Tricky question (and not one for day traders.). There are now basically two businesses at Telkom, the core SA fixed line business and the Nigerian mobile business, Multi-Links. If zero value is assigned to Multi-Links, consider the SA fixed-line business: EBITDA crashed down to R8.7bn (from R11.8bn last year). With net debt at +/-R5bn (after the R10bn Vodafone receipts), this could imply an EV/EBITDA of approximately 2.6 times (which is fairly low and might indicate a good buy - especially if you believe management plans to return EBITDA to previous levels). However, never underestimate the ability of TKG management to destroy value - both in the Nigerian business and at home. In my view, the only reason Vodacom became market leader in SA was due to the brave (and inspired) decision in 1993 to take control away from Telkom (despite their 50% shareholding). The fact that this decision was driven by the top management of Telkom at the time is revealing. TKG still have the dead hand of government control close to the business and, until that is gone (and it won't go in the current environment), TKG will continue to substantially underperform. Their ability to gear up the balance sheet (and utilise the R10bn from Vodafone) should send shivers down the spine of the (non-government) shareholders and may yet make the Telkom Media debacle look like small change.