Thanks for the explanation KW, you are correct, the past counts...

Thanks for the explanation KW, you are correct, the past counts for nothing these days.

It's probably more complicated than just forward EBITA guidance. There were one off costs for aquisition of PIPE and now the debt facility to pay which they have comfortably in hand? Another 12,000 subscribers expected by end of Sept, not mentioning the rest of FY11 susbsciber growth. I feel their guidance is understated.

The EBITA for TPG and PIPE was reported as seperate items in the report with TPG EBITA at $171.1m - this did not count the 55.6m from PIPE. Offocially TPGs ENITA is reported as $171m nor $216m! Todays's Australian newspaper.... Earnings before interest, tax, depreciation and amortisation grew 42 per cent to $171.1m, ahead of guidance.

Maybe they stuffed up the presentation and guidance was only for TPG not combined?

Anyway it doesn't matter because the market punished us as stated by KW - it sees guidance as dissapointing.

I believe TPG will review guidance in the next qtr higher.
Cheers
Dave