No Bargain but 5G Spectrum Auction Could Have Been a Whole Lot Worse for Australian Telecoms
The outcome of the 5G spectrum auction was broadly in line with our expectations, with no impact on our fair value estimates for Telstra (AUD 4.40) and TPG Telecom (AUD 6.10), both narrow-moat-rated. The headline total of AUD 853 million raised by the Australian Communications and Media Authority is susceptible to hyperventilated claims of overpayment. However, this needs to be put in context.While the average AUD 0.29/MHz/population realised for the real estate in the 3.6 GHz band was hardly 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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