Where to now for long term investors of Telstra, page-4520

When the news about the TPG/ Voda phone merger came out TLS SP went up due to the reduced competition.
The market has now had a rethink about this and is now not so sure the benefits will be that great.
The reason is TPG are big on broadband and Vodaphone are big on mobile so a combined group will actually increase both broadband and mobile customers at the expense of Telstra customers.
This will happen as each company will leverage off each other to get for example current customers that currently have TPG broadband but Telstra mobile to switch fully to the new combined group.
Yes TPG were going into mobile anyway but the new combined group will save heaps on costs and they will be able to undercut Telstra on package deals.
Telstra does have a headstart on 5G due to Huawei being banned but the others will catch up.
Testra's problem is still the same in that it previously had a dominent market share and used that power to hugely overcharge customers for services that are 50-70% cheaper in most other developed countries.
Competition is now catching up which is not only eating away at Telstra's market share but is also reducing prices and hence profit margins massively.
With the imact of the NBN, lost fixed line rental and continuing cheaper deals being offered by competitors its still hard to see how Telstra can achieve any growth from here or in fact even hold on to their current market position.