| 1 | Vodacom Group Limited (VOD.JO) | 9/10 | 9.4x |
| 2 | Telecom Argentina SA (TEO) | 9/10 | 1.2x |
| 3 | Advanced Info Service Public Company Limited (TADD.SI) | 9/10 | 14.4x |
| 4 | TeleChoice International Limited (T41.SI) | 9/10 | 6.7x |
| 5 | NOS, S.G.P.S., S.A. (NOS.LS) | 9/10 | 6.2x |
| 6 | MTN Group Limited (MTN.JO) | 9/10 | 9.8x |
| 7 | PT Sinergi Inti Andalan Prima Tbk (INET.JK) | 9/10 | 33.9x |
| 8 | Bharti Hexacom Limited (BHARTIHEXA.NS) | 9/10 | 25.2x |
| 9 | Bharti Airtel Limited (BHARTIARTL.NS) | 9/10 | 15.6x |
| 10 | Advanced Info Service Public Company Limited (ADVANC.BK) | 9/10 | 13.4x |
| 11 | UANGEL Corporation (072130.KS) | 9/10 | 5.5x |
| 12 | Tuas Limited (TUA.AX) | 8/10 | 27.3x |
| 13 | Türk Telekomünikasyon Anonim Sirketi (TTKOM.IS) | 8/10 | 8.1x |
| 14 | TPG Telecom Limited (TPG.AX) | 8/10 | 4.6x |
| 15 | Tim SA (TIMB) | 8/10 | 5.2x |
| 16 | Tele2 AB (publ) (TEL2-B.ST) | 8/10 | 14.6x |
| 17 | Swisscom AG (SCMN.SW) | 8/10 | 10.8x |
| 18 | Route Mobile Limited (ROUTE.NS) | 8/10 | 5.6x |
| 19 | PT Inti Bangun Sejahtera Tbk (IBST.JK) | 8/10 | 11.0x |
| 20 | Hellenic Telecommunications Organization S.A. (HTO.AT) | 8/10 | 11.2x |
| 21 | Globalstar Inc (GSAT) | 8/10 | 18.3x |
| 22 | Crexendo Inc (CXDO) | 8/10 | 30.5x |
| 23 | Airtel Africa Plc (AAF.L) | 8/10 | 7.5x |
| 24 | GMO internet group, Inc. (9449.T) | 8/10 | 5.8x |
| 25 | Crops Corporation (9428.T) | 8/10 | 4.7x |
| 26 | Vision Inc. (9416.T) | 8/10 | 30.9x |
| 27 | Far EasTone Telecommunications Co., Ltd. (4904.TW) | 8/10 | 14.8x |
| 28 | Telcoware Co.,Ltd. (078000.KS) | 8/10 | 4.5x |
| 29 | SmarTone Telecommunications Holdings Limited (0315.HK) | 8/10 | 4.0x |
| 30 | PT Solusi Sinergi Digital Tbk (WIFI.JK) | 7/10 | n.d. |
| 31 | Telefonica Brasil SA (VIV) | 7/10 | 8.5x |
| 32 | T-Mobile US Inc (TMUS) | 7/10 | 9.7x |
| 33 | Millicom International Cellular SA (TIGO) | 7/10 | 15.2x |
| 34 | Telenor ASA (TEL.OL) | 7/10 | 9.5x |
| 35 | Turkcell Iletisim Hizmetleri A.S. (TCELL.IS) | 7/10 | 13.1x |
| 36 | Suyog Telematics Limited (SUYOG.NS) | 7/10 | n.d. |
| 37 | Superloop Limited (SLC.AX) | 7/10 | 48.7x |
| 38 | Softlab S.p.A. (SFT.MI) | 7/10 | 7.9x |
| 39 | Radcom Ltd (RDCM) | 7/10 | n.d. |
| 40 | Rogers Communications Inc (RCI) | 7/10 | 10.3x |
| 41 | PLDT Inc (PHI) | 7/10 | 6.4x |
| 42 | PT Dayamitra Telekomunikasi Tbk. (MTEL.JK) | 7/10 | 8.8x |
| 43 | LleidaNetworks Serveis Telemàtics, S.A. (LLN.MC) | 7/10 | 10.3x |
| 44 | PT Indosat Tbk (ISAT.JK) | 7/10 | 8.3x |
| 45 | Indus Towers Limited (INDUSTOWER.NS) | 7/10 | 14.4x |
| 46 | IDT Corp (IDT) | 7/10 | 45.1x |
| 47 | Gamma Communications plc (GAMA.L) | 7/10 | 17.3x |
| 48 | Forth Smart Service Public Company Limited (FSMART.BK) | 7/10 | 16.6x |
| 49 | freenet AG (FNTN.DE) | 7/10 | 7.9x |
| 50 | Deutsche Telekom AG (DTE.DE) | 7/10 | 6.6x |
| 51 | PT Remala Abadi Tbk (DATA.JK) | 7/10 | n.d. |
| 52 | Comcast Corp (CMCSA) | 7/10 | 4.9x |
| 53 | Anterix Inc (ATEX) | 7/10 | n.d. |
| 54 | America Movil SAB de CV (AMX) | 7/10 | 8.4x |
| 55 | Okinawa Cellular Telephone Company (9436.T) | 7/10 | 37.4x |
| 56 | KDDI Corporation (9433.T) | 7/10 | 10.3x |
| 57 | Japan Communications Inc. (9424.T) | 7/10 | n.d. |
| 58 | Mobile Telecommunications Company Saudi Arabia (7030.SR) | 7/10 | 6.0x |
| 59 | Etihad Etisalat Company (7020.SR) | 7/10 | 12.8x |
| 60 | China Telecom Corporation Limited (601728.SS) | 7/10 | 11.3x |