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TPG, TPG TELECOM LIMITED
nipper
post Posted: Mar 26 2021, 09:05 AM
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The reclusive chairman of TPG Telecom, David Teoh, has resigned from the telecoms company, with his son and fellow board director Shane Teoh also heading for the exit.
QUOTE
Mr Teoh will keep his 17.2 per cent stake in TPG following his shock exit.

He and his associates hold 254.6 million shares that are under escrow until July 2022, meaning they cannot be sold until then, as part of the merger agreement between TPG and Vodafone Hutchinson Australia in July 2020.




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Feb 25 2021, 11:25 AM
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also,
code change (and Tuas TUA spun out) since 01 July 2020:
TPG TELECOM LIMITED now has the code TPG, not TPM



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: early birds  
 
nipper
post Posted: Feb 25 2021, 11:21 AM
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TPG Telecom has declared an interim profit of $734 million for the half-year after reporting a loss in the prior corresponding period, and declared a fully-franked 7.5 per share dividend.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Jul 15 2020, 04:06 PM
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Mirrabooka as a LIC seeks to identify companies that benefit from a founder and owner at the helm. We call them owner driver businesses. It is where individuals usually the founder of the companies have large equity stakes and they run it like it is their own money, because it is.... CEO Mark Freeman said.

That focus is a central factor behind the top three shareholdings: Macquarie Telecom Group, New Zealand listed Mainfreight and Objective Corporation. It is also the reason why Mr Freeman sees Macquarie Telecom as having an edge over NextDC in the booming datacentre business. It is actually a great structural growth sector for the long term. And so we hold both NextDC and Macquarie Telco but Macquarie Telco had the added bonus of being also an owner-driver business, he explained.

The conviction is bourne out by the funds top investments. As at June 30 Macquarie Telecom was the single largest holding and accounted for 5.5 per cent of the portfolio. NextDC was its ninth-largest holding at 3.1 per cent.

One of the exposures Mirrabooka sold out of in the year was TPG Telecom.

That has been an owner river business with David Teoh. But with the merger now, Vodafone have actually got 50.1 per cent I think. So they have got the dominant position. I have still got a huge amount of respect for David Teoh, he has done an extraordinary job, but for what we are trying to do, it has just matured. And I just think it is going be more competitive now and his interest now has been watered down.

The fluid business and economic setting requires regular examination of portfolio companies, Mr Freeman said. We have to constantly re-test and say, Is this really a company that we think can be a strong business in this environment? And if they are not, perhaps it is better not to hold them, he said.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Jul 13 2020, 02:26 PM
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TPG and Vodafone Hutchison Australia begin trading as one on Monday, and the first move will be to switch on the old TPG abandoned 4G mobile network. The new company, called TPG Telecom, will also immediately integrate unused mobile spectrum of TPG into the old Vodafone existing holdings.

Chief executive Inaki Berroeta said Vodafone mobile customers in metro areas would notice an immediate improvement. This increases the capacity of our network. From a customer perspective that means not just higher speeds, but more quality in general, because the network has more space, he said.

He said customers in Canberra would be the first to benefit from a 20 per cent increase in capacity after the firm switched on an additional 1800MHz spectrum at 99 sites.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: early birds  
 
nipper
post Posted: Jul 6 2020, 01:14 PM
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With the merger approved, the most immediate change will be the amount of mobile spectrum the new TPG has access to. Vodafone had hit the limit of its existing spectrum holdings and, as Berroeta told The Australian Financial Review in February, that prevented it from growing market share, and resulted in a major loss of customers last financial year.

The merger gives TPG around 60 per cent more spectrum than Vodafone had on its own, across the 4G and 5G spectrums, opening up huge capacity and giving the company real options. The old TPG's entirely unused spectrum holdings are particularly rich in the lucrative Melbourne and Sydney markets, where it also has a network of small cell towers. The question is, what will it do with this new capacity?

One option would be to try and regain market share in mobile through aggressive pricing.

This would be a nightmare for Telstra and Optus. Both spent the past three years battling to keep their share of an incredibly competitive market, forcing them to charge less for much more. And while they have been broadly successful in keeping their dominant positions where Vodafone has failed, it hit their revenues hard.

In the first half of the 2020 financial year, Telstra's revenue from postpaid mobile contracts fell 3.6 per cent, while prepaid fell by 13.4 per cent. That was despite an increase in the mobile customer base of 159,000.

The reason for the discrepancy is the all-important average revenue per user (ARPU) figure, which for its postpaid plans fell from $55.62 per month to $51.52 per month over the year. Telstra, in other words, made a lot less out of its mobile customers than it used to.

