EPS is small picture stuff which is not a true reflection of the...

EPS is small picture stuff which is not a true reflection of the company's earnings due to the tax shield, and depreciation costs which lower accounting profit without impacting cash flow. Cash flow is the key to this company IMO.

TPG consumer relatively stable, very little growth left as the market is fairly mature.

Corporate ticking along nicely with some modest growth, Teoh has steadily increased the margins since acquiring AAPT. Customer service and image is also picking up according to NPS.

iiNet is no surprise. Customer base stable (slight churn loss of 6,000). However, the kicker is that iiNet EBITDA is up over 20% largely due to efficiencies and integration costs with TPG's network. Like the Corporate division, expect Teoh to steadily increase the margins for the next few years.

Obviously Consumer and Corporate are at the stage where they can just tick along each year and bring in cash. The next major move will be the mobile space. Expect Teoh to pull a rabbit out of a hat sooner or later.

Debt is only $1.3 billion, it's now chicken feed for a company with the stable cash flow TPG has.

Amayasim will be hard pressed to compete with TPG in consumer fixed line broadband as they don't have the low network costs or economies of scale TPG have. I will be surprised if they can match them on price and make money.