timpb better than tim, page-15

very useful.

I agree then that TIMPB should be trading at discount to fair value versus TIM share price but the extent of the discount is a bit over done. WIth TIM at 11.5, TIMPB being offered at 51.5 cents is quite cheap versus 65 cents full value equivalent.

The other thing in TIMPB's favour is of course that it ranks ahead of TIM in a wind up though it is doubtful there would be much left for noteholders after the banks exercise their rights under security arrangements.