Agree regarding Autohome and CSL, in the past not selling early enough TLS have missed HUGE valuations ie: Yellow Pages and Foxtel only to see them dramatically devalued by disruptors.
Rising interest rates will hurt TLS more than NBN in respect to the 30 year deal as the discount rate was based on much higher interest rates AND much higher inflation, the value Thodey estimated if recalculated now would be MUCH higher as that was the value in 2010!
There is no way a new valuation would be mentioned in public at the moment, that little nugget will only come out when it comes time to spin it off (which they should).
Rising inflation and rates will bring that valuation back down accordingly.
Interest rate differential and lower inflation adds up to a difference of more than 6% per year at current rates, since the deal has been signed this has fluctuated but at a basic estimate the original $20b net present value would be closer to $26b.
I've said many times I have ZERO concerns about TLS dividends, even an idiot could run TLS and still return massive value to shareholders over the next decade, if run well it will be a very profitable 2-3 decades.
TLS Price at posting:
$4.64 Sentiment: Buy Disclosure: Held
(20min delay)