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Zegona Communications PLC (GB:ZEG)
LSE:ZEG

Zegona Communications (ZEG) AI Stock Analysis

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GB:ZEG

Zegona Communications

(LSE:ZEG)

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Neutral 63 (OpenAI - 5.2)
Rating:63Neutral
Price Target:
1,677.00p
▲(6.48% Upside)
The score is driven primarily by mixed financials: very strong free cash flow and solid EBITDA profitability, but materially offset by high leverage and ongoing net losses. Technicals are a secondary positive, showing a clear uptrend with supportive momentum. Valuation confidence is limited due to missing P/E and dividend yield data.
Positive Factors
Free cash flow
Very strong operating and free cash flow provides durable internal funding for acquisitions, portfolio support, and potential debt servicing. For an investment holding company, recurring cash generation increases flexibility to execute turnarounds and fund exits without immediate external financing.
Operational profitability
High gross and EBITDA margins indicate scalable, efficient underlying operations in the assets owned, giving structural capacity to absorb overhead and invest in growth. Sustained operating profitability is a durable lever to improve enterprise value ahead of eventual exits.
Control-oriented investment strategy
A control-focused acquisition model lets management directly implement governance and operational changes, enabling repeatable value creation. This structural approach to driving improvements and timing exits is central to the firm’s long-term ability to realize investment returns.
Negative Factors
High leverage
Very high leverage materially increases refinancing, interest-rate and covenant risk, reducing financial resilience. A capital structure this stretched constrains the company's ability to support portfolio investments, withstand earnings volatility, or pursue opportunistic M&A without raising costly capital.
Negative bottom-line profitability
Deep net losses and negative return on equity undermine long-term shareholder returns absent successful exits or valuation uplifts. Persistent bottom-line deficits can force dilutive financing or asset sales, limiting the company’s capacity to compound value through reinvestment.
Volatile revenue and exit-dependent model
Revenue and reported performance are lumpy and dependent on acquisition scale-ups and realization events. Reliance on timing of exits and fair-value adjustments makes earnings and cash returns unpredictable, complicating planning and increasing the risk that value creation may not materialize on schedule.

Zegona Communications (ZEG) vs. iShares MSCI United Kingdom ETF (EWC)

Zegona Communications Business Overview & Revenue Model

Company DescriptionZegona Communications plc focuses on investing in telecommunications, media, and technology businesses in Europe. The company was incorporated in 2015 and is based in London, the United Kingdom.
How the Company Makes Money

Zegona Communications Financial Statement Overview

Summary
Strong operating scale-up and profitability at the gross/EBITDA level plus very strong free cash flow, but offset by a deeply negative net margin and a highly leveraged balance sheet that increases financial risk and sensitivity to earnings/cash-flow volatility.
Income Statement
48
Neutral
The latest annual period (2025-03-31) shows a step-change in scale with revenue up sharply and very strong gross profitability (gross margin ~81%) and solid EBITDA margin (~38%). However, profitability is still weak at the bottom line: net income is deeply negative (net margin ~-15%), and EBIT is negative, indicating that costs below gross profit (e.g., depreciation/amortization, financing, and other items) are weighing heavily. Earlier years show little to no reported revenue, making the growth profile volatile and harder to underwrite as a stable trend.
Balance Sheet
26
Negative
Leverage is the key issue. Total debt (~5.0B) is high versus equity (~0.8B), with a debt-to-equity ratio of ~6.1x, leaving the capital structure sensitive to earnings volatility and refinancing conditions. Total assets are sizable (~8.5B), but returns to shareholders are currently poor, with negative return on equity, reflecting the large net loss. The balance sheet is meaningfully more leveraged than prior years, increasing financial risk despite the larger operating footprint.
Cash Flow
72
Positive
Cash generation is a bright spot in the latest annual period (2025-03-31): operating cash flow (~1.14B) and free cash flow (~1.01B) are strongly positive with sharp growth versus the prior year. Free cash flow is also large relative to the reported net loss, suggesting meaningful non-cash expenses and/or working-capital benefits supporting cash conversion. The main watch-out is that operating cash flow coverage (as provided) is only ~0.51, implying cash generation may not fully cover certain obligations measured by that ratio, so sustained cash flow durability matters.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue302.06M2.41B0.000.000.000.00
Gross Profit213.64M1.95B0.000.000.000.00
EBITDA137.66M917.89M-4.82M-3.29M-33.70M-6.54M
Net Income-59.81M-351.04M-15.55M-3.31M79.91M13.97M
Balance Sheet
Total Assets7.57B8.49B1.20B10.94M16.02M345.70M
Cash, Cash Equivalents and Short-Term Investments112.52M207.99M4.65M5.89M10.56M22.74M
Total Debt5.04B4.97B0.000.00106.00K10.97M
Total Liabilities6.41B7.67B17.60M402.00K1.56M13.25M
Stockholders Equity1.16B816.59M1.18B10.54M14.45M332.45M
Cash Flow
Free Cash Flow96.32M1.01B-3.93M-3.92M-39.18M-7.07M
Operating Cash Flow138.56M1.14B-3.93M-3.92M-39.14M-7.06M
Investing Cash Flow-3.76B-3.31B-289.76M25.00K439.51M10.14M
Financing Cash Flow3.73B2.34B292.29M-106.00K-408.77M-14.95M

