Telstra Corporation Ltd (ASX: TLS) shares have been under pressure in recent years.
The Aussie telco has seen its share price decline by 36.56% in the last 5 years as earnings have fallen lower.
Why have Telstra shares been falling lower?
The biggest factor hurting Telstra shares continues to be the rollout of the National Broadband Network (NBN).
NBN Co. has been given a prime market position by the Australian Government and left Telstra scrambling for ways to boost earnings.
Consistent dividend cuts and a change in dividend policy have seen Telstra investors head for the exits.
Telstra shares have been widely held across Australian portfolios and the company was known for its policy of paying out 100% of profits to shareholders.
However, Telstra is now yielding 2.77% which, while handy, is not among the top dividend stocks right now.
Why could Telstra be good value at the moment?
One big thing Telstra has going for it is the company's potential 5G network rollout.
Telstra is well-positioned to capitalise on the 5G opportunity following the withdrawal of TPG Telecom Ltd (ASX: TPM) last year.
Telstra shares could be boosted higher today after an article in the Australian Financial Review (AFR) citing NBN Co concessions to the telco.
The article reports that NBN will give retail service providers more bandwidth and higher speeds at no extra cost. Telstra and Optus believe the wholesale NBN pricing is too high and want more freedom and better service.
Telstra, Optus and TPG act as NBN resellers while NBN Co remains the wholesaler selling access to the infrastructure.
Should you buy Telstra today?
Telstra shares still trade with a market cap of $42.9 billion and are well inside the ASX 50.
Telstra has a price-to-earnings (P/E) multiple of 20x, which is cheaper than TPG (35x earnings). The company also has a higher dividend yield and stronger capital gains in 2019.