First thoughts:
I like the T22 Simplification Strategy. Andy's coming up for 5 years in May so one might question why everything in there is still such a work in progress but TLS is a tough beast.
Despite the growth in mobile numbers the narrative seems to be very much "managing the shrink". Probably fair but if I was a holder I'd be wondering where any growth is going to come from.
I'm sure they'd have loved to keep more of that 8c dividend to invest in the business. The fine print makes clear that 5c is the normal dividend and 3c is special so just how long are those specials going to keep going for?
My personal opinion is that their options are constrained by their debt and capital requirements now. It's a case of managing the decline in earnings as best they can. Tough job so hard to be too critical now, cash and strategic options were squandered in better times.
I'm not sure what investors see in this stock at $3.80 but if they're able to deliver T22 (and necessity may mean this transformation is more successful than previous attempts) it may set them up for a brighter future.
Good luck to all.
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