Zegona Communications Peers Comparison

Overall Rating
UnderperformOutperform
Sector (60)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
73
Outperform
£835.53M12.7818.64%2.23%11.95%20.69%
69
Neutral
£18.64B19.457.56%4.42%-2.53%24.52%
68
Neutral
£1.80B27.774.95%
63
Neutral
£3.67B-10.35%
63
Neutral
£25.15B-7.37-7.57%3.74%16.15%-279.78%
60
Neutral
$48.67B4.58-11.27%4.14%2.83%-41.78%
53
Neutral
£11.64B30.9621.04%1.50%14.13%
* Communication Services Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GB:ZEG
Zegona Communications
1,575.00
1,159.42
278.99%
GB:BT.A
BT Group plc
191.35
55.13
40.47%
GB:GAMA
Gamma Communications
909.00
-404.48
-30.79%
GB:VOD
Vodafone
107.40
41.93
64.04%
GB:AAF
Airtel Africa Plc
319.20
178.21
126.41%
GB:HTWS
Helios Towers
173.00
78.00
82.11%

Zegona Communications Corporate Events

Stock BuybackRegulatory Filings and Compliance
Zegona Cancels 75,000 Shares After Latest Buyback Trade
Positive
Jan 30, 2026

Zegona Communications has repurchased 75,000 of its own ordinary shares at a volume-weighted average price of 1,582.49 pence per share under its ongoing share buyback programme, executed via Canaccord Genuity. The company intends to cancel these shares, reducing its share capital and setting the total number of shares and voting rights at 232,865,302, a move that marginally enhances remaining shareholders’ proportional ownership and provides an updated reference point for regulatory disclosure thresholds.

The most recent analyst rating on (GB:ZEG) stock is a Hold with a £1586.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance
Zegona Cancels 75,000 Shares Following Buyback Under Ongoing Programme
Positive
Jan 29, 2026

Zegona Communications has repurchased 75,000 of its own ordinary shares under its previously announced share buyback programme, paying a volume-weighted average price of 1,616 pence per share through broker Canaccord Genuity. The company intends to cancel the repurchased shares, reducing the number of ordinary shares and voting rights in issue to 232,940,302, a move that marginally consolidates existing shareholders’ stakes and provides an updated denominator for regulatory disclosure thresholds under UK market transparency rules.

The most recent analyst rating on (GB:ZEG) stock is a Hold with a £1725.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance
Zegona Cancels Newly Repurchased Shares as Buyback Programme Progresses
Positive
Jan 28, 2026

Zegona Communications has continued to execute its share buyback programme, repurchasing 75,000 ordinary shares on 27 January 2026 at a volume-weighted average price of 1,598.62 pence per share through Canaccord Genuity. The company intends to cancel these shares, reducing the total number of shares and voting rights in issue to 233,015,302, a move that marginally enhances earnings per share and may support shareholder value while providing an updated denominator for investors’ regulatory disclosure calculations under UK market transparency rules.

The most recent analyst rating on (GB:ZEG) stock is a Hold with a £1704.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance
Zegona Cancels 180,000 Shares Under Ongoing Buyback Programme
Positive
Jan 27, 2026

Zegona Communications has continued its share buyback programme, repurchasing 180,000 ordinary shares at a volume-weighted average price of 1,620.66 pence per share through Canaccord Genuity. The company intends to cancel these shares, reducing the number of shares in issue and voting rights to 233,090,302, a move that may enhance earnings per share and consolidate existing shareholders’ stakes while setting a new reference point for disclosure thresholds under UK transparency rules.

