TLS should be closer to 11 PE but likely will with the forward revenue. Everyone keeps talking about 5G providing massive revenue but I can't see that happening anytime soon as a lot of low latency applications (except self driving cars and mobile smarts/gaming) can be connected to a fixed line.
The key negatives I see for Telstra are:
-Account payables delayed + discounts for Covid19 affected customers -Extreme discounting on mobile/corporate plans to be competitive -Other NBN RSPs are picking up marketshare (https://www.channelnews.com.au/smaller-operators-stealing-nbn-market-share-from-telstra/) -Foxtel is pretty much a writeoff at this stage -More international pipes being rolled out by competing transit carriers which will open up room for more competition such as Aussie Broadband. -Infraco assets may be overstated
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