whats the value in t3

I consider T3 risky. Institutional book building will most likely push the sp to around $3.90 by Nov 17, probably more ($1.90 to pay in 08). Unless 3G is hugely successful, its likely Telstra will continue to loose market share, if that is the case, its sp will drop. Assume it drops back to say $3.50, counting the dividends (28c guaranteed for 07, but only half that for the first half of 08) you will have made 2.7%, that’s counting the bonus shares,…not that spectacular.
Of course, Telstra could prosper, but I can't see that happening with the ACCC on their back, and their wonderful customer relations, in all very risky, better value elsewhere.
Value Cost
Initial instalment Cost $2.00 $2.00
2nd Instalment $1.90 $1.90
07 Dividend $0.28
08 1st half Div $0.07
Bonus Shares $0.16
Delta cost and final price -$0.40
Total Value $4.01 $3.90

Gain for 18 months 2.72%
Gain P/A 1.79%