The most recent analyst rating on (GB:ZEG) stock is a Hold with a £1725.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance
Zegona Cancels 100,000 Shares After Latest Buyback Transaction
Positive
Jan 26, 2026

Zegona Communications has repurchased 100,000 of its own ordinary shares at a volume-weighted average price of 1,607.75 pence as part of its ongoing share buyback programme, executed through Canaccord Genuity. The company plans to cancel these shares, reducing the number of shares in issue and voting rights to 233,270,302, a move that marginally enhances earnings per share for remaining investors and clarifies the denominator for regulatory disclosure thresholds under UK market transparency rules.

The most recent analyst rating on (GB:ZEG) stock is a Hold with a £1715.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Zegona Cancels 153,000 Shares After Latest Buyback Transaction
Positive
Jan 23, 2026

Zegona Communications has repurchased 153,000 of its own ordinary shares under its previously announced share buyback programme, at a volume-weighted average price of 1,618.20 pence, and will cancel these shares, reducing its total shares in issue and voting rights to 233,370,302. The move forms part of the company’s capital management strategy, potentially enhancing earnings per share and signalling confidence in its valuation to investors, while also updating shareholders on the new denominator for regulatory disclosure of voting interests.

The most recent analyst rating on (GB:ZEG) stock is a Hold with a £1725.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance
Zegona Cancels Newly Repurchased Shares as Buyback Programme Progresses
Positive
Jan 22, 2026

Zegona Communications has continued its share buyback programme with the repurchase of 70,000 ordinary shares on 21 January 2026 at a volume-weighted average price of 1,597.56 pence, with prices ranging between 1,577.60 pence and 1,605.00 pence. The company plans to cancel these shares, reducing the number of ordinary shares in issue and the total voting rights to 233,523,302, a move that marginally enhances earnings per share and may signal management’s confidence in the company’s valuation while providing an updated denominator for investors’ disclosure obligations under UK transparency rules.

The most recent analyst rating on (GB:ZEG) stock is a Hold with a £1709.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance
Zegona Cancels 108,000 Shares Under Ongoing Buyback Programme
Positive
Jan 21, 2026

Zegona Communications has repurchased 108,000 of its ordinary shares at a volume-weighted average price of 1,580.83 pence under its ongoing share buyback programme and plans to cancel these shares, reducing the total number of shares and voting rights in issue to 233,593,302. The transaction, executed via Canaccord Genuity on the London Stock Exchange, tightens Zegona’s share capital base and may enhance earnings per share while clarifying the new denominator for investors’ disclosure obligations under UK transparency rules.

The most recent analyst rating on (GB:ZEG) stock is a Hold with a £1693.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance
Zegona Cancels 100,000 Shares Following Buyback Under Ongoing Programme
Positive
Jan 20, 2026

Zegona Communications has repurchased 100,000 of its own ordinary shares on 19 January 2026 under its ongoing share buyback programme, at a volume-weighted average price of 1,584.57 pence per share, through Canaccord Genuity. The company intends to cancel these shares, reducing its share count and leaving 233,701,302 ordinary shares and voting rights in issue, a move that marginally increases existing shareholders’ proportional ownership and provides an updated denominator for regulatory disclosure calculations under UK transparency rules.

The most recent analyst rating on (GB:ZEG) stock is a Hold with a £1640.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Business Operations and StrategyStock Buyback
Zegona Cancels 180,000 Shares Under Ongoing Buyback Programme
Positive
Jan 19, 2026

Zegona Communications has repurchased 180,000 of its own ordinary shares as part of its ongoing share buyback programme, executed through Canaccord Genuity at a volume-weighted average price of 1,547.75 pence per share. The company intends to cancel these shares, reducing its share capital to 233,801,302 ordinary shares in issue and voting rights, a move that marginally enhances earnings per share and underlines management’s continuing focus on capital returns and shareholder value following its expansion in the European telecoms market.

The most recent analyst rating on (GB:ZEG) stock is a Hold with a £1656.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Stock Buyback
Zegona Cancels 80,000 Shares as Buyback Programme Advances
Positive
Jan 16, 2026

Zegona Communications has continued to execute its share buyback programme, repurchasing 80,000 ordinary shares on 15 January 2026 via Canaccord Genuity at a volume-weighted average price of 1,571.25 pence per share. The company intends to cancel these shares, reducing the number of ordinary shares in issue and the total voting rights to 233,981,302, a move that is likely to enhance earnings per share and consolidate existing shareholders’ relative ownership stakes while providing a clearer reference point for regulatory disclosure thresholds.

