Ann: FY 2017 Updated Earnings Guidance, page-7

LPE is in a much bigger growth area but TPC is focusing on SME. I see TPC as a cheap takeover target. Given how many telco companies are looking towards energy (Amaysim and Telstra more recently but also M2+TPG group)

TPC could comfortably be bought for $25-30 million in a year or two. Click Energy had 150k customers and was bought for $120 million. (ie. Around $800 per customer.)


Given TPC would have roughly 25,000 customers (probably even greater margins than Click as they're not that competitive) at $800 each that's roughly a $20 million mcap right there. I'd say TPC is more efficient as well, very digital strategy and call centres outsourced but with 24 hour support it feels superior to a full service company. (Huge focus on foreign languages like Mandarin which brings in sticky customers)

LPE is a better managed company but I don't see how TPC can't double or triple with current growth.