recent run.., page-176

The speed is a major point here, note the lack of 100mbps and slower speeds?
Just so happens this will be the sweet spot speed when their mobile network is up and running, anyone else seeing the picture yet?
Wireless is the future, they will be the low cost kings on what will be entry level internet in a few years time and will be able to upgrade as 5G is rolled out.
Fibre backhaul and wireless last mile, not hard to see the plan but people can't see past the poles and wires.
TLS will pick the cream in the 5G space and TPM will trail the market and continue to be the low cost kings.
NBN is dead and no one other than TLS and TPM will be a nationwide player in 5-10 years IMO, VOC will be in parts, sold to the wolves as need be, good return to be made but can't survive as a major player, SGT will dwindle and VHT will never put the capital in to launch a decent alternative network.
Unless VHT/ SGT/ VOC start making deals between them ASAP it's game over, TPM will likely be a predator for at least one of the 3 sitting ducks mentioned but not at the prices they would command today.
TLS can't really grow but will likely trade on a much better multiple at some point over the next few years when it's realized they wont shrink into oblivion, the only real growth option in telco land at the moment is TPM, unless a satellite player can get the scale necessary to go global and take all these guys out at once which is possible, even likely in a longer term time frame, though it would likely be decades away IMO.

Ps: imagine a market where TPM can be the lowest cost provider with triple the margins of anyone else in the low cost space because of the backhaul advantage and without the maintenance CAPEX of the premium players, 20% market share in both mobile and internet would turn a good return going forward and that I believe is a cautious assumption.