TLS +5.61%: Posted a good result meeting estimates on most metrics, with the market mostly excited about capital management – an increased interim dividend and a $750m on-market buyback.
- Ebitda of $4.25bn (+6% yoy), consensus $4.2 bn
- Mobile product income of $5.57 billion (+4.5% yoy), estimate $5.57bn
- Interim dividend of 9.5c vs. 9c yoy
The last time Telstra made a strong move through $4 and beyond was for similar reasons – expected buybacks and capital returns, as they looked to cash in and sell their InfraCo arm back in 2023. That would have been a short-term sugar hit. This time, they’ve got the assets in hand and it’s a different story. With those assets growing revenue consistently, alongside a renewed growth in mobile segments, TLS management stand to deliver consistent earnings and dividend growth into the 2nd half and beyond as planned.
MM remains long and bullish TLS
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