I worked for PIPE 2, page-19

Telco's are like infrastructure stocks you build the bridge and collect money from the tolls. I think TPG will launch there own mobile network, they already have 3/4 of the network built. They may build it slowly over a period of time but I think they will eventually get there. IMO.

And yes I agree FTTB is highly profitable and no one can compete with TPG from a price performance perspective. With FTTB they completely skip the NBN.