All of this is being masked by the massive growth in one off nbn payment growing from $500m to $1b last half. The net result being that on a group basis headline ebitda looks fine with group ebitda being approximately stable. This should continue for the next 18 months. But in imho the key to start investing in Telstra is when the core ebitda stops declining (half yr Fy 18 it declined 8%) and becomes stable. The rest is all smoke and mirrors and the market is waking up to this. Hence the share price dropping.
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