How low can the sp go?

As a mug punter I will say that it would not surprise me if one day over the next couple of years the TLS sp goes under $1.

My reasoning is this. As the NBN continues to be rolled out and completed, TLS will completely lose the monopoly that it has enjoyed throughout its entire existence and become just another retailer in so far as home phone/internet goes. I do believe it should continue to be the leading mobile carrier in the country.

I think they have around another $12 billion in NBN compensation fees to receive but this is almost completely balanced out with their debt?

With approx. 11 billion shares on issue how much should the countries leading mobile carrier be worth? I wouldn't think todays market cap of $33 odd billion could be justified, but maybe $11 billion could be?

In very simplistic terms I don't think a complete trashing of the sp is impossible from here. If it does get down to around $1 I hope I am in a position to load up the truck.