Current	1 mth ago	3 mth ago
BUY	7 (4.233)	7 (3.847)	8 (3.787)
HOLD	15 (3.680)	12 (3.335)	11 (3.340)
SELL	2 (3.415)	4 (3.478)	4 (3.144)
( ) - Avg Target Price

May-13, Co's plan ahead include up to $2b for invs to support growth in the digital biz over the next 3 yrs. Going forward, revenue from Group Consumer is expected to decline, while EBITDA is expected to increase. Group Enterprise expects to deliver low single digit revenue growth with stable EBITDA. While revenue from Group Digital Life is expected to grow by at least 50% on an organic basis, the segment will continue to register startup losses. Co revised its dividend policy to between 60-75% (previous: 55-70%) of underlying net profit.

FY13 Lower revenue from Optus & negative currency translation dragged revenue down 3.4%. Higher depreciation charges, acq'n cost of digital biz & exceptional losses compounded the situation. As a result, earnings declined 12%. 4Q13 earnings was up 5% q-o-q due to a 4.4% points improvement in EBITDA margin on seasonally lower selling costs in Australia. (16/05/13-HX)