Much discussion today about the Telstra results and the SP dive.
1. Interesting the figures were all in line with market expectations;
2. The concerns seem to be that revenues continue to decline as they have for years: the goal of a company is to grow its revenues over time rather than see them contract;
3. If the revenues continue to decline then the 0.28c FF dividend may have to be cut, thereby taking away pretty much the only reason to hold this stock;
4. Although Telstra may receive around $11Bil from the Fed Govt and ongoing duct rental payments with the NBN - fear remains that this "compensation" will be less than the loss of customers for Telstra.
All in all, there seems to be no surprises in today's announcement. Taking into account 2 days of about 3%+ declines on the broader market, today's 8% decline in Telstra SP needs to be looked at in that light.
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