Telstra Group Ltd

TLS: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$2.50	Bwggtc	Rplgrmdt

Telstra: Enough Internal Levers to Liberate Value Without Resorting to Technology Deals

Brian Han

Oct 25, 2023

Shares in Telstra are trading at an attractive 16% discount to our AUD 4.50 fair value estimate. The underperformance since the fiscal 2023 results release in August, down 9% versus a 4% decline in the ASX 200 Accumulation Index, likely reflects lingering investor misgivings on the tardy progress toward T25 targets and the kyboshing of InfraCo-Fixed monetization.

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