# Superloop (SLC.AU)

Canonical: https://gigainvestors.com/s/SLC.AU

Analysis as of: 2026-10-16T07:44:23.824Z. Financial observations: FY2015–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 2.53 per share; close as of 2026-10-15.

Estimated value: low AUD 1.25 per share, central AUD 1.51 per share, high AUD 1.74 per share. Buy at or below the central value AUD 1.51 per share. Valuation as of 2026-10-16T07:44:23.824Z; scenarios are not confidence intervals.

Expected annual return: 7.0% at the stated quote. About 7.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 7

- Operating margin variation: 1.39×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.07×

- FY2018: -0.00×

- FY2019: -0.24×

- FY2020: -0.33×

- FY2021: -0.30×

- FY2022: -0.10×

- FY2023: -0.12×

- FY2024: -0.06×

- FY2025: 0.15×

- FY2026: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 10.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: -8.2%

- ROIC, second-lowest year: -9.6%

- Typical minus recent gross margin: 10.5 pp

- Typical gross margin (annual median): 24.2%

- Recent gross margin (lower of latest and 3-year median): 13.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 13.5%

- ROIC including acquisitions, ten-year median: -0.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -1.9%

- FY2018: -0.0%

- FY2019: -8.1%

- FY2020: -9.1%

- FY2021: -8.2%

- FY2022: -9.1%

- FY2023: -14.1%

- FY2024: -9.6%

- FY2025: 30.0%

- FY2026: 8.7%

### economics: pass

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD 78M

- Net income, five-year total: AUD -138M

- Return on incremental invested capital: 14.7%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -4.6 pp

- Working capital / revenue, final three-year average: -3.7%

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: AUD -72M

- FY2023: AUD -32M

- FY2024: AUD 29M

- FY2025: AUD 60M

- FY2026: AUD 93M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -1.9% vs 8.7%

- Per-share earnings: -0.01 to 0.00 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 13.5%

- Ordinary dilution, 5-year annual growth: 1.8%

- Market cap gain: AUD 1.2B

- Cumulative retained earnings: AUD -242M

- Diluted shares, 10-year annual growth: 13.5%

- Diluted shares, 5-year annual growth: 1.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: AUD 0.01

- Per-share value, starting three-year median: AUD -0.01

- Per-share value, ending three-year median: AUD 0.00

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 0.8%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 696M

- Cumulative net income, 10 years: AUD -283M

- ROIC, first three-year median: -1.9%

- ROIC, last three-year median: 8.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD -0.01

- FY2018: AUD 0.01

- FY2019: AUD -0.24

- FY2020: AUD -0.11

- FY2021: AUD -0.07

- FY2022: AUD -0.20

- FY2023: AUD -0.09

- FY2024: AUD -0.03

- FY2025: AUD 0.00

- FY2026: AUD 0.03

### accounting: pass

- Sloan accruals: -11.7%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 6.67×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.01×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -1.5%

- FY2018: -7.1%

- FY2019: -14.6%

- FY2020: -10.1%

- FY2021: -8.4%

- FY2022: -16.0%

- FY2023: -16.0%

- FY2024: -11.7%

- FY2025: -13.1%

- FY2026: -11.7%

## Holders

## Price story

Down 27% since May 2026 · sales +21.6%

Story as of 2026-10-16T10:00:13.026Z; price observation 2026-10-15.

