Where to now for long term investors of Telstra, page-12588

Debt is one part of the 200 pce white puzzle.
Tls guidance expects debt to increase this half because of $1.3 5g spectrum purchase.Will tls get a reasonable editda return on this investment.? I'm not suggesting its a bad acquisition but the way it is allocated is critical for EBITDA.
Tls debt is effected by asset sales then lease back,one example by memory is their head office building in sydney they sold it reduced debt and then leased it back.etc etc How much have lease payments increased? What is FCF figure which lease payments effect.etc.
Guidance $8.2 to $8.3 EBITDA is that exciting.? during the Trujillo years and early Thodey years $15/$16b ebitda so there is another pce of the puzzle.NBN agreement has cost tls as much as the Conroy threats would have cost tls.Govt one the nbn negotiations when tls had all the knowledge as Thodey and Penn as cfo signed nbn agreement..
Very messy accountants which imo could be made clearer if tls purple,enterprise (NAS) simply became stand alone 'Telstra IT applications and services'.