BT Group PLC

BT is a communications services company, delivering products and services with industry-specific communications solutions and consulting expertise. Co.'s principal activities include: networked IT services; local, national and international telecommunications services; broadband and internet products and services; and converged fixed/mobile products and services. Co. operates five lines of businesses: BT Global Services, BT Business, BT Consumer, BT Wholesale and Openreach, providing services to around 6,500 large corporate and public sector customers, in more than 170 countries worldwide.
  • TickerBT.A
  • ISINGB0030913577
  • ExchangeLondon Stock Exchange
  • SectorFixed Line Telecommunications
  • CountryUnited Kingdom
Expert Corporate Governance Service (ECGS)

BT Group - AGM 16 July 2020

Item 2: Remuneration report The CEOns base salary exceeds significantly the peer medians leading to a total excessive remuneration of £6.2m compared to BT results (TSR -40% during the fiscal year). Items 3 and 27: Remuneration policy and Restricted Share Plan (RSP) BT is another company that proposes to replace performance based LTIP by a new plan which allows awards to be granted to Executive Directors without performance conditions. This does not correspond to our voting principles as ECGS is not in favour of the restricted grants to executive directors, especially when the company has st...

BT Group: 1 director bought

A director at BT Group bought 50,000 shares at 118p and the significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members ...

Ben Rickett ...
  • James Ratzer

New Street BT thought-piece: Private markets could be best placed to help out

: Despite constructive regulatory steps forward with regard to FTTP, BT’s share price has had a torrid start to the year.

Ben Rickett ...
  • James Ratzer

New Street BT thought-piece: Private markets could be best placed to help out

: Despite constructive regulatory steps forward with regard to FTTP, BT’s share price has had a torrid start to the year.

James Ratzer

New Street: Huawei contagion risk: Who else is exposed?

This note provides a summary of the extent to which EU operators use Huawei equipment in their 4G networks, and therefore their exposure to any potential changes in regulations.

Dave Nicoski ...
  • Ross LaDuke

Global Equity Strategy

Global equities (MSCI ACWI) are testing 52-week lows as prices have been consolidating over the last 1-2 months. Investors' primary sources of angst continue to revolve around concerns of (1) the global shift toward tighter monetary policy and the potential for perceived policy missteps, (2) trade and tariffs, and (3) the potential negative effects both (1) and (2) may have on global growth. Comments from Fed Chair Powell that interest rates are “just below” the neutral rate and the 90-day tariff ceasefire agreement between the U.S. and China have not been able to calm the markets. In Euro...

Valérie GASTALDY

Short term view - BT GROUP : Prices are still making progress

The background trend is clearly bullish. Prices are still making progress but there is less power in the movement. The next resistance is at 256.50 p. Breaking below the support at 217.10 p would invalidate the trend.

Valérie GASTALDY

Analyse court terme - BT GROUP : Les cours progressent encore.

La tendance de fond est clairement orientée à la hausse. Les cours progressent encore, mais le mouvement montre moins de puissance. La prochaine résistance est à 256,50 p. La rupture du support à 217,10 p invaliderait cette tendance.

Valérie GASTALDY

Analyse court terme - BT GROUP : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. Les cours progressent encore, mais le mouvement montre moins de puissance. La prochaine résistance est à 256,50 p. La rupture du support à 217,10 p invaliderait cette tendance.

Valérie GASTALDY

Short term view - BT GROUP : The background trend is clearly bullish.

The background trend is clearly bullish. Prices are still making progress but there is less power in the movement. The next resistance is at 256.50 p. Breaking below the support at 217.10 p would invalidate the trend.

BT Group: 1 director bought

A director at BT Group bought 50,000 shares at 118p and the significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members ...

Ben Rickett ...
  • James Ratzer

New Street BT thought-piece: Private markets could be best placed to help out

: Despite constructive regulatory steps forward with regard to FTTP, BT’s share price has had a torrid start to the year.

Ben Rickett ...
  • James Ratzer

New Street BT thought-piece: Private markets could be best placed to help out

: Despite constructive regulatory steps forward with regard to FTTP, BT’s share price has had a torrid start to the year.

James Ratzer

New Street: Huawei contagion risk: Who else is exposed?

This note provides a summary of the extent to which EU operators use Huawei equipment in their 4G networks, and therefore their exposure to any potential changes in regulations.

James Ratzer

New Street: BT/ LIBERTY GLOBAL: Ofcom offering clearer path to rising UK prices

Ben Rickett ...
  • James Ratzer

New Street: BT (Buy): FTTP deep-dive – It giveth and it taketh away

Looking into 2020, we see BT as one of our best ideas for longer-term investors. We see the upcoming Ofcom consultation giving more visibility on the move to FTTP, and this should allow Openreach to get inflationary increases to wholesale pricing with implicit Government support, and allow for sustained EBITDA growth at Openreach.

Alastair Jones ...
  • Chris Hoare
  • James Ratzer
  • Jin Yoon
  • Jonathan Chaplin
  • Pierre FerraguÊ
  • Russell Waller

New Street: BT, BABA, NOK, AAPL, AMD, ENTEL, KDDI, ELISA, OPTUS, SKT, KPN, TNOR,

Global TMT headlines: BT (Buy): Strong set of Q3 results – guidance now looks conservative to us. Alibaba (Buy) FY3Q19 Results: Feed Recommendation May Be Closer to Launching but Near-Term Revenue Deceleration Expected Nokia (Neutral): Good revenues momentum and Gross Margins recovery in the core business. We remain cautious on revenue growth in coming years. Apple (Neutral) 1FQ19: Macro is a small portion of the problem – thesis playing out in full. AMD (Sell) 4Q18 Wrap-up: Quarter in-line, 1Q guide 15% below, FY guide above. Entel (Neutral) reported Q4s last night. Revenue was...