Price needs cash profits to grow 10.3% a year for ten years

### Sales · FY2025–2026

sales +21.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 60M 

- FY2018: AUD 118M 

- FY2019: AUD 119M 

- FY2020: AUD 107M 

- FY2021: AUD 96M 

- FY2022: AUD 248M 

- FY2023: AUD 322M 

- FY2024: AUD 417M 

- FY2025: AUD 546M 

- FY2026: AUD 664M 

### Gross margin · FY2026

gross margin 13.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 53.1% 

- FY2018: 56.7% 

- FY2019: 48.4% 

- FY2024: 34.8% 

- FY2025: 34.7% 

- FY2026: 13.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in telecom services; annual sales are AUD 664.3 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:23.824Z); FY2026: revenue 664304000; grossProfit 91268000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SLC.AU: Superloop Limited, together with its subsidiaries, operates as a telecommunications and internet service provider in Australia. It operates through Wholesale, Business, and Consumer segments. The Wholesale segment offers NBN access, NBN enterprise ethernet, internet access & IP transit, Australian intercapital capacity, Dark Fibre, Fixed wireless access, international ethernet, wavelength and international subsea cable capacity to large scale telecommunications, and data and technology customers. The Business segment provides NBN TC2 and enterprise ethernet, internet access, dark fibre, fixed wireless access, third party access, mobile 4G, SD-WAN, security, VoIP and managed Wi-Fi to small, medium, and large corporate customers. The Consumer segment offers internet and mobile phone products for domestic residential use. It also provides CyberEdge, security audit, cloud security, managed cyber security and Wi-Fi, and secure access service edge (SASE) services; hosted PBX Voice and SIP services; and broadacre communities, residential and mixed-use, built-to-rent, hotels and resorts, smart cities and public Wi-Fi, and student accommodation solutions. The company was incorporated in 2014 and is headquartered in Sydney, Australia.

### Why customers stay

Margins ranged from 13.7% to 34.8% during 2024–26; it lost 8.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:23.824Z); FY2024: grossProfit / revenue = 34.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:23.824Z); FY2025: grossProfit / revenue = 34.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:23.824Z); FY2026: grossProfit / revenue = 13.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:23.824Z); 10-year return on capital observations [[2017,-0.018653392187771664],[2018,-0.00007985723672188765],[2019,-0.08107784622712941],[2020,-0.09138934198855199],[2021,-0.08222716092633546],[2022,-0.09052061383620957],[2023,-0.14122694434534427],[2024,-0.09647870995443811],[2025,0.299710822929405],[2026,0.08671404237221186]]; median -0.08165250357673243. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 6 of 10 years; bought back AUD 13 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:23.824Z); FY2018: growth capex 21999000; upkeep 22085000; owner earnings 1316000. Growth capex / owner earnings = 16.716565349544073.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:23.824Z); FY2024: growth capex 0; upkeep 24973000; owner earnings 29068800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:23.824Z); FY2025: growth capex 0; upkeep 18814000; owner earnings 59995000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:23.824Z); FY2026: growth capex 0; upkeep 24194000; owner earnings 92784000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:23.824Z); Dividend observations: [[2017,1050000],[2018,1049800],[2019,0],[2020,68025000],[2021,59442000],[2022,22287000],[2023,12211000],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:23.824Z); FY2026: cash repurchases 13000000 AUD.

### Are managers owners

Insiders own 5.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SLC.AU SharesStats.PercentInsiders = 5.295 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:23.824Z); Ten-year compound average after fade. Initial solved rate 0.1349170773375673. Price 2.53; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share -0.048052379240403086 → FY2026 0.17585990040215935. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2016-10: AUD 2.75 per share

