Telstra Makes its Own Sense of NBN Impact; Key Messages Mean No Change to Our Intrinsic View
Our AUD 4.60 fair value estimate for narrow-moat Telstra is intact, post management's impact assessment of NBN's recent changes. Amid the plethora of moving parts, we see three key messages.First, NBN's decision to delay the rollout of hybrid fibre coaxial, or HFC, into new areas and temporarily cease its sales is just a delay, as is the tweak to its corporate plan slowing activations on other access modes. As such, compensation receipts to Telstra reduce in the near term, but are made up in th...
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.
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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.
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