Ann: AGM Presentation, page-33

When it started dropping, i thought it a natural reaction to the superstar leaving, i expected it to stabilise some time ago.

I have had a bit of a look through reports trying to understand whats driving it down, some observations;

 - There is a lot of Goodwill on the books that needs to be written down.

 - I like the idea of fixed wifi, a lot, but probably limited growth potential.

 - Arguably, fixed wireless in regional areas is a bad business to be in if they are trying to compete with subsidised NBN wireless, but maybe that isnt actually the case, i need to look closer.

 - Its going to be difficult to break into residential NBN market, but i appreciate the strategy.

Generally i think they need organic growth to scale up most of their segments to be more significant.

But the question is, how low can it go, where is the bottom...