Action and recommendation Retain Neutral. Subscriber trends were...

Action and recommendation

Retain Neutral. Subscriber trends were disappointing,

although ongoing efficiency gains provide a financial offset.

Longer-term, the execution on Mobiles is likely a bigger delta for investors, and here TPG looks to have made positive progress for the half.

Having said that, we remain of the view that investors are unlikely to price in material upside from TPG’s mobile strategies in the near term given the early stages of the rollout and the associated challenges.