HYR Discussion, page-32

"But it affects Telstra's earnings more because Telstra is used to fat margins."
Then logically Telstra could afford to lose some margin, more than its competitors.

I disagree to that opinion in AFR. Telstra is well compensated by NBN renting its copper network. The writer mentions about the income from NBN, but I think he forgets that it means Telstra is not losing. And even if Telstra still could charge wholesale users of its fixed-line network, that revenue would be diminishing or Telstra would have to spend a fortune to maintain and upgrade it, but couldn't charge a profitable fee because ACCC wouldn't allow like what happened a few years ago.

I mentioned NAS and cloud to indicate that Telstra is not just a telco. Of course, Telstra has many competitors. But I think Telstra is very competitive. Its transformation is in a quick pace.

In Australia at least, Telstra is definitely better to invest in than its competitors. How can we be sure of that? Because Brand Finance,
the world’s leading independent brand valuation and strategy consultancy, has voted Telstra as the most valuable brand in Australia. I will let you find out for yourself what it signifies to be the most valuable brand.