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Morningstar, Inc.

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Equity Bottom-Up

Telstra Leaves Autohome with AUD 2.1 billion.<ul><li class="p1">The sale of its 47.7% shareholding in Autohome is supportive of our positive view on narrow moat Telstra.</li><li class="p1">The disposal will intensify pressure on the company to reveal its hand on the capital management front, given its already strong financial position (net debt/EBITDA of 1.3 times).</li></ul>Analysts: Brian Han &amp; Benjamin Chan

Telstra Leaves Autohome with AUD 2.1 billion.The sale of its 47.7% shareholding in Autohome is supportive of our positive view on narrow moat Telstra.The disposal will intensify pressure on the company to reveal its hand on the capital management front, given its already strong financial position (net debt/EBITDA of 1.3 times).Analysts: Brian Han &amp; Benjamin Chan

Telstra's Leading Position and Reliable Cash Flow Make It An Attractive Income Stock.

Since the start of 2016, narrow moat Telstra's shares have trailed the market by 6%. This has been driven by rising competitive intensity in the telecom space and uncertainty over management's growth ambitions.However, these risks need to be put in context.Analysts: Brian Han &amp; Benjamin Chan

Since the start of 2016, narrow moat Telstra's shares have trailed the market by 6%. This has been driven by rising competitive intensity in the telecom space and uncertainty over management's growth ambitions.However, these risks need to be put in context.Analysts: Brian Han &amp; Benjamin Chan

Luxury of Telstra's Prodigious Cash Flow Amid Increasing Competitive Blows

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

We wrote previously that the Philppine telcos; <a href="https://www.smartkarma.com/entities/4215" target="_blank" data-smartkarma-citation="entities:4215">Philippine Long Distance Tel</a> (PLDT) and <a href="https://www.smartkarma.com/entities/1926" target="_blank" data-smartkarma-citation="entities:1926">Globe Telecom Inc</a> (Globe) already discounted <a href="https://www.smartkarma.com/entities/690" target="_blank" data-smartkarma-citation="entities:690">Telstra Corp Ltd</a>'s (Telstra) possible entry as a third operator.  We continue to see a number of hurdles before that becomes a reality and our numbers already reflect lower prices. However, we did not foresee the earnings shock from PLDT announced this week that drove the share price down 19% since 29 Feb.PLDT management has become decidedly more cautious on…

We wrote previously that the Philppine telcos; Philippine Long Distance Tel (PLDT) and Globe Telecom Inc (Globe) already discounted Telstra Corp Ltd's (Telstra) possible entry as a third operator.  We continue to see a number of hurdles before that becomes a reality and our numbers already reflect lower prices. However, we did not foresee the earnings shock from PLDT announced this week that drove the share price down 19% since 29 Feb.PLDT management has become decidedly more cautious on…

<a href="https://www.smartkarma.com/entities/690" target="_blank" data-smartkarma-citation="entities:690">Telstra Corp Ltd</a>'s (Telstra) 1H16 report last week showed underlying trends close to forecast although Ebitda was a bit weak. On the positive side, we are seeing mobile margin upswing and rapid growth in NBN payments. Our view is that Telstra can manage long term margin dilution (post NBN payments and migration) and retain LT margins above 30%. Revenue was strong across all key lines, helped by the weak $A. However, the mix favored low margin content and complex services.  Consumer grew through…

Telstra Corp Ltd's (Telstra) 1H16 report last week showed underlying trends close to forecast although Ebitda was a bit weak. On the positive side, we are seeing mobile margin upswing and rapid growth in NBN payments. Our view is that Telstra can manage long term margin dilution (post NBN payments and migration) and retain LT margins above 30%. Revenue was strong across all key lines, helped by the weak $A. However, the mix favored low margin content and complex services.  Consumer grew through…

<a href="https://www.smartkarma.com/entities/690" target="_blank" data-smartkarma-citation="entities:690">Telstra Corp Ltd</a>  (Telstra) reports later this week (Thu 18th Feb) and we expect the company to show decent revenue growth. We believe Telstra is in the early stage of a 3-5 year period of revenue and Ebitda growth in mid-high single digit levels. We expect Telstra to report significant payments from the NBN which is now ahead of target on roll-out and activations. FCF will rise in coming years supporting a rising dividend payment. With a strong domestic business generating growth in free cash flow, Telstra can afford moderate investments in Asia (Philippines).  Whether they will generate a reasonable return is another issue but the size of the investment is not enough to derail the income story.

Telstra Corp Ltd  (Telstra) reports later this week (Thu 18th Feb) and we expect the company to show decent revenue growth. We believe Telstra is in the early stage of a 3-5 year period of revenue and Ebitda growth in mid-high single digit levels. We expect Telstra to report significant payments from the NBN which is now ahead of target on roll-out and activations. FCF will rise in coming years supporting a rising dividend payment. With a strong domestic business generating growth in free cash flow, Telstra can afford moderate investments in Asia (Philippines).  Whether they will generate a reasonable return is another issue but the size of the investment is not enough to derail the income story.

Telstra: Domestic Strength Can Support Moderate Philippine Investment

Australia

Telstra Corporation Limited is a full service domestic and international telecommunications provider for Australia.  The Company provides telephone exchange lines to homes and businesses, supplying local, long distance and international telephone calls and supplying mobile telecommunications services. Telstra also provides data, internet, on-line services and directory services.

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Telstra Corp (TLS AU)

Telstra's Leading Position and Reliable Cash Flow Make It An Attractive Income Stock.

Telstra Leaves Autohome with AUD 2.1 billion. The sale of its 47.7% shareholding in Autohome is supportive of our positive view on narrow moat...

Morningstar, Inc.

Luxury of Telstra's Prodigious Cash Flow Amid Increasing Competitive Blows

Since the start of 2016, narrow moat Telstra's shares have trailed the market by 6%. This has been driven by rising competitive intensity in the...

Morningstar, Inc.

PLDT's Earnings Shocker. Guidance Reset.

We wrote previously that the Philppine telcos; Philippine Long Distance Tel (PLDT) and Globe Telecom Inc (Globe) already discounted Telstra Corp...

New Street Research

Telstra: Good Underlying Trends

Telstra Corp Ltd's (Telstra) 1H16 report last week showed underlying trends close to forecast although Ebitda was a bit weak. On the positive side,...

New Street Research

Telstra: Domestic Strength Can Support Moderate Philippine Investment

Telstra Corp Ltd (Telstra) reports later this week (Thu 18th Feb) and we expect the company to show decent revenue growth. We believe Telstra is...

New Street Research

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