Telstra: Interim result 2015

With its dividend looking safe and the bond yield scraping new lows, Telstra has obvious attractions, but for its shares to rise further it will need to find more growth.

Two factors can explain the near-doubling of Telstra’s share price over the past three years. The first – the collapse in prospective returns on other investments, led by government bonds – is shown in Chart 1. The second – that its dividend is now well and truly safe and may even start to show some growth – was evident in last week’s interim result.

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