Broker update - PT $8.19/share by Deutsche Bank, page-70

Its fair to say that the retail/consumer organic growth was slower than expected. They added 26,333 new NBN subscribers in the September quarter and currently hold approx. 7% of market share.

I'd like to see an increased focus on acquiring customers within this segment as theres a large share of market up for grabs. NBN margin may be lower than previous technologies however the cost to serve customers should also be lower. This should be seen as 'low hanging fruit' for the retail side of the business that would immediately help to improve the revenue numbers.

Re capex, what non BAU activities were you referring to? I've seen reference to a sub sea cable which, considering the nature of their corporate business, seems to fit exactly into what I'd expect a telco to be spending cash on.