The Telstra Corporation Ltd (ASX: TLS) share price will be one to watch very closely on Thursday.
This is because the telco giant will be releasing its highly anticipated full year results tomorrow morning.
And with the Telstra share price hitting a two-year high today, expectations certainly are high.
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What is expected from Telstra in FY 2021?
According to a note out of Goldman Sachs, its analysts are expecting the company to report an 11% decline in income to $23.2 billion.
Whereas for its earnings, the broker has pencilled in a 16% reduction in earnings before interest, tax, depreciation and amortisation (EBITDA) to $7.6 billion. This includes underlying EBITDA of $6.8 billion, which is towards the higher end of Telstra's guidance of $6.6 billion to $6.9 billion.
And on the bottom line, a 27% decline in net profit after tax to $1.7 billion is being forecast by its analysts.
Despite this decline, Goldman still expects Telstra to maintain its final dividend at 8 cents per share. This will mean a fully franked full year dividend of 16 cents. Which, based on the current Telstra share price of $3.83, will mean a 4.2% yield for shareholders.
What could move the Telstra share price?
One thing that could have an impact on the Telstra share price tomorrow is its guidance for FY 2022.
Goldman Sachs is forecasting FY 2022 underlying EBITDA growth of 6% to $7.2 billion and NBN payments of $330 million. It notes that this compares to the company's FY 2022 aspirations for mid to high single digit growth.
Another thing that could move the Telstra share price is commentary on its mobile business. Goldman notes that it will be looking at "2H21 Mobile Trends, with Telstra expecting postpaid ARPU to return to growth in 2H21 and accelerate in FY22E (GSe +1%/+5% in 2H21E/FY22E)."
It also expects "solid subscriber growth in a low churn market (postpaid +60k in 2H21 vs. 5Y avg. +130k)."
The Telstra share price is up 27% year to date.
