BT (Neutral, £2.40, +18%) Q3 26 – Line loss analysis – what is driving the improvement? Is it sustainable?
BT’s Q3 results surprised us. Line loss guidance for the year was improved and despite a competitive consumer market, BT held consumer volumes flat with minimal ARPU erosion. In this note, we analyse both of these trends and in particular look at a bottom-up analysis of broadband KPI trends across the UK market.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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