MM recently purchased TPG and its very encouraging to see the stock shrug off recent market weakness even if it wasn’t focused in the telco space. We continue to believe the 25% pullback has restored some excellent value to the telco with a grossed up yield close to 4% also feeling achievable over the next 12-months. While TPG delivered an average result in February we know markets look 6-12 months in advance and investors appear to have started to vote that the worst is behind TPG. Also one area that is starting to see green shoots is roaming revenue as borders re-open while their fixed wireless subscription volumes are doing well – the risk/reward is currently appealing as a standalone play.
MM likes TPG around $6
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