BT Reported In-Line Results, but Expect to Lower Fair Value Estimate Due to Higher Pension Deficit
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...
BT is a communications services company, delivering products and services with industry-specific communications solutions and consulting expertise. Co.'s principal activities include: networked IT services; local, national and international telecommunications services; broadband and internet products and services; and converged fixed/mobile products and services. Co. operates five lines of businesses: BT Global Services, BT Business, BT Consumer, BT Wholesale and Openreach, providing services to around 6,500 large corporate and public sector customers, in more than 170 countries worldwide.
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.
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