TPG Telecom Feels the Pain of Great Expectations; Shares Below Unchanged AUD 10 Fair Value Estimate
We harboured no issues with the narrow moat-rated TPG Telecom's fiscal 2016 result, with the 59.8% lift in normalised EBITDA to AUD 775.3 million in line with our estimate. However, the earnings composition was disappointing.TPG consumer broadband division's 8.8% lift in EBITDA to AUD 242.0 million was 4.9% below our forecast, and a far cry from the 14.5% compound annual growth over the past five years. While the AUD 191.2 million consumer broadband EBITDA contribution from iiNet (just under a ...
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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