Simple business with simpe decision

Basic earning per share from continuous operations was 0.316 in 2016 (-5.7% from last year)
Its EBITDA only declined 0.6% in 2016 to $10.5 billions. This reflects higher depreciation and amortization.
Depreciation of property, plant and equipment increases from $2,915 to 2,957 m in 2016 (1.44%)
Amortization of intangible assets increases from $1,059 to 1,198 m, respectively. (13%)

To me, I usually treated amortization is an non-cash accounting expense, having little impact on future cash flow. It does not really worry me. The increase in expense of 0.1 billions from amortization to me is just on the paper.

Now, the share of TLS is about $5, trading at P/E of 15.8. Given its guidance for 2017, EBITDA should grow between 0 to 5% (maybe 2.5%) and about 2.5% of shares on issues were bought back.

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P/E for 2017 is expected to be around 15.
The dividend is about 0.31 +0.13(franking credit) = $0.44. (8.8% per annum based on today share price at $5)
Solid business with monopoly infrastructure, providing essential telecom to Australia
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All the background noise about ACCC and free-riding from other telecom is nothing more than billions of other information that changes daily and might affect Telstra earning. But, a good business will ride through.
With current valuation, it's quite close to my bargain price on Telstra.

Looking to buy more, if price dipped further.