The most recent analyst rating on (GB:ZEG) stock is a Hold with a £1667.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance
Zegona Cancels 170,000 Shares After Latest Buyback Tranche
Neutral
Jan 15, 2026

Zegona Communications has repurchased 170,000 of its own ordinary shares as part of its ongoing share buyback programme, at a volume-weighted average price of 1,563.95 pence per share, and plans to cancel these shares. Following the cancellation, Zegona’s share capital will consist of 234,061,302 ordinary shares, which will also represent the total voting rights in the company, affecting how shareholders calculate disclosure thresholds under UK transparency rules.

The most recent analyst rating on (GB:ZEG) stock is a Hold with a £1613.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Business Operations and StrategyStock Buyback
Zegona Cancels Newly Repurchased Shares Under Ongoing Buyback Programme
Positive
Jan 14, 2026

Zegona Communications has continued executing its share buyback programme, repurchasing 130,000 ordinary shares on 13 January 2026 at a volume-weighted average price of 1,494.76 pence via Canaccord Genuity. The company plans to cancel these shares, reducing its share count and setting the total number of voting rights at 234,231,302, a move that can enhance earnings per share and may signal confidence in the company’s valuation to investors.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £2150.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance
Zegona Cancels 130,000 Shares Under Ongoing Buyback Programme
Neutral
Jan 14, 2026

Zegona Communications has repurchased 130,000 of its ordinary shares at a volume-weighted average price of 1,494.76 pence under its previously announced share buyback programme, and intends to cancel the shares. Following this cancellation, Zegona will have 234,231,302 ordinary shares in issue, which will become the new total number of voting rights and relevant denominator for shareholders assessing disclosure obligations under UK transparency rules.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £2150.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Business Operations and StrategyStock Buyback
Zegona Cancels 115,000 Shares Under Ongoing Buyback Programme
Positive
Jan 13, 2026

Zegona Communications has repurchased 115,000 of its own ordinary shares as part of its ongoing share buyback programme, at a volume-weighted average price of 1,428.37 pence per share, and will cancel these shares, reducing its share capital to 234,361,302 shares in issue. The move, executed through Canaccord Genuity on the London Stock Exchange, marginally concentrates ownership and voting rights among remaining shareholders and signals continued capital management discipline following Zegona’s recent expansion in the European telecoms market.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £2150.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance
Zegona Cancels 80,000 Shares Under Ongoing Buyback Programme
Positive
Jan 12, 2026

Zegona Communications has repurchased 80,000 of its own ordinary shares under its ongoing share buyback programme, executed via Canaccord Genuity at a volume-weighted average price of 1,339.43 pence per share. The company plans to cancel these shares, reducing its total shares in issue and voting rights to 234,476,302, a move that tightens the share capital base and may enhance earnings per share while providing a new reference point for investors and regulators assessing ownership thresholds under UK disclosure rules.

The most recent analyst rating on (GB:ZEG) stock is a Hold with a £1438.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Zegona Cuts Cost of €1.7bn Term Loan B to 4.35%
Positive
Jan 9, 2026

Zegona Communications has successfully repriced its €1.7 billion (reducing to €1.665 billion after FiberPass proceeds) Term Loan B facility due July 2029, cutting the all-in interest rate to 4.35% and trimming the margin by 50 basis points to 2.25% per annum while leaving other key terms largely unchanged. Management says the transaction, which it describes as the lowest-priced euro telco Term Loan B currently in the market, further lowers the company’s funding costs and supports its deleveraging trajectory, with annualised total interest now down by about €80 million since the start of its Vodafone Spain investment, underscoring strong credit market support for Zegona’s strategy and balance sheet.

The most recent analyst rating on (GB:ZEG) stock is a Hold with a £1438.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance
Zegona Cancels Newly Repurchased Shares, Sets Updated Voting Rights Total
Positive
Jan 9, 2026

Zegona Communications has continued executing its previously announced share buyback programme, repurchasing 56,000 ordinary shares on 8 January 2026 at a volume-weighted average price of 1,332.23 pence via Canaccord Genuity. The company intends to cancel these shares, reducing its share count to 234,556,302 and setting the new total of voting rights at the same level, a move that marginally enhances earnings per share and may support shareholder value while providing an updated denominator for investors’ regulatory disclosure calculations under UK transparency rules.

The most recent analyst rating on (GB:ZEG) stock is a Hold with a £1438.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Stock Buyback
Zegona Cancels Newly Repurchased Shares as Buyback Programme Advances
Positive
Jan 8, 2026

Zegona Communications has continued to execute its share buyback programme by repurchasing 80,000 ordinary shares on 7 January 2026 at a volume-weighted average price of 1,341.55 pence, with the trades carried out through Canaccord Genuity Limited. The company intends to cancel these shares, reducing the number of ordinary shares and voting rights in issue to 234,612,302, a move that tightens its share capital and may enhance earnings per share while providing a new reference point for investors’ and regulators’ disclosure calculations under UK transparency rules.

