The following questions are related to the group assignment task of valuing Telstra Corporation Limited (hereafter referred to TLS).

(a) Describe TLS's industry and business operating characteristics, e.g. product categories, country segmentation, core business sector, and major selling channels .

(b) In the most recent financial year, has TLS seen an increase or decrease in its operating earnings? Has this led to any increase or decrease in the dividends paid? Discuss your answer.