Telstra cuts dividend
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Telstra shares fell almost 10% today after the telco announced a surprise 30% cut in dividends. It's important to note that the dividend cut reflects a change in strategy rather than any (immediate) shortfall of cash. In other words, Telstra could afford a very high payout ratio, but has elected to reduce it.
This is sensible. The completion of the NBN and new competition in mobile will threaten Telstra's best-in-world margins and the business is saving cash to respond aggressively. The share price fall may be an overreaction but it isn't an opportunity. Shareholders don't need to act in response to it. We will have a more detailed review of the results early next week. HOLD.
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