TPG's 1H18 Result Impressed but Ebitda Under Pressure Until 2021 and They May Need More Capital.

TPG and Vodafone-Hutchison Merger of Equals Proposed - This One Goes To 11

More Than Friends as TPG Telecom and Vodafone Answer Each Other's Calls

Telecom Results To-Date a Sign of Things to Come for TPG Telecom; FVE Cut to AUD 6.00

The Game Getting Tougher but TPG Telecom Keen to Play a Different Game

TPG Telecom Will Be a 4th Australian Operator, Or (More Likely) Merge with VHA to Create a Large No3

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Equity Bottom-Up

<p>The 2%-3% upgrade to <a href="https://www.smartkarma.com/entities/323" target="_blank" data-smartkarma-citation="entities:323:1">TPG Telecom Ltd (TPM AU)</a>'s fiscal 2018 EBITDA guidance to AUD 825-830 million needs to be put in context. We calculate AUD 13 million of the AUD 15-25 million upgrade to be attributable to NBN's decision to delay the rollout of hybrid fibre coaxial, or HFC, into new areas. Indeed, the group is on track to lose only 352,000 "on-net" subscribers in fiscal 2018 versus management's prior estimate of 400,000-500,000 such customers, after shedding just 176,000 in the first half…</p>

The 2%-3% upgrade to TPG Telecom Ltd (TPM AU)'s fiscal 2018 EBITDA guidance to AUD 825-830 million needs to be put in context. We calculate AUD 13 million of the AUD 15-25 million upgrade to be attributable to NBN's decision to delay the rollout of hybrid fibre coaxial, or HFC, into new areas. Indeed, the group is on track to lose only 352,000 "on-net" subscribers in fiscal 2018 versus management's prior estimate of 400,000-500,000 such customers, after shedding just 176,000 in the first half…

A Rare Instance of NBN Friending as Opposed to Upending TPG Telecom