Telstra reporting a result above many analysts forecasts

Leyland Private Asset Management

Trusted and Confidential Asset Management Advisors

Telstra reporting a result above many analysts forecasts. Net profit of $4.27 billion was up 14.3% from last year. Adjusting for one-offs, NPAT rose by 8.3%. Importantly, a dividend of 15cps was declared. Given that Telstra's dividend is supported by defensive cash-flows and the NBN payments TLS should continue to find favour in a yield thirsty environment. Mobile revenue grew by about 6% in a flat broader market, and TLS was also able to maintain margins. Increased competition is the key risk in future, however, the company has a long history of dealing with the challenges in these markets. Guidance was for low-single digit growth for the next 12 months. At 16x forward earnings it appears investors are seeking yield rather than growth from TLS.


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Leyland Private Asset Management
Trusted and Confidential Asset Management Advisors

Founded in 2003, Leyland Private Asset Management is an independently owned firm specialising in Australian Stock Market and Fixed Interest Investments for individuals, companies, self-managed super funds, institutions and family offices.

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