From Macquarie Telstra Déjà vu? Key Points • FY23 EBITDA of $7,950m was better than our/market expectations and at the top end of company guidance. InfraCo monetisation deferred to medium term. • FY24 EBITDA guidance of $8.2-8.4bn was slightly softer than our expectations at the mid point, reflecting enterprise/wholesale headwinds. • Contracted, annual mobile price increases the next step up for the stock. Retain Outperform
TLS Price at posting:
$4.13 Sentiment: Hold Disclosure: Held
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