Ann: Telstra Full Year Results 2019 - analyst briefing materials, page-31

OK Mike,it appears goldman sachs and motley fool agree with you ie tls's a buy partly because of following ie the have suggested fy20 ebitda growth of $500m as per tls's presentation ?????????,goldman suggests the reduction in capex should provide for higher divs with their eps estimate of .25 cents t22.
Now tls lists the various figures like $500m ebitda growth,you suggest plus nbn payment of $1.6 -$2b but i believe u should have mentioned these r one off nbn payments ie not ongoing and not the nbn long term access lease payment which is already included in ebitda fy20 guidance.
Capex reduction as described by goldmans already included in fy20 forecasts and $500m ebitda growth already included in fy20 guidance (unless we r expected to add it to fy 20 guidance ?.
So the bottom line is tls's FY20 ebitda guidance of $$7.3b to $7.8b ie FY19 ebitda $7.8b.This figure already includes on going reduction in capex,the $500m increase in ebitda figure and lets add the total increase in operating expenses even after $700m of redundancy etc costs brought forward.
ok admit i still haven't read break down of full operating expenses on d6 and d7.
Either i am simply wrong,or the captain of the titanic is saying everything is fine folks,we will just have to continue the trip in life boats.ie lower ebitda.
Absolutely more than happy for anyone to correct these figures.