I'm buying VOC because, page-78

There are two parts of the story and your focusing on one that by the sounds of it, is based on non recent experience. Those two parts are capacity for the provider within the NBN network, and then there is the need to get that back to the providers network - ie Backhaul.

Vocus's customer profile had a significantly lower average bandwidth compared to the majority of its competitors, probably due in part to the Dodo 12/1 campaigns. Vocus is also one of a very few wholesale backhaul providers for NBN. So they dont have the pressing need to expand infrastructure to handle the business others have.

Now factor in the new bundle pricing NBN announced in Dec, ie The 50Mbps bundle includes 2Mbps of CVC, while the 100Mbps bundle includes 2.5Mbps of CVC for $45/65 respectively, compared to an average cost of $61 for the 50Mb bundle previously, and its possible in fact costs will go down while users go up in speed and hopefully ARPU.

I see VOC in a good position here, as did its founder a year ago when he looked at the impact of the NBN on the industry, things have changed since but thats a plus, not a negative.