Ann: Investor Presentation, page-13

MTU management would probably say given their track record combined with the cheapest debt in a long time, and the highest ever margins available in the sector, that there has never been a better time to take on debt and expand the business.

However, I would argue that margin compressions are likely over the next few years -

Telstra saying they are willing to sacrifice margins for market share.

Debt is likely to become more expensive than get cheaper from the low levels presently.

MTU even with all their debt fail to own any infrastructure and lack the competetitive advantages the big boys of Telstra, Optus and TPG have.

MTU is now stuck on the outside looking in at the big boys who own the infrastructure and is nothing more than a Telstra reseller in a world that is data hungy and growing exponentially. Good luck with that.