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18/01/18
16:01
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So the pluses and minuses to TPG's FY18 guidance on my count are:
+ve impact
1) CVC volume discount announced toward the end of 2017
2) NBN50 AVC + CVC cost now lower than 25Mbps plans
3) ARPU will rise from point 2. Gross margin will be aided by higher ARPU and lower cost.
4) Vodafone to contribute? Certainly in 2H.
5) Growth in corporate? Adelaide project?
Points 1-4 are already material to the numbers. Telstra eluded to point 1 but covered it up with NBNs delay in HFC.
-ve impact
1) additional sales staff in the corporate division
2) additional headcount in mobile
3) minor spectrum purchases (won't hit P&L)
Have I missed any?
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