The most recent analyst rating on (GB:ZEG) stock is a Hold with a £1438.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Regulatory Filings and Compliance
Zegona Confirms Total Voting Rights at 234.7 Million Shares
Neutral
Jan 8, 2026

Zegona Communications has confirmed that, as of 8 January 2026, its issued share capital consists of 234,742,302 ordinary shares of 1 pence each, with no shares held in treasury, resulting in total voting rights of 234,742,302. The company said this figure should be used by shareholders and other relevant parties as the denominator when assessing whether they must disclose holdings or changes in holdings under the UK Financial Conduct Authority’s Disclosure Guidance and Transparency Rules, providing clarity for investors on the current ownership and voting structure.

The most recent analyst rating on (GB:ZEG) stock is a Hold with a £1438.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Business Operations and StrategyDividendsPrivate Placements and Financing
Zegona Repays Vodafone Financing and Cuts Share Capital by 69% After €1.4bn Payout
Positive
Jan 7, 2026

Zegona Communications has completed the repayment of its Vodafone-related financing in full following the payment of a €1.4 billion special dividend to its ordinary shareholders. As part of the transaction structure, the company will cancel 523,240,603 ordinary shares held by EJLSHM Funding Limited, effectively reducing its ordinary share capital by 69% and leaving 234,742,302 ordinary shares in issue from tomorrow, a move that significantly reshapes its capital structure and may enhance capital efficiency for remaining investors.

The most recent analyst rating on (GB:ZEG) stock is a Hold with a £1438.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance
Zegona Cancels 50,000 Shares After Latest Buyback Tranche
Neutral
Jan 7, 2026

Zegona Communications has repurchased 50,000 ordinary shares at a volume-weighted average price of 1,341.5 pence as part of its ongoing share buyback programme and will cancel the stock, reducing its share capital. Following cancellation, the company will have 757,932,905 shares in issue, a change that alters the total number of voting rights and the denominator used by investors for regulatory disclosure thresholds under the UK’s transparency rules.

The most recent analyst rating on (GB:ZEG) stock is a Hold with a £1438.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Business Operations and StrategyStock Buyback
Zegona Cancels 80,000 Shares After Latest Buyback Transaction
Positive
Jan 6, 2026

Zegona Communications has repurchased 80,000 of its own ordinary shares on 5 January 2026 under its ongoing buyback programme, at a volume-weighted average price of 1,348.42 pence per share, and will cancel the shares, reducing its share count and total voting rights to 757,982,905. The move continues the company’s capital management strategy and modestly enhances remaining shareholders’ proportional ownership and voting power, providing a signal of confidence in the business following its recent expansion via the Vodafone Spain acquisition.

The most recent analyst rating on (GB:ZEG) stock is a Hold with a £1438.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Regulatory Filings and Compliance
Zegona Confirms 758 Million Voting Rights at Year-End 2025
Neutral
Jan 5, 2026

Zegona Communications has confirmed that its share capital as of 31 December 2025 consisted of 758,142,905 ordinary shares, with no shares held in treasury, resulting in an equal number of total voting rights. The company noted that this figure should be used by shareholders and other obliged parties as the denominator when assessing whether they must disclose holdings or changes in their interest under UK transparency rules, clarifying the capital structure at year-end for regulatory reporting and investor monitoring purposes.

The most recent analyst rating on (GB:ZEG) stock is a Hold with a £1438.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance
Zegona Cancels 80,000 Shares Under Ongoing Buyback Programme
Neutral
Jan 5, 2026

Zegona Communications has repurchased 80,000 of its own ordinary shares under its ongoing share buyback programme, paying a volume-weighted average price of 1,360.55 pence per share through Canaccord Genuity. The company plans to cancel the shares, reducing the number of ordinary shares in issue and voting rights to 758,062,905, a move that slightly concentrates existing shareholders’ stakes and updates the denominator used for regulatory disclosure thresholds under UK transparency rules.

