Report
Allan C. Nichols
EUR 147.86 For Business Accounts Only

No New Surprises With BT's Full Fiscal Q3 Results; Shares Undervalued

BT reported full fiscal third-quarter results, but after its preannouncement earlier in the week, there were no more surprises. We were happy to gain additional detail on the various units, but there is no change to our fair value estimate or narrow moat rating.
The consumer division continues to be the firm's success story. While revenue growth slowed from the first half's very strong results, the division's revenue still increased 4% year over year. The firm added 83,000 retail customers in t...
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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