Where to now for long term investors of Telstra, page-8102

GR,its not easy,but i must go by what penn and chairman r saying.
fy20 ebitda guidance is less than fy19 ebitda.
div for fy19 was 90% pay out ratio,thats the max within tls's payout policy.
ie there is no room to move for a reduction in ebitda if tls is to maintain .08 cent div.But tls is telling us fy20 ebitda will b less than fy19.?.How can div be maintained.?
Plus chairman continues to suggest profit will drop 50%.
In fy19 it had only dropped approx 40% so still 10% to drop otherwise why would chairman constantly repeat 50% profit reduction figure by 2021.?

Still outstanding is the bushfire mobile tower cost ie 10,s of millions.How many 10,s of millions in fy20?

Its to early to sell 49% of infraco,and did u notice optus was considering some type of sale of their mobile towers.

Tls has employed 1500 high skill employees,r they paying their way?

As posted,if i get a hint tide is turning i will add.My gut tells me 2020 and 2021 presentations will negative not to say what the market will do if merger goes ahead.
Just some points as to y i trimmed today.