The most recent analyst rating on (GB:ZEG) stock is a Hold with a £1438.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Zegona Cancels 50,000 Shares After Latest Buyback Tranche
Positive
Jan 2, 2026

Zegona Communications has repurchased 50,000 of its own ordinary shares under its ongoing share buyback programme, at a volume-weighted average price of 1,398.18 pence per share, and will cancel these shares, reducing the total number of shares and voting rights in issue to 758,142,905. The move further executes the capital management strategy announced in late 2025 and marginally enhances remaining shareholders’ proportional ownership and voting power, while providing an updated reference figure for investors monitoring disclosure thresholds under UK market transparency rules.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £18.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Business Operations and StrategyStock Buyback
Zegona Cancels 80,000 Shares After Latest Buyback Transaction
Positive
Dec 31, 2025

Zegona Communications has repurchased 80,000 of its own ordinary shares on 30 December 2025 under its previously announced share buyback programme, at a volume-weighted average price of 1,386.51 pence per share, and intends to cancel all the shares bought. Following this cancellation, Zegona’s share capital will consist of 758,192,905 ordinary shares, which will also represent the total voting rights in the company, a move that marginally enhances earnings per share and may signal management’s confidence in the company’s valuation to investors.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £18.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance
Zegona Cancels 80,000 Shares Under Ongoing Buyback Programme
Positive
Dec 30, 2025

Zegona Communications has repurchased 80,000 of its own ordinary shares at a volume-weighted average price of 1,336.91 pence under its ongoing share buyback programme, and intends to cancel the shares, reducing the total number of shares and voting rights in issue to 758,272,905. The move tightens the company’s share capital base and may enhance earnings per share and shareholder value, while also updating investors on the new denominator for regulatory disclosure thresholds under UK market transparency rules.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £18.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance
Zegona Cancels Newly Repurchased Shares Under Ongoing Buyback Programme
Positive
Dec 29, 2025

Zegona Communications has continued to execute its previously announced share buyback programme, repurchasing 10,000 ordinary shares on 24 December 2025 at a volume-weighted average price of 1,325 pence per share through Canaccord Genuity. The company plans to cancel these shares, reducing the total number of shares and voting rights in issue to 758,352,905, a move that marginally enhances earnings per share and clarifies the denominator shareholders should use for regulatory disclosure calculations under UK transparency rules.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £18.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Stock Buyback
Zegona Cancels 40,000 Shares as Part of Ongoing Buyback Programme
Positive
Dec 24, 2025

Zegona Communications has continued to execute its share buyback programme, repurchasing 40,000 ordinary shares on 23 December 2025 at a volume-weighted average price of 1,316.65 pence per share through Canaccord Genuity. The company intends to cancel these shares, reducing the number of ordinary shares and voting rights in issue to 758,362,905, a move that marginally enhances earnings per share and may support the share price while adjusting the free float and ownership percentages for existing investors.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £18.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Stock BuybackRegulatory Filings and Compliance
Zegona Cancels 70,000 Shares as Buyback Programme Advances
Positive
Dec 23, 2025

Zegona Communications has continued to execute its previously announced share buyback programme, repurchasing 70,000 ordinary shares on 22 December 2025 at a volume-weighted average price of 1,305.93 pence through broker Canaccord Genuity. The repurchased shares will be cancelled, reducing the company’s share count to 758,402,905 and setting the new total of voting rights at the same level, a move that marginally enhances earnings per share and may support shareholder value while providing an updated reference point for investors’ regulatory disclosure calculations under UK transparency rules.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £18.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Business Operations and StrategyDividendsShareholder Meetings
Zegona Wins Shareholder Backing for €1.4bn Payout and 69% Share Reduction
Positive
Dec 22, 2025

Zegona shareholders have overwhelmingly approved a special resolution enabling a €1.4 billion special dividend and a major reduction in the company’s ordinary share capital. Around €975 million of the dividend will be used to fully settle Vodafone-related financing via EJLSHM Funding Limited, allowing the cancellation of 523 million EJLSHM-held shares and cutting Zegona’s ordinary share count by about 69%, a move that will significantly reshape its capital structure and concentrate ownership among remaining investors.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £18.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Business Operations and StrategyStock Buyback
Zegona Cancels 70,000 Shares as Part of Ongoing Buyback Programme
Positive
Dec 22, 2025

Zegona Communications has continued to execute its recently announced share buyback programme, repurchasing 70,000 ordinary shares on 19 December 2025 via Canaccord Genuity at a volume-weighted average price of 1,327.93 pence. The company plans to cancel the repurchased shares, reducing the number of ordinary shares and voting rights in issue to 758,472,905, a move that marginally increases existing investors’ proportional stakes and signals ongoing capital management efforts following its strategic expansion in the European telecoms market.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £18.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Stock Buyback
Zegona Cancels 110,000 Shares After Latest Buyback Transaction
Positive
Dec 19, 2025

