Telstra Corporation (TLS)

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The Gorilla in Telecommunications


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As at 24/01/2012 : see details at www.adbri.com.au

22/12/2011         


Half-yearly Performance & Estimates - TLS

Year-end June FY11A 1H12A FY12A 1H13A FY13A FY14E FY15E
Sales, $m 24,983 12,502 25,232 12,534 25,502 26,096 26,732
EBITDA, $m 10,151 4,750 10,234 4,986 10,629 10,983 11,255
EBIT, $m 5,692 2,564 5,822 2,840 6,391 6,720 6,912
Report NPAT, $m 3,250 1,479 3,424 1,623 3,865
Adj. NPAT, $m 3,865 4,032 4,228
Reported EPS, ¢ 26.00 12.00 27.00 13.00 31.00
Adjusted EPS, ¢ 31.00 32.20 34.00
EPS %FY/Growth 44% 4% 42% 15% 4% 6%
Dividend, ¢ 28.0 14.0 28.0 14.0 28.0 29.00 30.00
Franking, % 100% 100% 100% 100% 100% 100% 100%
EBITDA Margin 40% 0 41% 40% 42% 42.1% 42.1%
NPAT Margin 13% 0 13% 13% 15% 15.5% 15.8%
ROE, % 27% 0 30% 13 30%
EBIT/Interest 5.0 0.0 6.6 5.47 7.03
Net Debt / Equity 0.94 0 0.97 1.00 0.98
CashFlow/Sh, ¢ 66.7 25.0 75.0 25.0 66.7 66.5 70.6
Y/E Shares, m 12,443 12,443 12,443 12,443 12,443
Notes
Data sourced from IRESS Market Technology Limited. EPS Growth compared with the pcp is shown in most columns, except 1H11A and 1H12A which show the first half % of full year EPS. In a handful of cases, unadjusted share splits may give strange changes in ratios.


Half-year Performance & Estimates - TLS

Year-end June 1H11A FY11A 1H12A FY12A 1H13A FY13E FY14E
Sales, $m 12,338 24,983 12,502 25,232 12,534 25,458 25,749
EBITDA, $m 4,580 10,151 4,750 10,234 4,986 10,547 10,727
EBIT, $m 2,376 5,692 2,564 5,822 2,840 6,237 6,319
Report NPAT, $m 1,207 3,250 1,479 3,424 1,623
Adj. NPAT, $m 1,623 3,711 3,843
Reported EPS, ¢ 10.00 26.00 12.00 27.00 13.00
Adjusted EPS, ¢ 13.00 29.95 31.00
EPS %FY/Growth 38% 44% 4% 8% 11% 4%
Dividend, ¢ 14.0 28.0 14.0 28.0 14.0 28.00 28.30
Franking, % 100% 100% 100% 100% 100% 100% 100%
EBITDA Margin 43% 40% 0 41% 40% 41.4% 41.7%
NPAT Margin 16% 13% 0 13% 13% 14.6% 14.9%
ROE, % 31% 27% 0 30% 13%
EBIT/Interest 6.8 5.0 0.0 6.6 5.47
Net Debt / Equity 1.00 0.94 0 0.97 1.00
CashFlow/Sh, ¢ 25.0 66.7 25.0 75.0 25.0 65.0 66.4
Y/E Shares, m 12,443 12,443 12,443 12,443 12,443
Notes
EPS Growth compared with the pcp is shown in most columns, except 1H10A and 1H11A which show the first half % of full year EPS.


