Telstra buys time instead of shares

Telstra’s predicted 2014 buyback plan may seem straightforward, but problems with Sensis and NBN rollout delays may hinder the telco’s strategy.

The market was expecting Telstra to foreshadow a share buyback at today’s investor briefing. However, despite Telstra confirming that it will have excess cash as a consequence of its $11 billion national broadband dealings, it doesn’t appear one is imminent.

At the briefing David Thodey and his new chief financial officer, Andrew Penn, confirmed that Telstra would have excess cash of $500 million to $1 billion this financial year and would add another $1 billion in each of the next two financial years.

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