If you run a dividend discount model for valuing TLS using 0.11 as the div (0.22 annually) and no growth for a couple of years, then SP can go lower and it's only attractive to those that get the benefit of the franking credit.
If you run it with 0.15 annually then it's overvalued IMO.
Thus valuations IMO will come down to confidence in the company and their ability to maintain the payout ratio. Where is the growth going to come from? Any wobbles or macro issues could precipitate a fall too.
I'd be wanting cheaper than today's levels to build in a margin of safety to protect that yield if I was buying for long term.
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