Telstra loses accc battle on wholesale, page-28

TLS is in a commodity market and must make its money in volume not margins

growing market share is difficult due to smaller more agile businesses continually do things better and cheaper than TLS and this action is typically in the high margin areas so double trouble

loss of monopoly profits to NBN

NBN one off payments and a tail i.e. a revenue peak followed by a decline forever

Mobile network good but expensive and loosing ground in terms of revenue

an ex govt department still with some fat and inefficiencies but the low hanging fruit is long gone

TLS combines the innovation of a large bureaucracy with the agility of a large bureaucracy and its attempts to enter new markets and create new startup businesses and react to new players shows this

blips with competitors e.g. Vodaphone helped but are temporary and will be less frequent

till the dominant player but limited by high regulatory environment clipping both price/profits and committing Telstra to low margin areas

general impression of underperformance

no one thinks TLS will ever hit a new all time high

these young blokes are discussing as well

https://www.nabtrade.com.au/insights-and-ideas/stocks-to-watch/news/2017/03/is_telstra_a_buy/?utm_source=SMSF&utm_medium=Telstra&utm_campaign=March eNews

I have done well TLS but have sold 44.6% of holdings above current level.