A short note on TLS.

The key for the TLS result was a return to growth, after many years of decline, at both top line revenues and operating income.

Crucially, mobile ARPU’s increased, as years of competition moderated.

And subscribers continued to grow.

As the saying goes, in the short run, the market is a voting machine; in the long run a weighing machine. That adage is well panned out, with the below gyrations on market cap relative to assets eventually converging.

There’s nothing magical about fibre assets, or mobile towers, and at approximately equivalent values, you can be reasonably confident (if earnings are stabilising and henceforth growing) that you are not overpaying for them.

That’s all excellent; for us, as holders of TPG, the main takeaway is that industry dynamics seem to be improving, something we’ve expected, but are still pleased to see nonetheless.

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