simply a lack of marketing in australia?

Looking at the balance sheet its a highly geared company,
I put a little bit into this one knowing that it was speculative,
What caught my attention was the massive return on equity these guys have had over the years,

I dont know a lot about the telco industry,
I do know that this is a household name,

Not usually big on including intangible brand names in my valuations but its undervalued on the balance sheet,
When this business was working well it was turning over amazing dollars for its size,

People do not even know that they can dial 1800reverse from their mobiles,
I think the biggest reason for the decline in revenue of these guys is a lack of focus on domestic marketing,

When the business was making big money marketing was very aggresive,
I dont think that REFs troubles are a product of an economic slowdown,
Really shouldnt this business be countercyclical?

Anyone share some thoughts on this post?

Cheers