Report
Brian Han
EUR 101.80 For Business Accounts Only

A Rare Instance of NBN Friending as Opposed to Upending TPG Telecom

The 2%-3% upgrade to TPG Telecom's fiscal 2018 EBITDA guidance to AUD 825-830 million needs to be put in context. We calculate AUD 13 million of the AUD 15-25 million upgrade to be attributable to NBN's decision to delay the rollout of hybrid fibre coaxial, or HFC, into new areas. Indeed, the group is on track to lose only 352,000 "on-net" subscribers in fiscal 2018 versus management's prior estimate of 400,000-500,000 such customers, after shedding just 176,000 in the first half. This contribut...
Underlying
TPG Telecom Limited

TPG Telecom is a telecommunications company based in Australia. Co. has three operating segments: Consumer, which provides retail telecommunications services to residential and small business customers; Corporate, which provides telecommunications services to corporate, government, and wholesale customers; and iiNet, which provides telecommunications and technology services to residential and business 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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