It was the same story for Optus, which reported its full-year results in May. Its mobile revenue fell 6 per cent in the financial year, and its ARPU for postpaid fell by 11 per cent from $42 per month to $37.

There was a ray of hope though. In the last quarter, ARPU fell by a smaller amount than the previous quarters. This seemed to fit with the claims by many telco executives that the downward pressure on prices was beginning to level off, and "market repair" is underway.

Telstra and Optus cannot really afford to keep on driving prices down in their mobile businesses. Fixed-line is a bit of a disaster for both of them, as reselling NBN is barely, if at all, profitable.

So unless something very significant changes in that (such as a write-down of the NBN), mobile is where the margins are. Both the main telcos are investing in their nascent 5G networks, but that takes capital, which requires strong cashflow.

That means if the new TPG decides to make a grab for market share by mass selling cheap mobile plans, it will mean more pain for Telstra shareholders. On the other hand, it would be good news for consumers at least in the short-term and would prove competition tsar Rod Sims' fears unfounded.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 


nipper
post Posted: Feb 12 2020, 06:40 AM
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Wed....TPG and Vodafone braced to learn their fate:

TPG Telecom and Vodafone Hutchison Australia are hours away from learning whether their $15 billion merger can go ahead



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Sep 27 2019, 03:20 PM
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QUOTE
After three extraordinary weeks, the biggest corporate case of the year will come to an end on Tuesday, leaving Justice John Middleton alone to make a momentous call: Should Vodafone Hutchison Australia and TPG Telecom be allowed to merge?

His decision, which probably won't come until the end of the year at the earliest, will have massive implications for Australia's telecoms industry. In a market dominated by two goliaths – Telstra and Optus – a merger would create a powerful third all-encompassing telco with a finger in all the telco pies: mobile, residential fixed line, and the enterprise market.

The alternative is much less certain. Vodafone would remain a mobile-only operator (albeit with a small NBN reselling business), and a distant third in that sector. TPG would remain a fixed line player, with the option of reviving its abandoned mobile network.

And that's the big question. Would TPG revive that network outside a merger? TPG categorically says no. The ACCC says yes, or at least says there is a real chance of it, and its star barrister Michael Hodge QC has put everything into arguing that case...




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: early birds  
 
nipper
post Posted: Sep 13 2019, 09:20 AM
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Fast and nimble, or fast and loose?

The ACCC enquiry has bought Teoh out into the limelight. He'd prefer running TPG away from it.
QUOTE
Hodge persisted. “You don’t need models to make decisions, even the decision to spend $900 million?”

Teoh said there were time pressures surrounding some spectrum deals, particularly the deal to approach the federal government to buy the 700 megahertz spectrum. It wasn’t possible for the board to wait for a formal business case to be drawn up.

“I have the trust of my board. So that is a very important factor,” Teoh told the court. “The board could see the opportunity as well, in mobile. As I told them, the future is mobile.”

This is a crucial point for the case of the ACCC, which is arguing if the merger between TPG and Vodafone is blocked, TPG will have to go back and build a mobile network just to remain competitive in this market.

Hodge’s point is that Teoh was so desperate to get into mobile that he wasn’t worried about business cases or even detailed financial models.

The ACCC is trying to argue that because Teoh knew back in 2017 – and, by implication, still knows today – that without a mobile network, TPG cannot compete in the Australian telco market.

https://www.afr.com/chanticleer/teoh-s-mobi...20190912-p52qla

(Lot of money at stake. Do we end up with just 2 networks, the Telstra gorilla + one other, and see competition slip away?)



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: early birds  
 
nipper
post Posted: May 9 2019, 10:19 AM
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In Reply To: triage's post @ May 8 2019, 08:57 PM

QUOTE
...[the ACCC's Rod] Sims says the rejection of the merger means “there is a real chance” TPG will roll out a mobile network. It says it has the mobile spectrum, an extensive fibre network, a large customer base and a well established brand.

Essentially, Sims is using the rejection as a weapon for forcing TPG into a corner. He is punting on the slim possibility that TPG will respond to the margin squeeze in fixed-line broadband markets with the construction of a new mobile network.

The problem with the assumption that TPG’s executive chairman David Teoh will spend billions of dollars building a new network is that it is completely without foundation. The word out of TPG is that Teoh won’t succumb to this ACCC pressure....
https://www.afr.com/chanticleer/accc-misrea...20190508-p51lda

- there will be a High Court challenge, in all likelihood.... which should get up!?



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: early birds  
 
 


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