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

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

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

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

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

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Equity Bottom-Up

<p><a href="https://www.smartkarma.com/profiles/1935" target="_blank" data-smartkarma-citation="accounts:1935">Ian Martin</a> views the latest <a href="https://www.smartkarma.com/entities/323" target="_blank" data-smartkarma-citation="entities:323:1">TPG (TPM AU)</a> results for 1H18 as being relatively strong given the forced migration to the NBN. The impact was mitigated by the freeze in NBN HFC migration as well as good on-net gains in Corporate and further iiNet synergies.  </p><p>TPG delivered flat revenue of A$1,252m and flat Ebitda of A$418.2m. On the revenue side, Consumer Broadband revenue rose 4.5% but the GP margin fell from 51% to 48% with NBN migration. Other consumer revenue rose 38% with a 57% GP margin…</p>

Ian Martin views the latest TPG (TPM AU) results for 1H18 as being relatively strong given the forced migration to the NBN. The impact was mitigated by the freeze in NBN HFC migration as well as good on-net gains in Corporate and further iiNet synergies.  TPG delivered flat revenue of A$1,252m and flat Ebitda of A$418.2m. On the revenue side, Consumer Broadband revenue rose 4.5% but the GP margin fell from 51% to 48% with NBN migration. Other consumer revenue rose 38% with a 57% GP margin…

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