Motley Fool's Article, page-69

Buy-backs are only worthwhile where a shareprice is undervalued. In Telstra's case it is overvalued given the company is shrinking and the shareprice is being propped up by an unsustainable dividend that can only be paid because of extraordinary events and debt...

I'll put it this way for you, TLS's shareprice has declined by $1.35 (or 23.7% of its value) to pay 31 cents of dividend, doesnt look like a great deal to anyway. It's been a crap investment recently and shows no signs of a turnaround with an anaemic corporate strategy (no organic growth, unsustainable dividend and a meagre share buyback).

TPM has its issues (margins on NBN in particular) but has the potential to grow in other areas (mobile in Aus and Singapore) which make it somewhat attractive.