Long term patterns of: 1. Reduced earnings 2. Reduced Free Cash Flow 3. Increasing debt to fund dividends
Structural industry issues associated with 1. Government antipathy if not outright hostility 2. Commoditisation of services (at a horrible price point) re: nbn 3. Increased competition and lack of differentiation in their remaining key money spinner (mobile)
Moribund management 1. Lack of leverage/innovation/enterprise. Name one successful genuinely new initiative from the last 10 years..... 2. They seem to be trying to simplify their platforms again but it's taken so long 3. FoxTel anyone?
Sure, at a market capitalisation of $40B and carrying a whole bunch of debt what's not to love?
TLS Price at posting:
$3.12 Sentiment: None Disclosure: Not Held
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