BT's valuation is hurt by Italian accounting issues and weakness in the U.K. public sector.
BT reported fiscal first-quarter results that were broadly in line with our expectations, and we anticipate maintaining our GBX 370/$24 fair value estimates and narrow moat rating. We believe the shares are undervalued at current prices. The firm reported revenue growth of 1%, although the majority of this was from currency movements, versus our full-year projection of flat revenue. The key driver remains its consumer division, which saw revenue increase 7%. This improvement was driven by a 9% g...
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