is iinet stuffed?

So iiNet is valued at around $700 per subscriber;
Its forward EV/EBITDA multiple is somewhere between (below) Telstra and (above) Macquarie Telecom at around 4 point not very much. Meanwhile TPG is up at around 6 point pretty damn nice.

iiNet has no ability to benefit from LTE bundles with NBN Co because it doesn't have the ability to spend $1bn or so on an LTE network; doesn't have the spectrum; the time or engineering expertise.

It can't really persue an access aggregation model like TPG or NextgenNetworks.

It doesn't really have growth backhaul (otherwise it could have continued to provide unlimited services to the subscribers it bought from AAPT).

It doesn't have the ability to offer scale to content publishers directly or outbid PBL / Telstra / CMH / Seven / Foxtel / Nine / Ten for content.

It's core is providing consumers with access services - the likes of which are getting crunched between TLS and NBN Co pricing. In response the larger telcos are turning to vertical integration (backhaul) and bundling. iiNet has no infrastructure (of the likes of TLS, Optus, TPG, Nextgen, AAPT) and nothing to bundle except products purchased from its competitors or from people whom its competitors can access on better terms.

So does iiNet have a future? Is that future limited to a world where the beheamoths that are Telstra and Optus remain focused on infrastructure based competition and unable to compete with innovative, flxibile services and high quality customer services?

If Telstra gets customer service, innovation and product deliver right, can iiNet actually compete or will it be slowly drained like Vodafone?

Right now I am thinking iiNet is in trouble.... It is strategically weak (kind of like a media company that is overweight newspapers) and rather than unleashing new profit potential, NBN Co could rapidly push it towards the point of unviability- by being cut short of the ability to offer a competitive advantage

I have been deliberately provocative in order to start a debate....