My wife just bought ST1 shares today - look pretty good. Advantage over NBNCo (faster), Business model easy to replicate, currently profitable. Lots of apartments going up in the South Yarra-South Melbourne-CBD area. Lots of Gen Y's who demand fast internet.
My personal experience with telcos just turned profitable are good: BGL and AMM have both been multi-baggers.
I think these guys could turn into a cash cow as they grow, and other wired buildings are an easy bolt on. $16M seems reasonable as a current valuation for a company with these growth prospects.
Looks worth a bet
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