of earning extra income 1.
- Government bill measuresmixed
Moving part of energy costs into general taxation could ease bill pressure but changes market dynamics 1.
Competitive position
Competition has grown in energy and broadband, especially from suppliers spending heavily on brand campaigns and fixed tariffs 1. The company differentiates through its multiservice bundle and a Partner network that is hard to copy 1.
The mobile and insurance markets have other players, and the company is modernising its brand to compete better 1. Its advantage depends on sustaining services per customer 1.
- Large UK energy suppliers
Named in the source as suppliers that spent heavily on marketing and offered discounted fixed energy tariffs.
- UK broadband providers
Intense competition in broadband, especially for customers switching providers.
- Home insurance underwriters
The company works with several insurers and runs its own insurance arm targeting the same segment.
- Mobile network operators
In mobile the company uses the EE network and competes with competitive entry-level tariffs.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202602 Sept 2026
- Annual report 202515 Jul 2025
- Annual report 202515 Jul 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Telecom Plus PLC · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.