its a dud, page-25

tls and the buy a bank argument---leading analysts are leaning toward significantly lower growth rates for the big four,almost certainly the competition for new business under this scenario along with cost cutting will be fierce.

i am afraid i see no compelling argument for TLS to enter the finance sector given regulatory requirements it would operate as a stand alone business in an already competitive environment,it would be cheaper in every sense to go to the markets for funding,cross funding would not be a legitimate
undertaking if they operated a bank.

TLS are expanding the diversity of their business within their sector,to grow stronger they should probably consider divesting Sensis or changing the manner in which it exploits its various markets.

what is apparent is the dominant position they will retain
with a market share build and the development of new products which hopefully will allow ongoing profitability in an evolving technologically driven market.

the nbn may devolve into less than the puritanical fibre all the way genre ,however it will be unlikely the method of administration will change-- i have no expectation of seeing 93% fibre penetration in the next 10 years,by that date i will be retired.

so until then lets hope they do a great job in building a great business that provides a generous dividend--meanwhile
with ever changing sentiment i will continue trading in and out of stocks that appear to offer outstanding value including TLS which i currently hold--for how long ? dont know depends on sentiment and news creating perceptions and the corresponding effect on markets across a broad range of stocks