Report
Allan C. Nichols
EUR 147.86 For Business Accounts Only

BT acquires EE, creating the only converged communications company on own networks in the U.K.

BT reported operating results for its second fiscal quarter that were generally in line with our expectations. However, we will likely reduce our fair value estimate, owing to the increase in the pension deficit. Following the Brexit vote and with the U.K. government ramping up debt purchases, interest rates have declined. As a result, the company's pension deficit net of tax increased to GBP 9.5 billion from GBP 6.2 billion at the end of June. We retain our narrow moat rating.
The firm reported...
Underlying
BT Group PLC ADS

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Allan C. Nichols

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