Vtg trading and fair value, page-10

Fair enough,
as per the company website they got 107 License store and 21 Business centres.
I think Telstra has already tightened the screw. They don’t want take this to a break point and I don’t think there is much juice left to squeeze.

Telstra spent $950m last year on total sales and commission out of that $195m came to VTG if I am reading reports right.
For FY18 looks like they will get around $160m from Telstra as fees and commissions that’s already around 18% down compared to last year.
Obviously industry is getting more competitive, hence they have looked in to NIMA as a hedge.