Report
Brian Han
EUR 101.80 For Business Accounts Only

Telstra Investor Day: Could Have Done With More on Cost-Out, Less on Tech-About

Shares of narrow-moat Telstra remain undervalued, trading at a 24% discount to our unchanged AUD 4.60 fair value estimate. A key reason for our confidence in this intrinsic assessment stems from our belief that a material portion of the NBN-inflicted AUD 3 billion EBITDA hole can be plugged with the AUD 1.5 billion-plus net productivity savings program.
To this end, we were somewhat disappointed that Telstra's investor day provided merely broad statements and case studies of progress with this i...
Underlying
Telstra Corporation Limited

Telstra is engaged in providing telecommunications and information services for domestic and international customers. Co.'s operating segments are Telstra Retail, Global Enterprise and Services, Telstra Operations, and Telstra Wholesale. As of June 30 2016, Co. provided retail fixed data services to 3.4 million customers, retail fixed voice services to 5.7 million and domestic retail mobile services to 17.2 million customers.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Brian Han

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