Can someone please explain to me why it isn't better for Telstra to NOT pay a dividend at all, and instead use the profits to grow the company? According to the CommSec numbers, the Return on Equity seems to have been really good over the last 10 years. Around 30% but over the last two years about 27 to 28%.
Am I looking at incorrect ROE numbers?
Surely leaving the profits in the company to grow at 27% and letting the share price rise accordingly is better than paying out a dividend?
Please note I'm very green so am likely way off here!
2018 Annual Report, page-6
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