Ready , Set, Go, page-18

Hopefully we'll start to see some realisation that owning the infrastructure (ie TPM) involves more capex than is often expected and lower capex businesses (ie AYS) generally give better ROE's over the long term.

Also perhaps there is some realisation that when it comes to selling fixed line broadband to a lot of the general population in an NBN world, TPM will be simply a re-seller.

In summary, AYS's PE is too low and TPM's is too high