Ann: VTG FY Results Announcement and Presentation, page-7

Yes, potentially Telstra want to pay a multiple against COVID-impacted EBITDA rather than a pre-COVID EBITDA. Either way, even meeting in the middle there at 2.5x is a good outcome alone plus other assets at play (such as the franking credits) which they at least did not make out like they were going to hoard the cash for SHAW.

I thought Artisan did OK given the circumstances tbh.