Reality Bites as TPG Telecom's Fair Value Estimate Cut to AUD 8.50 per Share
We have cut our fair value estimate for narrow moat TPG Telecom by 15% to AUD 8.50 per share. Management's reiteration of AUD 820 to 830 million underlying EBITDA for fiscal 2017 is not a surprise (our earnings estimates for the next three years are largely unchanged). However, we have factored in the potential greater longer-term impact from national broadband network, or NBN.All else being equal, the higher NBN access costs (around AUD 40 per month per subscriber) could reduce TPG's EBITDA ba...
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.
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