New Street: Telstra (Hold, TP: A$4.00, +3.9%) 2021 AGM: Indicators of long term value, no near term catalysts
Telstra reaffirmed FY22 guidance. The AGM highlighted T25 strategy, the emerging digital economy and Telstra’s focus on regional investment. While we are enthusiastic about the LT prospects in a 5G on-net digital economy, Enterprise faces further near term pain, and net value drivers aren’t material yet. (Health may be a leading indicator.) The next key structural catalyst—crystalising value in fibre—faces several hurdles, although Telstra indicated its new corporate structure would go to shareholders in early 2022.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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