TPG is a Yes, page-9

TPM is crazily undervalued.

If you think about a market cap of $5.5bn that generates EBITDA of $800m (Guidance was >$830m, but my figure is post NBN margin compression + vodafone) and maintenance capex of $200m for the ex-mobile business.

That's a FCF yield of around 10% after taxes.

All the debt is for outlay into mobile.  To think that they won't receive that figure back plus some is ludicrous. Especially in Singapore.

In a downturn, people will cut their steaks before they cut their internet.