TPG Telecom (TPM): Growing stronger on fibre diet

TPG Telecom (TPM): Growing stronger on fibre diet. Following its 1H14 result, we resume coverage on TPG Telecom with an Outperform recommendation and $7.00/sh target price. TPG continues to deliver stellar results with underlying revenue and EBITDA up 10.5% and 11.9% respectively. Additionally a 4.5cps div was declared. We see operational leverage from TPG's fixed line assets. Outlook is driven by strong cash flows, an unrivalled cost base and its infrastructure set