Telstra (TLS AU) delivered a reasonable FY17 operating performance, but this has been overshadowed by the Board's decision to rebase the Dividend from A$31c/share in FY17 to A$22c/share from next year (DPR reduced to 70-90% from 100%). This was caused by uncertainty over the impact on NBN migration, which has led Telstra to retain up to 25% of one-off NBN payments to provide flexibility as the migration occurs. The remaining 75% of the one-off payments will be returned to...(continued)

This insight is part of Smartkarma. For more follow this link.