- 2016-11: AUD 2.56 per share

- 2016-12: AUD 2.60 per share

- 2017-01: AUD 2.36 per share

- 2017-02: AUD 2.35 per share

- 2017-03: AUD 2.18 per share

- 2017-04: AUD 2.32 per share

- 2017-05: AUD 2.45 per share

- 2017-06: AUD 2.43 per share

- 2017-07: AUD 2.47 per share

- 2017-08: AUD 2.35 per share

- 2017-09: AUD 2.25 per share

- 2017-10: AUD 2.39 per share

- 2017-11: AUD 2.30 per share

- 2017-12: AUD 2.30 per share

- 2018-01: AUD 2.21 per share

- 2018-02: AUD 2.03 per share

- 2018-03: AUD 1.90 per share

- 2018-04: AUD 1.81 per share

- 2018-05: AUD 2.23 per share

- 2018-06: AUD 2.39 per share

- 2018-07: AUD 2.15 per share

- 2018-08: AUD 2.16 per share

- 2018-09: AUD 2.11 per share

- 2018-10: AUD 1.65 per share

- 2018-11: AUD 1.59 per share

- 2018-12: AUD 1.44 per share

- 2019-01: AUD 1.36 per share

- 2019-02: AUD 1.43 per share

- 2019-03: AUD 1.42 per share

- 2019-04: AUD 1.62 per share

- 2019-05: AUD 1.69 per share

- 2019-06: AUD 1.48 per share

- 2019-07: AUD 0.94 per share

- 2019-08: AUD 0.88 per share

- 2019-09: AUD 0.99 per share

- 2019-10: AUD 1.08 per share

- 2019-11: AUD 0.95 per share

- 2019-12: AUD 0.96 per share

- 2020-01: AUD 0.87 per share

- 2020-02: AUD 0.76 per share

- 2020-03: AUD 0.55 per share

- 2020-04: AUD 0.78 per share

- 2020-05: AUD 1.07 per share

- 2020-06: AUD 0.98 per share

- 2020-07: AUD 1.10 per share

- 2020-08: AUD 1.11 per share

- 2020-09: AUD 0.93 per share

- 2020-10: AUD 0.91 per share

- 2020-11: AUD 1.05 per share

- 2020-12: AUD 1.05 per share

- 2021-01: AUD 0.94 per share

- 2021-02: AUD 0.92 per share

- 2021-03: AUD 0.91 per share

- 2021-04: AUD 1.03 per share

- 2021-05: AUD 1.00 per share

- 2021-06: AUD 0.93 per share

- 2021-07: AUD 0.88 per share

- 2021-08: AUD 0.99 per share

- 2021-09: AUD 0.98 per share

- 2021-10: AUD 1.29 per share

- 2021-11: AUD 1.25 per share

- 2021-12: AUD 1.19 per share

- 2022-01: AUD 1.07 per share

- 2022-02: AUD 0.86 per share

- 2022-03: AUD 0.94 per share

- 2022-04: AUD 0.95 per share

- 2022-05: AUD 0.84 per share

- 2022-06: AUD 0.72 per share

- 2022-07: AUD 0.85 per share

- 2022-08: AUD 0.74 per share

- 2022-09: AUD 0.66 per share

- 2022-10: AUD 0.75 per share

- 2022-11: AUD 0.75 per share

- 2022-12: AUD 0.73 per share

- 2023-01: AUD 0.72 per share

- 2023-02: AUD 0.66 per share

- 2023-03: AUD 0.56 per share

- 2023-04: AUD 0.62 per share

- 2023-05: AUD 0.66 per share

- 2023-06: AUD 0.58 per share

- 2023-07: AUD 0.67 per share

- 2023-08: AUD 0.71 per share

- 2023-09: AUD 0.67 per share

- 2023-10: AUD 0.61 per share

- 2023-11: AUD 0.66 per share

- 2023-12: AUD 0.67 per share

- 2024-01: AUD 0.71 per share

- 2024-02: AUD 1.04 per share

- 2024-03: AUD 1.35 per share

- 2024-04: AUD 1.34 per share

- 2024-05: AUD 1.41 per share

- 2024-06: AUD 1.61 per share

- 2024-07: AUD 1.52 per share

- 2024-08: AUD 1.76 per share

- 2024-09: AUD 1.73 per share

- 2024-10: AUD 1.87 per share

- 2024-11: AUD 2.20 per share

- 2024-12: AUD 2.19 per share

- 2025-01: AUD 2.27 per share

- 2025-02: AUD 2.19 per share

- 2025-03: AUD 2.11 per share

- 2025-04: AUD 2.50 per share

- 2025-05: AUD 2.70 per share

- 2025-06: AUD 3.01 per share

- 2025-07: AUD 3.35 per share

- 2025-08: AUD 2.88 per share

- 2025-09: AUD 3.40 per share

- 2025-10: AUD 3.12 per share

- 2025-11: AUD 2.81 per share

- 2025-12: AUD 2.59 per share

- 2026-01: AUD 2.30 per share

- 2026-02: AUD 2.95 per share

- 2026-03: AUD 3.25 per share

- 2026-04: AUD 3.36 per share

- 2026-05: AUD 3.47 per share

- 2026-06: AUD 3.30 per share

- 2026-07: AUD 3.20 per share

- 2026-08: AUD 2.88 per share

- 2026-09: AUD 2.57 per share

- 2026-10: AUD 2.39 per share

## Annual estimated value (AUD per share)

- FY2026: low AUD 1.22 per share, central AUD 1.48 per share, high AUD 1.70 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.