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 weak fiscal first-quarter results, but we are maintaining our fair value estimate and narrow moat rating for now. The firm reported revenue increased 35% as a result of the acquisition of EE, but increased by just 0.4% on an underlying basis. The consumer division remains the biggest driver of organic revenue growth with a 9% improvement, which was driven by a 21% increase in broadband and pay-TV revenue. BT's total broadband base grew 16.9% year over year to 9.1 million, with the re...
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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