Key points ? We highlight 10 key themes likely to impact AU Telecoms for 2020+. ? Mobile competitive environment remains the key positive, which should translate to improved revenue and earnings outcomes from 2H20 on. ? Retain Outperform on Telstra pricing as of close on 22 January, 2020 Australian Telecom 2020+ Outlook: Mobile environment still +ve Source: Macquarie Research, Jan 2020 Telstra net svc revenue on Medium plan, $pm 70 60 50 40 30 20 10 0 Source: Company data, Macquarie Research, Ja
