TLS - all times lows. Is it oversold.... or in a downtrend due...

TLS - all times lows. Is it oversold.... or in a downtrend due to the transformation of the Telco industry?

Earnings 31c $3.8bill (2009 $4bill)
Dividend 28c

Market Cap $33bill $2.62
Borrowings $15bill

Net Assets $13bill (if you think of all of it assets)

Fixed Landlines falling and losing money
Fixed Broadband holding (Optus Cable eating into market)

Mobile Phones- growing but profits will be falling due to reduction in the prices of plans due to competition

Mobile Broadband - growing and competitors do not have anywhere near the quality as we are all finding out.

.................................

So the questions are..

Can TLS maintain it's profit at $3.8billion? If not what to expect? How many years can we expect it for?

Is TLS happy to keep it's borrowings at$15billion and IF profits start to contract will it be able to sustain this debt?

Will the dividends have to reduce?

I have my views but I'm interested in other peoples opinions..