Zegona Communications has repurchased 110,000 of its own ordinary shares under its previously announced share buyback programme, at a volume-weighted average price of 1,305 pence per share, through broker Canaccord Genuity. The company intends to cancel these shares, reducing the number of shares in issue and voting rights outstanding to 758,542,905, a move that may modestly enhance earnings per share and consolidate existing investors’ stakes while providing a new reference figure for regulatory disclosure thresholds.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £18.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Business Operations and StrategyStock Buyback
Zegona Advances Shareholder Strategy with Share Buyback
Positive
Dec 18, 2025

Zegona Communications announced the repurchase of 152,000 of its ordinary shares at an average price of 1,419.97 pence per share, as part of its ongoing share buyback program. These shares will be canceled, reducing the total shares in circulation to 758,652,905. This action aims to consolidate shareholder value and may impact shareholder voting balances and ownership structures, aligning with the company’s broader financial strategies.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £18.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Business Operations and StrategyStock Buyback
Zegona Enhances Shareholder Value Through Share Buyback
Positive
Dec 18, 2025

Zegona Communications has repurchased 152,000 of its own ordinary shares as part of its share buyback program, intending to cancel these shares. This action reduces its total outstanding shares to 758,652,905, potentially boosting shareholder value and aligning with its strategy to optimize performance. The repurchase reflects Zegona’s proactive capital management approach, positioning it as a decisive player in the European telecommunications and media investment landscape.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £18.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Stock Buyback
Zegona Communications Executes Share Buyback Programme
Neutral
Dec 17, 2025

Zegona Communications PLC has announced the purchase of 146,000 of its ordinary shares as part of its share buyback programme, with plans to cancel these shares. This move will adjust the total number of voting rights to 758,804,905, impacting shareholder calculations under the FCA’s Disclosure Guidance and Transparency Rules.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £18.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Business Operations and StrategyStock Buyback
Zegona Communications Executes Share Buyback Program
Positive
Dec 16, 2025

Zegona Communications PLC has executed a share buyback program, purchasing 134,000 of its ordinary shares at a volume-weighted average price of 1459.22 pence per share. The company plans to cancel these shares, reducing the total number of shares in issue to 758,950,905, which will also be the new total number of voting rights. This move is part of Zegona’s strategy to manage its capital structure and potentially enhance shareholder value.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £18.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Stock Buyback
Zegona Communications Executes Share Buyback Program
Neutral
Dec 15, 2025

Zegona Communications PLC announced a share buyback transaction, purchasing 125,000 of its ordinary shares at a volume-weighted average price of 1434.60 pence per share. The company intends to cancel these shares, which will result in a total of 759,084,905 ordinary shares in issue, impacting the voting rights calculations for shareholders and stakeholders under the FCA’s Disclosure Guidance and Transparency Rules.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £18.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Business Operations and StrategyStock Buyback
Zegona Launches €200 Million Share Buyback Program
Positive
Dec 12, 2025

Zegona Communications PLC has announced the immediate commencement of a €200 million share buyback program, initially planned to start after settling Vodafone financing. The buyback aims to reduce Zegona’s share capital and is part of a broader capital allocation strategy, reflecting the company’s commitment to enhancing shareholder value. This move is expected to significantly impact Zegona’s share structure by reducing the number of ordinary shares in issue by 69%, thereby potentially increasing the value of remaining shares and strengthening the company’s market position.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £18.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Business Operations and StrategyDividends
Zegona Communications Declares €1.4 Billion Special Dividend
Positive
Dec 11, 2025

Zegona Communications has announced a special dividend of €1.4 billion, subject to shareholder approval, to settle Vodafone financing and reduce its ordinary shares by 69%. This move will result in a €440 million pro rata payment to other shareholders, impacting the company’s share structure and potentially enhancing shareholder value.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £18.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Business Operations and StrategyStock BuybackDividends
Zegona Completes PremiumFiber Venture, Announces €1.4bn Dividend and Share Buyback
Positive
Dec 4, 2025

Zegona Communications has announced the completion of the PremiumFiber joint venture involving Vodafone Spain, MasOrange, and GIC, creating a comprehensive fibre-to-the-home network across Spain. The transaction has generated €1.4 billion in cash proceeds for Vodafone Spain, which will be used to pay a special dividend to Zegona shareholders, settle Vodafone financing, and initiate a share buyback program. This strategic move is expected to significantly reduce Zegona’s ordinary shares by 69% and enhance shareholder value.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £17.50 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Business Operations and Strategy
Zegona Director Increases Stake with Share Purchase
Positive
Dec 4, 2025

