Superloop Ltd (ASX: SLC) and Aussie Broadband Ltd (ASX: ABB) are two small-cap Aussie telco companies that offer broadband, mobile, and other services. Both companies have seen robust year-to-date share price growth thanks to solid financial results and climbing investor confidence. But when it comes to 2026, there is one clear winner.
Superloop shares are trading 2.37% lower in Tuesday afternoon trading, at $2.46 per share. For the year to date, the shares are 14.12% higher.
Meanwhile, Aussie Broadband shares are also trading in the red at the time of writing, down 2.3% to $4.88 each. For the year to date, the shares have rocketed 37.71% higher.
In a new note to investors this morning, analysts at Macquarie Group Ltd (ASX: MQG) have updated their outlook on the two shares. Here's what the broker had to say.
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Macquarie's outlook on Superloop shares
In a note to investors, Macquarie analysts confirmed their outperform rating and $3.30 target price on Superloop shares.
At the time of writing, this implies a potential 34.1% upside ahead for investors over the next 12 months.
"Recent price-cuts by Telstra on NBN plans (500 mbps: $113 to $99) will dilute the growth tailwind from NBN speed changes," Macquarie explained in its investor note.
But the broker said that it thinks Superloop's exposure to Telstra price moves is limited and estimates that less than 10% of potential new Superloop customers will be impacted by these changes. Meanwhile, it expects Aussie Broadband's exposure to be greater given its premium-end service offering.
"We also think that an upcoming ACCC ruling on Symbio revenues could also have up to -8% impact on VA consensus EBITDA forecasts for FY27E," Macquarie analysts said.
"Our pick in [the telco] space is SLC, noting that its P/E valuation has declined by -3x P/E since Aug-25 (-0.4x more than ABB), despite being under-indexed to the impact of TLS' price change."
Macquarie's outlook on Aussie Broadband shares
Macquarie analysts also confirmed their neutral rating and $5.10 target price on Aussie Broadband shares. The shares were last downgraded by the broker in November.
At the time of writing, this still implies that there could be an additional 4.5% upside for investors over the next 12 months.
As mentioned above, the main reason for the less optimistic outlook on the shares is Aussie Broadband's exposure to headwinds from recent Telstra price changes.
"Whilst we still believe NBN customer churn will be a tailwind to the Challengers, we note that recent TLS price cuts in Nov-25 caused us to downgrade our view on ABB from Outperform to Neutral. Given its higher OpEx model and focus on providing premium service (Australian call-centres) product to consumers, we expect ABB's Residential business to be over-indexed to TLS, and thus more sensitive to the impact of TLS' recent price cuts," the broker explained.
