Forum Archive Index - November 2002

["winner69 ." <wwinner69@hotmail.com>]

Snoopy - I think you know my views re Telcom but agree with you that 
fundamnetally TEL is more overvalued now than it has been for some time.

That shareholder equity of $1.3 billion still includes a huge amount 
relating to AAPT.

AAPT still in Telecom's books at about $2 billion. Some say AAPT is 
overvalued and assess these operations to be worth between $600 million and 
$1.3 billion.

So potentially another $0.7 billion to $1,4 billion writedown? Also aren't 
the SKY and INL shares currently about $50 million less than in the last 
accounts. That would put put a big dent in shareholder equity.

Taking into account the $5 billion or so of debt the Telecom balance sheet 
is really stretched. Maybe more capital raising needed soon?

Yes Telecom is currently a reasonable yield play but the dividend could be 
at risk.

Telstra a growth stock? - surprising view. Currently seem to be under more 
pressure than Telecom to increase revenues or profits. If a growth stock the 
chart that Phaedrus showed the other day is hardly rewarding shareholders is 
it.


Other views




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