it does not make sense in the transcript relating to special divvy.
the FY18 guidance for EBIT is the same as FY17, so 22cents equates to 70% of EBIT. they say that it will range from 70% to 90%.
so this should be defined as their quoted 'ordinary' divvy, not ordinary and special combined.
they then say that 75% of 9 billion from one off nbn payments will be returned via special divvies over time.
very confusing for the market and Penn should clarify exactly what this means as it could make the SP rally easily over $4.
cheers crazypunter
Where to now for long term investors of Telstra, page-23
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