Expanding on the above, I think pages 10 and 11 of the half yr report really explain why the share price is tanking. Page 10: income growth Fixed -$274m data&ip -$78. Offset by recurring nbn of +$84 m Page 11 where the impact is magnified due to lower margins in fixed as a result of nbn Product ebitda performance Fixed ex c2c -$447m data&ip -$47 Offset by recurring nbn da +$81m This is only going to get worse over the next 18months as the speed of transition of customers into the nbn speeds up. The market is coming to realise this enmass. The market is really just the collective wisdom of its individual participants. And the market is realising that one of tls key strategic monopolistic pillars being fixed is permanently evaporating.
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