TPG -5.4%: struggled today after failing to overturn last year’s ACCC decision to deny an agreement with competitor Telstra which would have seen the two share the network in regional areas of the country. The deal announced in February would have vastly extended TPG’s reach and allowed many Australians an alternative to Telstra’s often more expensive mobile plans. The company maintained FY23 guidance which now includes $20-25m in one-off costs, however, the stock fell given it is facing a significant CAPEX bill to build out their regional offering, though these plans are likely to take time to implement. Shares bounced off intraday lows today.
MM is neutral to positive TPG
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