Telstra’s annual financial results were even better than expected. The market’s confidence in the company was further boosted by the announcement of an increased dividend and a %1 billion share buyback scheme.

Telstra’s shares are now at $5.56, a price last seen when Ansett Airlines was still in Australian skies and Saddam Hussein ruled Iraq. The company’s turnaround, it seems, is complete.The share price was at its lowest after current CEO David Thodey took over from Sol Trujillo in May 2009. Thodey was not immediately able to arrest the slide that started during Trujillo’s controversial time at the top, but by 2011 things were looking up.

Labor’s much maligned NBN helped. Once the market understood the significance of the company’s $11 billion deal with NBN Co, and helped by stumbles from its competitors, Telstra’s stock market performance improved considerably. Now, after a year or so hovering around the $5.00 mark, it is on the move again.

This may not all be Thodey’s doing. But if he is not an especially talented CEO (opinions vary considerably) there is no doubt he is a lucky one.

Whatever the case, he does have the foresight to see that the company’s future growth will be tied to its performance outside of Australia, and outside of its traditional markets. The purchase of video streaming and analytics Ooyala earlier this week is proof of that.