BT's valuation is hurt by Italian accounting issues and weakness in the U.K. public sector.
BT reported fiscal year-end results that were in line with our expectations, and we maintain our fair value estimate and narrow moat rating. We believe the shares are undervalued at current levels. Reported revenue grew 27%, spot on with our projection, with growth mainly due to the acquisition of EE. Excluding EE, BT's revenue declined 0.2%. We expect firmwide fiscal 2018 revenue and EBITDA to be roughly flat with that in fiscal 2017, but the results by division to be quite different. While the...
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