0029 GMT - Betting on telecoms company Telstra (TLS.AU) maintaining its dividend? You shouldn't. That's the message from Credit Suisse, which cuts its dividend forecast to A$0.25/share from FY18. Telstra can't support the current payout given it is taking a A$2 billion-A$3 billion Ebitda hit from fixed-line customers moving to the government-owned National Broadband Network, Credit Suisse says. It expects Telstra to confirm a dividend reduction at its FY17 result in August. "We assume A$1.8 billion of share buybacks across FY18/19 to maintain the overall dollar value of returns to shareholders in those years and help ease the transition to the lower dividend," Credit Suisse says. Its price target drops 13% to A$4.00/share, while its underperform call is unchanged. TLS last traded at A$4.35. ([email protected]; @dwinningWSJ)
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2 | 16461 | 3.790 |
3 | 41284 | 3.780 |
6 | 74693 | 3.770 |
20 | 260953 | 3.760 |
Price($) | Vol. | No. |
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3.810 | 193163 | 4 |
3.820 | 43423 | 3 |
3.830 | 43974 | 3 |
3.840 | 290383 | 4 |
3.850 | 102260 | 4 |
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