James Ratzer ...
  • Jonathan Chaplin

Global TMT: Top 2019 picks, EU upgrade, US Policy, UK Spectrum, CityFibre

Global TMT headlines: Recession or not? Top 10 TMT picks to navigate uncertainty in 2019. INVITE: CLIENT CALL: EU TELCOS UPGRADE; Time to Give The Sector A Fresh Look (Top picks -VOD/TEF); 19/12, 3PM UK. US Policy: C-Band Proceeding Still Distant From Peace on Earth; Plus T-Mobile Progress and Not, Google’s Hearing. UK: Ofcom consultation of 700MHz and 3.6-3.8GHz auction. CityFibre secures up to £1.12bn debt facility for FTTH.

James Ratzer ...
  • Pierre FerraguÊ

Global TMT: Top 10 TMT Picks, EU Telco Upgrade, TSLA, TI, UK, Belgium, Asia Tour

Global TMT headlines: European telecoms sector upgrade; Time to give the sector a fresh look Upgrade Vodafone and BT to Buy. Tesla (Buy): Subsidies will impact US Model 3 demand… but not by 3,000 cars p/w! TI (Buy): More corporate governance shenanigans – Vivendi formally call another shareholder meeting. UK market update: 3 headlines that might be longer-term positives. Belgium cable regulation A positive for Proximus, Telenet and KPN. Asia tour - Japanese telcos and China front of mind. INVITE: NEW STREET RESEARCH TMT TOP 10 PICKS FOR 2019 CONF CALL.

James Ratzer

Global TMT: EQIX, DLR, AMAT, NVDA, TCENT, JD, CSCO

Global TMT: BT, LBTY, CMCSA, US Policy, SB KK, German specutrum, TI, AAPL, BHARTI James Ratzer 5

James Ratzer ...
  • Pierre FerraguÊ
  • Russell Waller

Global TMT: IFX, VOD, US Policy, UI, BT, SCMN

Global TMT headlines: IFX (Buy) 4FQ18 Wrap-up: We love the price, we hate the time. VOD (Neutral) 2Q18: In-line; FCF guide raised TowerCo created. US Policy: TMUS / S Deal Odds 90%? Infrastructure Bill 2.0? Reasons for Skepticism. Also, a Post Post-Election Review. United Internet (Neutral): Q3 results – mixed bag, but clean EBITDA beat. BT (Neutral): CFO/ Head of Regulation meeting feedback. Swisscom agrees to pay more for Tiscali’s 3.5GHz spectrum.

Philip Morrish

Value Indicator - UK Utilities 30122019

Currently '(TM) Value Indicator - UK Utilities Sector' is a value analysis of the Telecoms & Utilities sectors of quoted companies on The London Stock Exchange's Main market that provides the user with indicative long-term target prices. The publication is also available on request at

Philip Morrish

Value Indicator - UK Main Market 30122019

Currently '(TM) Value Indicator - Main Market' is a value analysis of the Basic Resources, Construction & Materials, Telcoms and Utilities sectors of quoted companies on The London Stock Exchange's Main market that provides the user with indicative long-term trading indicators and indicative target prices. The publication is also available on request at

Philip Morrish

Value Indicator - UK Utilities 23122019

Currently '(TM)Value Indicator - UK utilities' is a value analysis of hte Telecoms and Utilities sectors of quoed companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 23122019

Currently '(TM)Value Indicator - UK main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilities sectors of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term tagrte prices.

Philip Morrish

Value Indicator - UK Utilities 09122019

Currently '(TM)Value Indicator - UK utilities' is a value analysis of the Telecoms and Utilities sectors of quoed companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Expert Corporate Governance Service (ECGS)

BT Group - AGM 16 July 2020

Item 2: Remuneration report The CEOns base salary exceeds significantly the peer medians leading to a total excessive remuneration of £6.2m compared to BT results (TSR -40% during the fiscal year). Items 3 and 27: Remuneration policy and Restricted Share Plan (RSP) BT is another company that proposes to replace performance based LTIP by a new plan which allows awards to be granted to Executive Directors without performance conditions. This does not correspond to our voting principles as ECGS is not in favour of the restricted grants to executive directors, especially when the company has st...

Expert Corporate Governance Service (ECGS)

BT Group, 10 July 2019

Key concernsThe Company has identified weaknesses in its internal control system. The Companyns auditor has expressed an adverse report on the design and operating effectiveness of the Companyns internal control over financial reporting in the Form 20-F, and has identified a significant risk of fraud in the area of long term customer contracts in Global Services and Enterprise, identifying weaknesses in the design of controls. The Company has dismissed its CEO during the year under review. Mr Patteron resigned as Chief Executive on 31 January 2019. Following his departure, Mr Jansen was appoin...

BT Group PLC – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Etude l' AG du 12/07/2017

 Accounting IssuesThe Company previously announced on 27 October 2016 that an initial internal investigation of accounting practices in its Italian business had identified certain historical accounting errors and areas of management judgement requiring reassessment. The Company instigated an investigation, which included an independent review by KPMG LLP, with support and oversight from its Legal, Governance & Compliance function and Freshfields Bruckhaus Deringer. The investigation identified an overstatement of profits amounting to £268m in its Italian business over a number of years. Ofcom ...

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