BT Announces CEO Will Leave Later This Year; Our FVE Is Unchanged and Shares Remain Undervalued
On June 8, BT announced that CEO Gavin Patterson will step down later this year and a search is on for his successor. This change has no impact on our GBX 360 local share fair value estimate or narrow moat rating. We continue to believe the stock is significantly undervalued. While we have not advocated for Patterson’s replacement, we aren’t sad to see him leave. In our opinion, Patterson’s tenure has been mixed. We applaud his acquisition of EE, which created the only company in the United King...
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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.
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