The difference is the underlying fibre network.
All those additional retailers need to pay a wholesaler, and there aren't many options there.
The other part is scale. TPG and VOC have it, hence have higher margins from the retail business. I would suggest smaller retailers make nowhere near as much.
I would really like to see Vocus ramp up utilisation on their Network. They have a massive fibre network and it's not even at 50% utilisation. Forget trying to get an additional 1% NBN market share, using up that network is where it's at. Geoff did mention this in the half yearly webcast, which makes me far more comfortable.
VOC Price at posting:
$4.25 Sentiment: Buy Disclosure: Held
