TPG Future Prospects

I have held TPG for about a year, and recently quadrupled my investment after the US correction at $6 per share. I was originally looking at trading these new shares but now I am considering holding long term. I am hoping current SP fall (approx 10% in last month) is just a short term dip on a long term up trend.

I don't really understand telco industry well. My basic understanding is TPG has bought new mobile spectrum in Australia and is building a new mobile network here as well as doing something similar in Singapore.

I am trying to understand what TPG's future profitability, EPS, PE ratios etc. may look like. Looking at 2017 annual report, financials were as follows;

In the same annual report, management advise that guidance for 2018 is Underlying EBITDA of 800 - 815 million and that "FY18 year-to-date results are tracking well to the guidance provided in September 2017". Therefore the 2018 guidance is slightly less than the $835 million underlying EBITDA achieved in 2017 year.

When I look at the forward estimates on Commsec for TPG , these are;


These figures seem to suggest 20% EPS decline in 2018 and 30% EPS decline in 2019. Not sure why this is the case, perhaps they are factoring in large depreciation on the new mobile networks that TPG is building.  2018 EPS decline does not seem to be consistent with management's 2018 guidance. Can anyone make sense of the Commsec forecasts?

Does anyone here know what sort of future profits we may be looking at, if TPG can execute their strategy of building the new mobile networks within the expected time frame and on budget. Surely future EPS is not as bleak as Commsec estimates? Assuming 2018 is in line with management's guidance of 800 - 815 million, any idea or what 2019, 2020 etc may look like. Or if anyone has any research from brokers with what forward profits could look like.

Thanks, I am just looking for some reassurance as to why TPG is a good long term hold.