It's an interesting way to look at things but ultimately it all...

It's an interesting way to look at things but ultimately it all depends on your perspective and investment horizon. Vocus is not even remotely the same company it was at June 2015 - adding Amcom, M2, and now Nextgen. Similarly TPG has added iiNet and to your point, did a $300m raising in Dec 2015.

To keep things simple, if you like telco IMHO you want to hold both TPG and Vocus (I do).

They compete but the main competition is not each other, its Telstra.