Zegona Communications announced that Rita Estevez, an Independent Non-Executive Director, purchased 6,200 ordinary shares of the company at 13.87 pence per share. This transaction, conducted on the London Stock Exchange, increases her total beneficial interest to 9,763 shares, though it represents a negligible percentage of the company’s issued share capital. This move is part of the company’s ongoing strategy to maintain robust stakeholder engagement and reflects confidence in Zegona’s market positioning and future prospects.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £17.50 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Business Operations and StrategyRegulatory Filings and Compliance
Zegona Director Increases Stake with Share Purchase
Positive
Dec 3, 2025

Zegona Communications PLC announced that Sofia Bergendorff, an Independent Non-Executive Director, purchased 5,841 ordinary shares of the company at 13.85 pence per share on November 27, 2025. This transaction reflects a minor increase in Bergendorff’s stake in the company, with her total beneficial interest now representing approximately 0.00% of the company’s issued share capital. The purchase is part of the company’s compliance with the Market Abuse Regulation, highlighting ongoing engagement by its directors in the company’s equity, which could signal confidence in Zegona’s strategic direction and future performance.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £17.50 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Private Placements and FinancingRegulatory Filings and Compliance
Zegona Director Acquires Shares, Signaling Confidence
Positive
Dec 2, 2025

Zegona Communications announced that Suzi Williams, an Independent Non-Executive Director, has subscribed for 7,858 ordinary shares at £13.93 per share, totaling £109,990.28. This transaction, conducted outside a trading venue, represents a minor stake in the company and aligns with regulatory compliance under the Market Abuse Regulation, reflecting ongoing executive confidence in Zegona’s strategic direction.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £17.50 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Business Operations and StrategyShareholder Meetings
Zegona Communications Announces General Meeting for Capital Allocation Proposal
Neutral
Nov 27, 2025

Zegona Communications has announced a General Meeting scheduled for December 22, 2025, to discuss and pass a resolution related to its capital allocation proposal. The resolution aims to repay the Vodafone Financing from the acquisition of Vodafone Spain and reduce the share count by 69% through the deferral and cancellation of shares held by EJLSHM Funding. This strategic move is expected to impact Zegona’s financial structure and shareholder value significantly.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £17.50 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Business Operations and StrategyStock BuybackDividends
Zegona Communications Announces €1.8bn Capital Allocation Proposal
Positive
Nov 27, 2025

Zegona Communications plc has announced a significant capital allocation proposal following two recent FibreCo transactions, resulting in €1.8 billion in proceeds. The company plans to return €1.6 billion to shareholders through a €1.4 billion special dividend and a €200 million share buyback program, while the remaining €200 million will be used for debt reduction. This move will reduce Zegona’s ordinary shares by 69%, simplify its capital structure, and enhance shareholder value. The proposal is contingent on the completion of the FibreCo transactions and shareholder approval, with the aim of settling Vodafone financing promptly.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £1500.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Financial Disclosures
Zegona Communications Releases Interim Financial Report for 2025
Neutral
Nov 25, 2025

Zegona Communications has released its Interim Financial Report for the period ending September 30, 2025, which includes results for both Zegona and Vodafone Spain. This report satisfies Zegona’s external debt reporting obligations and is accessible on their website. The release of this report is significant as it provides insights into the company’s financial health and performance, potentially impacting its market positioning and stakeholder confidence.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £1500.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Business Operations and StrategyM&A Transactions
Zegona’s Strategic Move: AXA Acquires Stake in FiberPass
Positive
Nov 25, 2025

Zegona Communications has announced that AXA IM Alts will acquire a 40% stake in FiberPass, a joint venture between Vodafone Spain and Telefónica España, which provides fiber-to-the-home services across Spain. This transaction, along with a recent investment in PremiumFiber, will generate €1.8 billion in upfront proceeds for Vodafone, enhancing Zegona’s financial flexibility and supporting its capital allocation strategy. The deal is expected to close in the first quarter of 2026, pending regulatory approvals.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £1500.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Business Operations and StrategyShareholder Meetings
Zegona Communications Confirms Share Premium Account Cancellation
Neutral
Nov 6, 2025

Zegona Communications PLC has announced the successful registration of a High Court order confirming the cancellation of its share premium account. This decision, approved at the company’s annual general meeting, marks a significant financial restructuring move, potentially impacting the company’s capital management and shareholder value.

The most recent analyst rating on (GB:ZEG) stock is a Buy with a £1500.00 price target. To see the full list of analyst forecasts on Zegona Communications stock, see the GB:ZEG Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 04, 2026