TLS -4.18%: 1H22 results today that were pretty much inline, a touch light on if we’re being pedantic but nothing to change the investment case. Total income $10.89bn v $11.1bn expected, Underlying EBITDA of $3.495bn was up 5% YoY and inline with expectations while NPAT reported $743m v around $900m expected but a few swings and roundabouts in that number. The dividend of 8cps was as per programmed while they also reconfirmed guidance for the full year which is for total income $21.6bn-$23.6bn & underlying EBITDA $7.0bn-$7.3bn.
MM remains long and bullish TLS in our Income Portfolio
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