The Telstra Corporation Ltd (ASX: TLS) share price is currently trading at $3.02 per share. To many Fools, that number means basically nothing on its own, so let's provide some context.
Why the Telstra share price looks cheap today
Telstra shares have fallen 14.69% lower since the start of the year and are down 10.39% in the last 12 months. I'm not entirely sure the Telstra share price is worth 10.39% less than it was a year ago, but let's take a look.
If we rewind a little bit, the Telstra share price has spent the last few years under pressure. The rise of the NBN has strained its business model and had investors asking questions about its long-term plan.
On top of that, the telco has had a potential merger between TPG Telecom Ltd (ASX: TPM) and Hutchinson Telecommunications (Aus) Ltd (ASX: HTA) hanging over them.
But it's not as if the company has sat on its hands and done nothing. Telstra has re-thought its dividend policy and introduced its "Telstra 2022" transformation program.
Apart from an eye-catching name, that program looks to restructure the organisation and deliver billions in cost savings which could improve efficiencies and boost the Telstra share price higher.
So, with all that said, how is Telstra positioned right now compared to 12 months ago?
I think the coronavirus pandemic has thrown a real spanner in the works for valuing ASX shares. No one is certain how long this will go on or what the implications will be for the Telstra share price down the line.
However, it looks like remote working capabilities could become more essential to most Aussie businesses. Rent is a big expense for many companies, most of which are now getting a trial run on mass-scale work from home measures.
That could put Telstra back in the box seat to emerge stronger from this pandemic. The group is a leader in the 5G network race after TPG withdrew to help bolster its Vodafone merger prospects. I'd be keeping an eye out for further earnings success in the decades ahead.
Foolish takeaway
There are, of course, some questions over Telstra's ability to deliver strong dividends in years to come. That's seen the Telstra share price slide 50% lower in the last 5 years.
However, with a $35.92 billion market capitalisation and a 3.31% dividend yield, I think the Telstra share price could be trading cheaply right now.
