’14-‘20 ARPU also went from 54.98 to 50.29. Think it’s a good result considering the headwinds during that period with increased competition.
Besides it’s not about gaining market share, but capturing the profits within the market, similar to Apple in the mobile phone space. Look at how the other telcos are doing during this period of time! Then look at the share price being hammered by income investors who only cares about dividends... doesn’t matter if it’s sustainable since a good % of them wouldn’t live that long.
Anatomy of A Failing Business, page-47
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