Half-yearly Performance & Estimates - TLS

Year-end June FY10A 1H11A FY11A 1H12A FY12A FY13E FY14E
Sales, $m 24,813 12,338 24,983 12,502 25,232 25,327 25,452
EBITDA, $m 10,847 4,580 10,151 4,750 10,234 10,462 10,638
EBIT, $m 6,501 2,376 5,692 2,564 5,822 6,120 6,309
Report NPAT, $m 3,940 1,207 3,250 1,479 3,424
Adj. NPAT, $m 3,424 3,647 3,786
Reported EPS, ¢ 31.00 10.00 26.00 12.00 27.00
Adjusted EPS, ¢ 27.00 29.15 30.00
EPS %FY/Growth 38% -16% 44% 4% 8% 3%
Dividend, ¢ 28.0 14.0 28.0 14.0 28.0 28.00 28.00
Franking, % 100% 100% 100% 100% 100% 100% 100%
EBITDA Margin 43% 43% 40% 38.0% 41% 41.3% 41.8%
NPAT Margin 16% 16% 13% 11.8% 13% 14.4% 14.9%
ROE, % 31% 31% 27% 30%
EBIT/Interest 6.8 6.8 5.0 0.00 6.56
Net Debt / Equity 1.00 1.00 0.94 0 0.97
CashFlow/Sh, ¢ 75.0 25.0 66.7 25.0 75.0 64.4 66.8
Y/E Shares, m 12,443 12,443 12,443 12,443 12,443
Notes
Data sourced from IRESS Market Technology Limited. EPS Growth compared with the pcp is shown in most columns, except 1H11A and 1H12A which show the first half % of full year EPS. In a handful of cases, unadjusted share splits may give strange changes in ratios.


Company Overview


Russell Research in the media

Stock Picks for Sunday Herald Sun - 12 February 2012

HOLD: Telstra Corporation Limited, TLS $3.40

Don’t underestimate its long-term growth upside. Enjoy its over 8 per cent franked yield.


Wave Chart TLSwav.png


                Profile

Telstra Corporation

Rating:    ♥

Category:    Potent Stock ;      Large

Action:        

Website:    www.telstra.com.au

ASX code: TLS
Closing Price, 30/12/2013: $ 5.255
Market Capitalisation: $ 65,326 million
52 Week High: $ 5.27
52 Week Low: $ 4.37
Sector: Integrated Telecommunication Services
Index: S&P/ASX 20 Index

Summary of Fundamentals

Year-end June FY12A FY13A FY14E FY15E
NPAT, $m 3,424 3,865 4072.0 4236.2
Reported EPS, ¢ 27.00 31.00
Adjusted EPS, ¢ 30.60 33.00 34.00
EPS Growth, % 4% 13% 8% 3%
P/E Ratio, x 19.46 17.17 15.92 15.46
Dividend, ¢ 28.0 28.0 29.00 30.00
Franking, % 100% 100% 100% 100%
Div. Yield, % 5.33 5.33 5.52 5.71

Notes

Our Adjusted EPS is used for the last year and forward estimates and as basis for EPS Growth and P/E Ratio. We currently use Reported data for all historic NPAT, for the prior year EPS and as base for last year EPS growth.
Data & Chart sourced from IRESS Market Technology Ltd.

One Year Chart

As at 30 December 2013 TLS.png

Other Highlights

Sector: Integrated Telecommunication Services
Return on Equity, FY13 : 30%
Net Debt to Equity, FY13 : 98 %
EBIT / Interest Cover, FY13 : 7.03 x
Gicscode: 50101020
First Listed: 27-Oct-98

Business Activities

Telstra Corporation Limited (TLS) is the gorilla in the telecommunications sector, owning the major fixed phone network, offering local, long distance & international phone calls, mobile and internet services. The NBN impact now appears largely known.



Glossary:

  ♠    "A Core Stock" - reliable long-term yield & growth
  ♥   "We like it" - a seasoned performer, growth & yield
  ♦   "A tough scout" - creating a potential breakthrough
  ♣   "A steady performer" - giving reliable yield or growth
  Best Stocks   Portfolio of selected attractive investments
  Potential   Stocks that may have good improvement prospects
  Speculative   More risky usually smaller stocks with spec. upside
  Midcaps    In RR Midcap Index, $ 70m to 1,500m market cap.
  Large Stocks   Larger Stocks upwards of $ 1,500m market cap




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