TPG soars to fresh record

The low-cost telco surged after surprising analysts with a great result yesterday, but they are now concerned about the company's dizzying valuation multiples.

TPG Telecom (TPM) has leapt to a fresh record high after beating full-year guidance yesterday even as two major brokerage firms downgrade the stock on valuation concerns.

The telco advanced a further 6.2% in morning trade to $4.49 on top of a 14% leap yesterday – the biggest two-day rise in four years – as investors welcomed a result that was way ahead of expectations.

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