https://www.*********.com.au/2020/12/04/where-is-the-upside-in-te...

https://www.*********.com.au/2020/12/04/where-is-the-upside-in-telstra/

Overview and conclusion are promising:

"Despite the headwinds of the last few years from the loss of fixed line revenues to the NBN and declining mobile earnings, we remain optimistic about Telstra for three key reasons – the prospect of improved mobile earnings as a result of consolidation in the sector; the likely monetisation of some of Telstra’s infrastructure assets; and Telstra’s projected strong cashflows, all of which should enable the company to improve its financial position and maintain its dividend.

In summary, Telstra has weathered the major headwinds of the NBN rollout and aggressive competition from Optus, and has maintained its market-leading positions in all major market segments. A more rational mobile market, improved operating efficiencies, strong cashflow generation, and opportunities to monetise its strong collection of infrastructure assets all point to why we are optimistic about Telstra’s positioning and its potential to increase its earnings and dividends per share in the years ahead."

While some people are very sceptical about management I think they are doing ok. Before embarking on growth in esports, ehealth etc TLS needs to fix its structure in terms of admin, financial and infrastructure. This is what I think current management is doing.