Telstra – Earnings Guidance Reaffirmed

Telstra’s 1H19 earnings were in line with consensus and mobile did better-than-expected. The ongoing progress on cost-out initiatives will be supportive for stable future dividends.

Assuming 16 cents as the base dividend, Telstra needs to deliver around $7.5bn in EBITDA.  We view this as achievable and place TLS on a 5.9% forward yield.

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